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:..., • ,_ . <br /> - •1.i .'',- ' .';';.'`:- '`';;')7;7;',' •. 7 . ". ":A"t;''.- "P;tW''t'irg.r,..:,4,', 7". : • 1 <br /> ORANCA COUNYY <br /> 00 <br /> // . <br /> 130AFTI OF COMWSSIONEPS Action Agenda <br /> ACTION AGENDA ITEM ABSTRACT Item No.CI_ <br /> MEETING DATE . . -,,, .. <br /> subject: Presentation - Certificate of Conformance and Award of Financial <br /> Reporting Achievement <br /> mpartment: oun yilanager 1 Public Hearing: ' yes _.„,_ no. 1 <br /> 1 <br /> A ---—1 <br /> ttaChment s : 1 ---1 ion tac <br /> informat cont: <br /> 1 County Manager's Office <br /> Phone --1- <br /> Number: Wa____ <br /> ! <br /> PURPOsE: To present to Orange County the Certificate of Conformance in Financial <br /> Report and the Award of Financial Reporting Achievement. <br /> 1 The dertificate of Conformance Program is a program of education and <br /> f <br /> . recodnition of excellence in governmental financial reporting. It was <br /> : <br /> J begun by the Municipal Finance Officers Association in 1945 to emphasize <br /> the importance of the need for every governmental unit to prepare and <br /> , Publish an easily readable and understandable Comprehensive Annual <br /> Finahcial Report. The Certificate of Conformance is generally acknowledge( <br /> as the highest form of recognition in the area of governmental accounting <br /> and financial reporting and its attainment represents a significant accom- <br /> plishment by an entity and its management. The benefits of obtaining the <br /> Certificate are: <br /> T. Comparability: Reports qualifying for Certificates employ <br /> ' standardized terminology and formatting conventions , com- <br /> parisons from one year to the next and among different <br /> entities are facilitated. <br /> . Completeness: The financial statements, supporting schedules , <br /> - 1 statistical tables, and narrative explanations required for a <br /> - Certificate help to assure that all fiscal data are presented <br /> 1 that are needed by the many persons and groups with legitimate <br /> 1 interests in the financial affairs of Orange County. <br /> 3. Clarity: The report is likely to be free of ambiguities and <br /> 1 potentials for misleading inferences. <br /> , 1 <br /> 4. Bond Marketing Aid: Reports qualifying for a Certificate of <br /> , 1 <br /> Conformance proVide a detailed vehicle by which market analysts , <br /> 1 investors , potential investors and others may assess the relative <br /> ,-- 1 <br /> attractiveness of a government's securities compared to alterna- <br /> ,. tive investment possibilities. <br /> -" When a Certificate of Conformance is awarded to a oovernment, an Award <br /> of Financial Reporting Achievement is also presented to the individual <br /> ,,- designated by the government as primarily responsible for its having <br /> earned the Certificate. This award is presented to Wallace H. Harding <br /> and his staff. <br />