Gardner, KS
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Fiscal Services' major functions include: financial reporting, payroll, accounts payable, cash management, and responding to the growth of the City with increased management reporting.
ANNUAL COMPREHENSIVE FINANCIAL REPORT
In 2004, the City received its first "Certificate of Achievement for Excellence in Financial Reporting" through the Government Finance Officers Association (GFOA). The Certificate of Achievement is the highest, most prestigious award for financial reporting available. Annually, there are approximately 25 cities in Kansas that receive this award. The City has received this award for the Annual Comprehensive Financial Report on an annual basis ever since that first time.
Annual Comprehensive Financial Reports:
The Governmental Accounting Standards Board recognizes the Annual Comprehensive Financial Report as the official annual report of the government. Advantages of preparing an annual financial report are:
- Rating agencies have publicly recognized the issuance of an award-winning Annual Comprehensive Financial Report as a positive factor in a credit evaluation.
- An award-winning Annual Comprehensive Financial Report possesses a high degree of reliability because it must be presented in conformity with Generally Accepted Accounting Principles (GAAP) and it must be audited in conformity with Generally Accepted Auditing Standards.
- An annual report goes beyond the minimum requirements of GAAP to provide additional information of great practical benefit to financial statement users, such as trend and demographic information and an overview of the government and its operations that highlights key financial developments of the current year.
- The financial statements, supporting schedules, statistical tables and narrative explanations required for a Certificate ensures that all fiscal data are presented that are needed by those with an interest in the financial affairs of the City.
- An Annual Comprehensive Financial Report demonstrates a government’s professionalism to citizens, colleagues, and industrial prospects.
- An Annual Comprehensive Financial Report meets the requirements of SEC Rule 15C2-12 under the Securities Exchange Act of 1934 for municipal bond disclosure, which requires an annual update of the financial information and operating data included in final official bond offering statements.
Single Audit Reports:
The Single Audit Report is a report of all federally funded grant expenditures for the City of Gardner. Its objective is to provide assurance to the US federal government as to the management and use of funds for an entity that expends $750,000 or more in federal awards in a fiscal year.