1998-12-14 Regular Meeting and Public Hearing of City Council

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e e PRESENTATION TO: Jeff Litchfield & Finance Department Certificate of Achievement for Excellence in Financial Reporting The Certificate of Achievement for Excellence in Financial Reporting is an award designed to recognize and encourage excellence in financial reporting by state and local governments. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. The Certificate of Achievement for Excellence in Financial Reporting Program (Certificate Program) was established by the Government Finance Officers Association (GFOA) in 1945. The GFOA instituted the program to encourage all government units to prepare and publish an easily readable and understandable comprehensive annual financial report (CAFR) covering all funds and financial transactions of the government during the fiscal year. The GFOA believes that governments have a special responsibility to provide the public with a fair presentation of their financial affairs. CAFRs go beyond the requirements of generally accepted accounting principles (GAAP) to provide the many users of government financial statements with a wide variety of information useful in evaluating the financial condition of a government. The Certificate of Achievement for Excellence in Financial Reporting has been awarded to the City of La Porte, Texas, by the Government Finance Officers Association of the United States and Canada for its comprehensive annual financial report for the year ending September 30, 1997. A Certificate of Achievement is valid for a period of one year only. This is the seventeenth consecutive year that the city has received this prestigious award.