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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: December 6, 2010 <br />Action Agenda <br />Item No. 3 - G <br />SUBJECT: Certificate of Achievement for Excellence in Financial Reporting <br />DEPARTMENT: Financial Services PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Attachment 1. GFOA Announcement <br />Letter to Orange County Clarence Grier, 919-245-2453 <br />Attachment 2. GFOA Press Release <br />Attachment 3. Copy of GFOA Plaque <br />PURPOSE: To recognize staff of the Orange County Financial Services Department for earning <br />the Government Finance Officers' Association (GFOA) Certificate of Achievement for the June <br />30, 2009 Comprehensive Annual Financial Report (CAFR). <br />BACKGROUND: GFOA is an internationally recognized organization the offers guidance and <br />support to local and state government budget and finance professionals throughout the United <br />States and Canada. The GFOA Certificate of Achievement is the highest form of recognition a <br />government can receive in the areas of governmental accounting and financial reporting. The <br />attainment of the award represents a significant achievement by a government and its <br />management. In order to receive this award, the County must publish an easily readable and <br />efficiently organized CAFR. Additionally, the County's CAFR must undergo a stringent program <br />of review to assess if the County has proficiently applied governmental accounting and financial <br />reporting for the fiscal year under review. This report must satisfy both generally accepted <br />accounting principles and applicable legal requirements. <br />This year marks the nineteenth year that Orange County has received the GFOA Certificate of <br />Achievement. A Certificate of Achievement is valid for a period of one year only. Eligibility <br />standards, reviews, and expectations for the award have become more complex, demanding <br />and stringent each year. Staff believes that the County's CAFR for the fiscal year ended June <br />30, 2010 will meet the Certificate of Achievement Program requirements will be submitting it to <br />the GFOA. <br />FINANCIAL IMPACT: There is not a financial impact with accepting this award. <br />RECOMMENDATION(S): The Manager recommends that the Board recognize the Financial <br />Services Director and staff for receipt of the GFOA Certificate of Achievement and present the <br />GFOA plaque to them. <br />