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<br />1 <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date:November 20, 2012 <br />Action Agenda <br />Item No.4-b <br />SUBJECT: <br />Government Finance Officers’ Association (GFOA)Certificate of Achievement <br />Award <br />No <br />DEPARTMENT:PUBLIC HEARING: (Y/N) <br />Financeand Administrative <br />Services <br />ATTACHMENT(S): <br />INFORMATION CONTACT: <br />Attachment 1. GFOA Announcement <br />Letter to Orange CountyClarence Grier, 919-245-2453 <br />Attachment 2. GFOA Press Release <br />Attachment 3. Paper Copy of GFOA <br />Plaque <br />PURPOSE: <br />To recognize the Financial Services staffof the Orange County Finance and <br />Administrative Services Department for earning the Government Finance Officers’ Association <br />(GFOA) Certificate of Achievement for the June 30, 2011 Comprehensive Annual Financial <br />Report(CAFR). <br />BACKGROUND: <br />GFOA is an internationally recognized organization thatoffers 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 accountingand financial reporting. The <br />attainmentof 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 undergoa stringent program <br />of review to assessif the County has proficiently applied governmental accounting and financial <br />reporting for the fiscal year under review. The Report must satisfy both generally accepted <br />accounting principles and applicable legal requirements. <br />This year marks the thirtiethyear 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. County staffbelieves that theCAFR for the fiscal year ended June 30, <br />2012 will meet the Certificate of Achievement Program requirements and will be submitting it to <br />the GFOA. <br />FINANCIAL IMPACT: <br />There is not a financial impact of accepting this award. <br />RECOMMENDATION(S): <br />The Manager recommends that the Board recognize the Financial <br />Services Director and staff for receipt of the GFOA Certificate of Achievementand present the <br />GFOA plaque to them. <br /> <br />