C.A.F.R., FY 2011-12 - Laserfiche WebLink

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All internal control evaluations occur within this framework. The Finance Deparhnent's staff believes the City's internal control structure adequately ensures compliance with laws and regulations and reasonable assurance for safeguarding of assets. Debt The following schedule outlines the outstanding City debt as of 9-30-12: Moody's Tax Revenue Final Investors Issue Supported Supported Maturity Rating Insured 2002 Tax & Rev. C. O. 2003 G. O. Refunding Bonds 2010 Tax & Rev. C. O. 2010 G. O. Refunding Bonds Total $ 3,735,000 $ - 12-15-21 Aa3 945,600 1,024,400 12-15-14 Aa3 2,900,000 - 12-15-29 Aa3 3,170,000 6,740,000 06-15-20 Aa3 $10,750,600 $ 7,764,400 The City had no lease/purchase agreements outstanding as of September 30, 2012, but did enter into a$37,735 lease/purchase agreement in February 2013. The lease agreement had no bank qualified provision. Independent Audit The City Charter requires an annual audit to be made of the accounts, financial records, and transactions of all administrative departments of the City by a certified public accountant selected by the City Council. The requirement has been complied with, and the Independent Auditors' Report has been included in this report. Awards The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Paris for its comprehensive annual financial report for the fiscal year ended September 30, 2011. This was the sixteenth consecutive year that the government has achieved this prestigious award. In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized comprehensive annual fmancial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe our current comprehensive annual fmancial report continues to meet the Certificate of Achievement Program's requirements, and we are submitting it to the GFOA to determine its eligibility for another certificate. I-6