Agenda Packets - 1991/07/01 - Laserfiche WebLink

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fund is to ensure that necessary funds be on hand for timely replacement of vehicles and equipment and to avoid large unplanned expenditures or "budget busters" which would place a strain on the City's finances. ; s One of the goals of the Department thepast few years las been to maintain/or improve the City's bond rating, that goal has been accomplished. In April of 1991 the City received a rating of A from Moodys Investors Service for a Water Revenue issue. The City's financial advisors stated that this was the best rating that could be obtained by a City of our size. The rating committee of Moodys felt that the City had sound financial management. They were impressed with the City's financial planning and the fact that designations for cash flow and emergencies had been established. The Finance Depai talent has had the goal of substantially improving the City's Comprehensive Annual Financial Report. To achieve this goal several objectives were established. These objectives are outlined in the following paragraphs. The first objective was the implementation of a Fixed Asset Accounting System. Such a system will enable the city to properly inventory and account for its investment in equipment, vehicles, and buildings and structures. In 1988 Staff inventoried existing items. After the inventory was completed it was entered onto the fixed asset accounting system. A second objective was to obtain a Certificate of Achievement for Excellence in Financial Reporting for the City from the Government Finance Officers Association of the United States and Canada (GFOA). This Certificate is given to those government units whose financial reports are prepared in accordance with generally accepted accounting principles as promulgated by the Governmental Accounting Standards Board. In order to receive this Certificate the fixed asset accounting system described in the preceding paragraph was implemented and various practical tables, listing ten years of data, have been prepared. The City's comprehensive annual financial report for the years ended December 31, 1988 and 1989 were submitted to the GFOA and the City was awarded a Certificate of Achievement for Excellence in Financial Reporting. During 1990 1,689 Certificates were awarded to governmental units throughout the United States. Of these, 70 were awarded to governmental units in Minnesota. The Certificate is valid for one year only. Staff has submitted the 1990 Comprehensive Annual Financial Report to GFOA for consideration for a Certificate in 1991. 14