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• One of the goals of the Department the past few years has <br /> been to maintain/or improve the City's bond rating; that goal <br /> has been accomplished. In April of 1991 and again in May <br /> 1993, the City received a rating of A from Moodys Investors <br /> Service for various bond issues. The City's financial advisors <br /> stated that this was the best rating that could be obtained by a <br /> City of our size. The rating committee of Moodys felt that the <br /> City had sound financial management. They were impressed <br /> with the City's financial planning and the fact that designations <br /> for cash flow and emergencies had been established. The <br /> Finance Department has had the goal of substantially improving <br /> the City's Comprehensive Annual Financial Report. To achieve <br /> this goal several objectives were established. These objectives <br /> are outlined in the following paragraphs. <br /> • The first objective was the implementation of a Fixed Asset <br /> Accounting System. Such a system enables the city to properly <br /> inventory and account for its investment in equipment, vehicles, <br /> and buildings and structures. In 1988 Staff inventoried existing <br /> items. After the inventory was completed it was entered onto <br /> the fixed asset accounting system. <br /> • A second objective was to obtain a Certificate of Achievement <br /> for Excellence in Financial Reporting for the City from the <br /> Government Finance Officers Association of the United States <br /> and Canada (GFOA). This Certificate is given to those <br /> government units whose financial reports are prepared in <br /> accordance with generally accepted accounting principles as <br /> promulgated by the Governmental Accounting Standards <br /> Board. In order to receive this Certificate the fixed asset <br /> accounting system described in the preceding paragraph was <br /> implemented and various practical tables, listing ten years of <br /> data, have been prepared. The City's comprehensive annual <br /> financial reports for the years ended December 31 , 1988, 1989, <br /> 1990 and 1991 were submitted to the GFOA and the City was <br /> awarded a Certificate of Achievement for Excellence in Financial <br /> Reporting. During 1992 1 ,921 Certificates were awarded to <br /> governmental units throughout the United States. Of these, 86 <br /> were awarded to governmental units in Minnesota. The <br /> 16 <br />