AGENDA #1b
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TO: |
Mayor and Town Council |
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FROM: |
Roger L. Stancil, Town Manager |
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SUBJECT: |
Town of Chapel Hill 2006 Comprehensive Annual Financial Report has received the Certificate of Achievement for Excellence in Financial Reporting |
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DATE: |
September 10, 2007 |
The Town of Chapel Hill has again received the highest form of recognition in governmental financial reporting from the Government Finance Officers Association. The Certificate of Achievement for Excellence in Financial Reporting has been awarded annually to the Town of Chapel Hill for 21 years.
Chapel Hill was among 129 local governments in North Carolina that received the certificate according to the most recent data available. It was among approximately 23 North Carolina municipalities that have been awarded both the Certificate of Achievement for Excellence in Financial Reporting and the Distinguished Budget Presentation Award from the association.
The certificate represents a significant accomplishment by a government and its management, according to the Government Finance Officers Association, which gives the awards. Recognition is determined by an impartial review panel for reports that “demonstrate a constructive ‘spirit of full disclosure’ to clearly communicate its financial story.”
The Town’s excellence in financial reporting has also contributed to the Town’s continued high bond ratings. The Town of Chapel Hill’s bond ratings were confirmed at AAA from Moody’s Investor Service, and AAA from Standard and Poor’s, the highest ratings attainable. The AAA rating, is given when a local government has a healthy economic base, responsible management, realistic budgeting and is considered to be a good credit risk for investors.