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City of Palo AJto
City Manager's Report
HONORABLE CHV COUNCIL
CITY MANAGER DEPARTMENT: FINANCE
MARCH9,I99S CMR:170:9S
A WARD FOR OL'TSTANDING FlNANCLU REPORTING 1993-
94
This is an inf<:>rmatiooal report and no Ccuncii action is reqoired.
The City luis recently been informed tIlliI its 1une 3(), 1994 COOlprehensive Annual Financial
Report (CAFP.) has received I!Jl Aword for Outstanding Financial Reporting from the
CaruOmi. Society ofMunicipa! Finance 0f!H:ers (CSMFO). This COItlItlmdatioc is given
in reoognition of the City', high quality of profcosiooal standards in the preparation of the
lIIlDuaI fuumclal statemenls. It is the Cit)'. first award for its finandal statements.
To qualify for the award, the CAFR Is subjec1ed to in-<lepth review and evaluation by
.members o(the CSMFO Review Committee. This review is required 10 ensure compliance
with the "t:S!abIished evaIaation standards" failored for California cities. The reviewers'
commen!s and recommendatioos are IOrwarded to the Professiooallllld Tec/mica! Standards
Committee 0( CSMFO, which reviews the report and makes final determination coocerning
the .word. In addition, the report must be prepared in conf<J<mance with generally accepted
IlCCQUllting principles. and be audited in accordance with generally accepted auditing
standards by an indep<:ndent accouutanl
Since 1986, the City has been precluded from obtaining an unqualified ("clean") audit
opinioo, due to the lack 0( detail r.=rds 10 support its reporI<:d fixed assets. In FY i99 3-94,
the City made signlficanl prcgress towards achieving compliance ",ilb the repo<fing
standards required for the award, by estabflshing a fixed asset data base. The City's 1993-94
CAFR received an "nquali!ied audit opinion from the independent audit finn, Deloitte &;
Touche LLP. making it elig.-Jle for the CSMFO award. The award certificate will be
incl~ in lbe 1994-95 CAFR.
CMR:170:!P5 ,..,.1.12
PREPAItEQ BY, Carol F emil. Accounti"11 Manager
DEPARTMENT HEAD APPROVAL: ~. J/o A • ! D
. . Hanisoo IftFlor of Finance
CITY MANAGER APPROVAL:
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