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November 5, 2004 GFOABC Municipal Accounting and Auditing Best Practices Workshop Achieving the GFOA CAnFR Award.

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Presentation on theme: "November 5, 2004 GFOABC Municipal Accounting and Auditing Best Practices Workshop Achieving the GFOA CAnFR Award."— Presentation transcript:

1 November 5, 2004 GFOABC Municipal Accounting and Auditing Best Practices Workshop Achieving the GFOA CAnFR Award

2 Report Requirements 3 Sections (plus Summary Grading) –Introductory Section (2 pages on Reviewers Checklist) Cover, Title Page, Table of Contents Cover, Title Page, Table of Contents List of Elected Officials & Department Heads List of Elected Officials & Department Heads Organizational Chart Organizational Chart Transmittal Letter Transmittal Letter –Legislative Authority –Entity and Services –Significant financial policies and results –Future Outlook –Role of Auditor, Responsibility of Management –Financial Section – PSAB (11.5 pages on Reviewers Checklist – 5 pages on Notes) –Statistical Section (1 page on Reviewer’s Checklist) Select 5 year financial statistics Select 5 year financial statistics Demographics Demographics Principal Corporate Taxpayers Principal Corporate Taxpayers –Miscellaneous – Format stuff (1/2 page on Reviewer’s Checklist)

3 November 5, 2004 Achieving the GFOA CAnFR Award Bio: Carol Engelking, CA

4 November 5, 2004 CAnFR Award City of Edmonton Experience C. Engelking

5 Edmonton Experience Detailed gap analysis done with 1992 Annual Report Detailed gap analysis done with 1992 Annual Report Senior management support for changes Senior management support for changes First GFOA application was with the 1993 Annual Report First GFOA application was with the 1993 Annual Report Have successfully achieved the award for each of the years 1993 through 2002 Have successfully achieved the award for each of the years 1993 through 2002 Application outstanding for 2003 Application outstanding for 2003

6 What it Means – Value Add An external quality measure An external quality measure Provides additional comfort to Audit Committee and City Council Provides additional comfort to Audit Committee and City Council Internal goal – an achievement to celebrate! Internal goal – an achievement to celebrate! Additional profile to your municipality Additional profile to your municipality Certificate in Annual Report to readers Certificate in Annual Report to readers More consistent framework across municipal Annual Reports More consistent framework across municipal Annual Reports

7 Tips and Tricks Plan extensively up front Plan extensively up front Identify necessary resources and get them onboard Identify necessary resources and get them onboard Refer to examples of municipalities who have met the standard Refer to examples of municipalities who have met the standard Stay connected within your organization – much of the information is resident in other documents or processes Stay connected within your organization – much of the information is resident in other documents or processes Have some fun – it’s an opportunity for creativity! Have some fun – it’s an opportunity for creativity!

8 November 5, 2004 Achieving the GFOA CAnFR Award Bio: Nancy Gomerich, CA

9 Pitt Meadows Experience Just Did it!!!! Took about 1 weeks worth of time to put together (about an extra day to day and one-half each year thereafter) Took about 1 weeks worth of time to put together (about an extra day to day and one-half each year thereafter) Why? Why? Passion for making financial information understandable Passion for making financial information understandable Increases Accountability Increases Accountability Improved Public Image and confidence Improved Public Image and confidence

10 Pitt Meadows Experience How? Much of the information was “borrowed” Much of the information was “borrowed” Demographics – Statistics Canada Demographics – Statistics Canada Info on Organization & Services – Municipal Red Book Info on Organization & Services – Municipal Red Book General format Treasurer’s Report, Transmittal Letter, Statistical Section – City of Maple Ridge…minus General format Treasurer’s Report, Transmittal Letter, Statistical Section – City of Maple Ridge…minus Or we already had: Or we already had: Organizational Chart, Financial Statements (lots of 5 year stats came from these) Organizational Chart, Financial Statements (lots of 5 year stats came from these)

11 Tips and Tricks Build on the Charter required Annual Corporate Report Build on the Charter required Annual Corporate Report –Issue: GFOA required format and focus conflicts with typical Corporate Annual Report –Need to add: Some information about organization, statistical section (demographics and statistics) Get your Auditors involved Get your Auditors involved Go through the reviewers checklist Go through the reviewers checklist “Borrow” and don’t “reinvent the wheel” “Borrow” and don’t “reinvent the wheel” Pay attention to the little things Pay attention to the little things Make sure your Financial Statements meet PSAB Make sure your Financial Statements meet PSAB

12 Other Stuff Make sure your Financial Statements are… beautiful! Do a really good Treasurer’s Report Make sure your Financial Statements are… beautiful! Do a really good Treasurer’s Report Present the Report to Council and the Public Present the Report to Council and the Public Ensure the Award is presented each year at a televised Council Meeting and the current award is hung in a prominent place in City Hall! Ensure the Award is presented each year at a televised Council Meeting and the current award is hung in a prominent place in City Hall!

13 November 5, 2004 Achieving the GFOA CAnFR Award Bio: Tim Beauchamp, CA

14 November 5, 2004 Role of the Reviewer Achieving the GFOA CAnFR Award Ensure compliance with rulesEnsure compliance with rules Assess overall appealAssess overall appeal Provide suggestions for improvementProvide suggestions for improvement Determine if award grantedDetermine if award granted Is this a document to use as an example?Is this a document to use as an example?

15 November 5, 2004 Tips & Tricks Achieving the GFOA CAnFR Award Financial assets/liabilities definitionsFinancial assets/liabilities definitions Relation to revenue/expendituresRelation to revenue/expenditures Cash flow statementCash flow statement Notes to the F/SNotes to the F/S Linking F/S to narrativesLinking F/S to narratives

16 November 5, 2004 Achieving the GFOA CAnFR Award City of Abbotsford, British Columbia City of Coquitlam, British Columbia 915D1A6D4334/0/2003AnnualReport.pdf 915D1A6D4334/0/2003AnnualReport.pdf City of Edmonton, Alberta City of Kelowna, British Columbia anagers%20office/communications%20section/2002%20annual%20fina ncial%20report.pdf anagers%20office/communications%20section/2002%20annual%20fina ncial%20report.pdf City of Lethbridge, Alberta 340EC5A532B8/983/2003AnnualReport1.pdf 340EC5A532B8/983/2003AnnualReport1.pdf AWARD WINNERS FOR FISCAL YEARS ENDED IN 2002

17 November 5, 2004 Achieving the GFOA CAnFR Award City of Medicine Hat, Alberta City of Mississauga, Ontario City of Montreal, Quebec City of Port Alberni, British Columbia City of Regina, Saskatchewan City of Richmond, British Columbia City of Saskatoon, Saskatchewan AWARD WINNERS FOR FISCAL YEARS ENDED IN 2002

18 November 5, 2004 Achieving the GFOA CAnFR Award City of St. Albert, Alberta City of Surrey, British Columbia wbvv4csx7fxfyof7ajbyclc2jq44ijafwjhza4ightvefkvzizarcedfhz5ue/2002+ Financial+Statements.pdf wbvv4csx7fxfyof7ajbyclc2jq44ijafwjhza4ightvefkvzizarcedfhz5ue/2002+ Financial+Statements.pdf City of Yellowknife, Northwest Territories Corporation of the City of Brampton, Ontario Corporation of the City of Burlington, Ontario Corporation of the District of Maple Ridge, British Columbia AWARD WINNERS FOR FISCAL YEARS ENDED IN 2002

19 November 5, 2004 Achieving the GFOA CAnFR Award Corporation of the District of Pitt Meadows, British Columbia Corporation of the Town of Markham, Ontario Corporation of the Town of Oakville, Ontario County of Lethbridge, Alberta Parkland County, Alberta Regional Municipality of Peel, Ontario Regional Municipality of York, Ontario htm htm AWARD WINNERS FOR FISCAL YEARS ENDED IN 2002

20 Thanks for your attention!


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