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FOR IMMEDIATE RELEASE                                                                   
October 26, 2007

Release No. M-111-07



            Mayor Mufi Hannemann announced that the City and County of Honolulu has received national recognition from two organizations for its financial operations.

            The awards are:

·       Distinguished Budget Presentation Award from the Government Finance Officers Association (GFOA)

·       2007 Leadership Recognition Award from the National Association of Government Defined Contribution Administrators, Inc. (NAGDCA)

Mayor Hannemann said, “I am very proud to accept both awards on behalf of the City and County of Honolulu. The award honoring the City’s budget is a testament to the continuing excellence of the hard-working people in our Department of Budget and Fiscal Services and their director, Mary Pat Waterhouse.”

            According to the 16,800-member GFOA, “This award is the highest form of recognition in governmental budgeting and represents a significant achievement by your organization. It reflects the commitment of the governing body and staff to meeting the highest principles of governmental budgeting.”

            In order to receive the budget award, the City had to satisfy nationally recognized guidelines for effective budget presentation. These guidelines are designed to assess how well the government’s budget serves as a policy document, a financial plan, an operations guide and a communications device.

            Established in 1984, the GFOA’s Distinguished Budget Presentation Awards Program is the only national awards program in governmental budgeting.

            The mayor continued, “The 2007 Leadership Recognition Award for the City’s deferred compensation plan recognizes the outstanding work by our Deferred Compensation Committee chaired by Budget and Fiscal Services Director Mary Pat Waterhouse with representatives of the Managing Director, Corporation Counsel, and Human Resources departments.”

             NAGDCA honored the City and County of Honolulu for improving its deferred compensation plan.

            In 2006, the City examined the plan’s structure to determine the effectiveness and efficiency of the plan’s services and investment options.

            The City made innovative changes in 2006 and 2007 to improve the plan’s design, administration and communication.

            Changes included a new menu of investment options, lower fees, more employee meetings and educational seminars, and improvements to the plan’s custom web site. Branded with a unique logo and new slogan, “Take Charge…It’s Your Future,” the plan actively encourages employees to better plan for their retirement.

            Founded in 1980 as a nonprofit organization composed of sponsors and administrators of deferred compensation plans for government employees, NAGDCA has more than 650 government members and nearly 400 industrial members representing more than 100 private companies.


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Bill  Brennan, 527-6928


Monday, October 29, 2007

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