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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: December 10, 2013 <br /> Action Agenda <br /> Item No. 4-a <br /> SUBJECT: Government Finance Officers' Association (GFOA) Certificate of Achievement <br /> Award <br /> DEPARTMENT: Financial Services PUBLIC HEARING: (Y/N) No <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Attachment 1. GFOA Announcement Clarence Grier, 919-245-2453 <br /> Letter to Orange County <br /> Attachment 2. GFOA Press Release <br /> Attachment 3. GFOA Plaque <br /> PURPOSE: To recognize the Financial Services staff of the Orange County Financial Services <br /> Department for earning the Government Finance Officers' Association (GFOA) Certificate of <br /> Achievement for the June 30, 2012 Comprehensive Annual Financial Report (CAFR). <br /> BACKGROUND: GFOA is an internationally recognized organization that 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. The Report must satisfy both generally accepted <br /> accounting principles and applicable legal requirements. <br /> This year marks the thirty-first 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. County staff believes that the CAFR for the fiscal year ended June 30, <br /> 2013 will meet the Certificate of Achievement Program requirements and will be submitting it to <br /> the GFOA. <br /> FINANCIAL IMPACT: There is not a financial impact of 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 />