Contact: Mike Di Marco
(408) 265-2607 ext. 2423
Pager: (408) 488-3963
E-mail: mikedima@scvwd.dst.ca.us

Date: March 8, 2002

Water district financial report receives state, national recognition

SAN JOSÉ -- The Santa Clara Valley Water District's annual financial report isn't on the New York Times bestseller book list and Barnes & Noble doesn't carry a copy. But the report is turning heads nonetheless.

For the sixth consecutive year, the budget report has been awarded a certificate of achievement for excellence in financial reporting from the 14,000-member Government Finance Officers Association of the United States and Canada.

In addition, the financial report received an excellence award in budgeting from the California Society of Municipal Finance Officers.

"Over the years, we've worked hard to achieve a better budgeting process, one that is performance-based. And we've really come a long way," said Rosemary Kamei, chairwoman of the district board of directors.

"I am proud of our staff, the accomplishments and the benefits to the people of Santa Clara County."

To win the GFOA award, the document had to meet stringent guidelines for serving as a policy document, a financial plan, an operations guide and a communication device.

In a letter to the district's Business Resources Group, an impartial panel said it found the district's 2001-2002/2002-2003 financial report "met the high standards of the program including demonstrating a constructive 'spirit of full disclosure' to clearly communicate its financial story and motivate potential users to read the CAFR."

It is the sixth year in a row that the district has received GFOA's certificate of achievement for excellence. In addition to the most recent award, GFOA presented the certificate of achievement to the district for its 1995-96, 1996-97, 1997-98, 1998-99 and 1999-2000/2000-2001 budgets.

The California Society of Municipal Finance Officers honor was awarded after the budget document underwent three reviews to determine whether it met specific standards.

"You can be proud that your submission was judged by your peers as meeting those standards," Mark Puckett, chairman of CSMFO's Budget and Management Reporting Committee, said in a letter to district CEO Stan Williams. The award was presented during the annual CSMFO seminar last month in San Diego.

Santa Clara Valley Water District is Santa Clara County's wholesale drinking water manager and coordinates flood protection for its 1.7 million residents, while serving as steward of the county's more than 700 miles of streams.