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our size. The rating committee of Moodys felt that the City had sound financial <br />management. They were impressed with the City's financial planning and the fact that <br />designations for cash flow and emergencies had been established. The Finance Department <br />has had the goal of substantially improving the City's Comprehensive Annual Financial <br />Report. To achieve this goal several objectives were established. These objectives are <br />outlined in the following paragraphs. <br />The first objective was the implementation of a Fixed Asset Accounting System. Such a <br />system enables the city to properly inventory and account for its investment in equipment, <br />vehicles, and buildings and structures. In 1988 Staff inventoried existing items. After the <br />inventory was completed it was entered onto the fixed asset accounting system. <br />A second objective was to obtain a Certificate of Achievement for Excellence in Financial <br />Reporting for the City from the Government Finance Officers Association of the United <br />States and Canada (GFOA). This Certificate is given to those government units whose <br />financial reports are prepared in accordance with generally accepted accounting principles <br />as promulgated by the Governmental Accounting Standards Board. In order to receive <br />this Certificate the fixed asset accounting system described in the preceding paragraph was <br />implemented and various practical tables, listing ten years of data, have been prepared. <br />The City's comprehensive annual financial reports for the years ended December 31, 1988, <br />1989, 1990, 1991, and 1992 were submitted to the GFOA and the City was awarded a <br />Certificate of Achievement for Excellence in Financial Reporting. During 1993 2,078 <br />Certificates were awarded to governmental units throughout the United States. Of these, <br />90 were awarded to governmental units in Minnesota. The Certificate is valid for one <br />year only. Staff has submitted the 1993 Comprehensive Anneal Financial Report to <br />GFOA for consideration for a Certificate in 1994. <br />Staffing <br />No new staffing position is projected for the next five years. <br />Five Year Projected Capital Expenditures <br />1995 <br />• Replacement of the Payroll Clerk's personal computer is proposed. Estimated cost: <br />$2,500. <br />-+— A notebook computer is proposed for the Finance Director to be uzcd for presentation <br />procc3s Estimated coat $3,000. <br />27 <br />