Orange County NC Website
Browse       Search
ORANGE COUNTY 004 <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> Item No. EA <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: SEPTEMBER 2 , 1986 <br /> SUBJECT: PRESENTATION--CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN <br /> FINANCIAL REPORTING <br /> DEPARTMENT: COUNTY MANAGER PUBLIC HEARING: Yes X No <br /> ATTACHMENT(S) : INFORMATION CONTACT: MANAGER'S <br /> OFFICE,X501 <br /> PLAQUE (TO BE PRESENTED) TELEPHONE NUMBER: <br /> CERTIFICATE Hillsborough - 732-8181 <br /> Chapel Hill - 968-4501 <br /> Mebane - 227-2031 <br /> Durham - 688-7331 <br /> PURPOSE: To acknowledge receipt of this Certificate of Achievement and <br /> recognize the individuals responsible for its having been <br /> earned. <br /> The Certificate of Achievement recognizes excellence in <br /> governmental financial reporting. It was begun by the Munici- <br /> pal Finance Officers Association in 1945 to emphasize the <br /> importance of the need for every governmental unit to prepare <br /> and publish an easily readable and understandable Comprehen- <br /> sive Annual Financial Report. The Certificate of Conformance <br /> is generally acknowledged as the highest form of recognition <br /> in the area of governmental accounting and financial reporting <br /> and its attainment represents a significant accomplishment by <br /> an entity and its management. The benefits of obtaining the <br /> Certificate are: <br /> 1. Comparability: Reports qualifying for Certificates employ <br /> standardized terminology and formatting conventions, and <br /> facilitate comparisons from one year to the next and among <br /> different entities. <br /> 2 . Completeness: The financial statements, supporting sche- <br /> dules, statistical tables, and narrative explanations <br /> required for a Certificate help to assure that all fiscal <br /> data are presented that are needed by the many persons and <br /> groups having interest in the financial affairs of Orange <br /> County. <br /> 3 . Clarity: The report is to be free of ambiguities and <br /> misleading inferences. <br /> 4 . Bond Marketing Aid: Reports qualifying for a Certificate <br /> of Achievement provide a detailed vehicle by which market <br /> analysts, investors, potential investors and others may <br /> assess the relative attractiveness of a government's <br /> securities compared to alternative investment possibili- <br /> ties. <br />