City Council

Agenda Request

Agenda Of:

12-15-09

Agenda Request No:

Rec-1

Initiated By:

Linda Symank

Director of Fiscal Services

Responsible Department:

Budget & Research

Fiscal Services

Presented By:

Jennifer Brown

Budget & Research Director

 

Department Head:

Linda Symank

Director of Fiscal Services

 

Linda Symank

Director of Fiscal Services

 

Additional Department. Head (s):

Jennifer Brown, Budget & Research Director

 

Subject / Proceeding:

Recognition for GFOA Distinguished Budget Award, GFOA Excellence in Financial Reporting  Award and GTOT Certificate of Distinction for Investment Policy

Exhibits:

N/A

Clearances

Approval

Legal:

N/A

Executive Director:

n/a

Purchasing:

n/a

Asst. City Manager:

Karen Glynn

Budget:

n/a

City Manager:

Allen Bogard/for AB

Budget

Expenditure Required:  $

n/a

Amount Budgeted/Reallocation:  $

n/a

Additional Appropriation:  $

n/a

Recommended Action

Recognition

Executive Summary

The City of Sugar Land is proud to announce the recognition of three awards recently received by our Fiscal Services and Budget and Research Departments:

 

Government Finance Officers Association - Excellence in Financial Reporting Award

Government Finance Officers Association – Distinguished Budget Award

Government Treasurers’ Organization of Texas – Certificate of Distinction for Investment Policy

 

The City participates in the Government Finance Officers Association (GFOA) and the Government Treasurers’ Organization of Texas (GTOT) recognition programs for our annual comprehensive financial report (CAFR), Budget Document and Investment Policy. 

 

GFOA is a professional association of state and local finance officers in the United States and Canada formed in 1906 and currently have in excess of 17,600 members.    The purpose of GFOA is to enhance and promote the professional management of governments for the public benefit by identifying and developing financial policies and practices and promoting them through education, training and leadership.  They have established two awards programs to recognize excellence in the annual preparation of CAFRs and Budget Documents.

 

GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare CAFRs that succeed in achieving that goal.

 

The City of Sugar Land received the Certificate of Achievement for excellence in Financial Reporting Award for its 2008 CAFR.  This is the 25th year the City has received this award.

 

GFOA established the Distinguished Budget Awards Program in 1984 to encourage and assist state and local governments to prepare budget documents of the very highest quality that reflect both the guidelines established by the National Advisory Council on State and Local Budgeting and the GFOA’s recommended practices on budgeting and then to recognize individual governments that succeed in achieving that goal. 

 

The City of Sugar Land received the Distinguished Budget Award for its FY09 budget.  This is the 13th consecutive year for receiving the budget award.

 

The GTOT is a state association which was formed in 1987.  Its primary purpose is to promote the educational and professional development of persons who perform the treasury function in governmental organizations and to play a key role in the enactment of legislation in the area of cash and debt management.

 

GTOT established an Investment Policy Certification Program designed to provide professional guidance in developing an investment policy and to recognize outstanding examples of written policies.  A Certificate of Distinction is awarded for those policies that meet established criteria.  The Certificate is awarded for two years and then may be renewed upon review.  

 

The Public Funds Investment Act (PFIA), Chapter 2256 of the Texas Statutes prescribes that each City is to adopt rules governing its investment practices and to define the authority of the investment officer.  The statue provides specific standards and criteria that must be addressed in an investment policy.  The statue requires that polices include an investment strategy for each fund, detail reporting of investment transactions, an annual review of the policy by Council, an annual compliance audit as well as other requirements.  Sugar Land adopted it investment policy in accordance with the PFIA. 

 

The City of Sugar Land submitted its investment policy to GTOT for review for the first time in 2007 and was awarded a “Certificate of Distinction” for having an investment policy that meets the requirements of the PFIA and the standards for prudent investing established by GTOT.   It was submitted a second time this year and again was awarded a “Certificate of Distinction” for another two year period.

 

Receiving these awards each year is a significant achievement and represents the commitment of the governing body and staff to meeting the highest standards in the financial management of the City.