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Agenda - 01-22-2009 - 3d
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Agenda - 01-22-2009 - 3d
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Last modified
3/17/2016 2:49:10 PM
Creation date
1/21/2009 9:17:12 AM
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BOCC
Date
1/22/2009
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
3d
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Minutes - 20090122
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\Board of County Commissioners\Minutes - Approved\2000's\2009
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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: January 22, 2009 <br />Action Agenda <br />Item No. ~_ <br />SUBJECT: Comprehensive Annual Financial Report for FY 2007-08 <br />DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Comprehensive Annual Financial Report <br />(To Be Provided Under Separate Cover) Gary Humphreys, 245-2453 <br />PURPOSE: To receive the Comprehensive Annual Financial Report (CAFR) for the fiscal year <br />ended June 30, 2008. <br />BACKGROUND: The CAFR reports on all financial activity of the County for the fiscal year <br />July 1, 2007 through June 30, 2008. The financial report has been audited by McGladrey & <br />Pullen, a firm of Certified Public Accountants that was selected through a Request for Proposals <br />(RFP) process to perform the audit. The financial report and audit are required by Chapter 159- <br />34 of the North Carolina General Statutes. The County prepares a Comprehensive Annual <br />Financial Report which meets the standards of the Government Finance Officers Association for <br />submission to the Certificate of Achievement for Excellence in Financial Reporting. The <br />County's CAFR has received this award for 26 consecutive fiscal years. The financial report for <br />the SportsPlex required under the management contract is included in the financial statements <br />of the County. <br />The financial results for the fiscal year were very good showing a continued upward trend in <br />operating balances. The County received an unqualified (good) audit opinion on the financial <br />statements from the audit. The Financial Services Director and representatives of McGladrey & <br />Pullen will cover highlights of the report and will be available to answer questions. <br />FINANCIAL IMPACT: The financial report shows a continued improvement in the County's <br />financial condition. The undesignated fund balance of the County's General Fund increased to <br />13.9% of expenditures and transfers out at the end of the fiscal year. This presents a sound <br />financial position from which to weather coming financial uncertainties. <br />RECOMMENDATION(S): The Manager recommends the Board of County Commissioners <br />receive this report as information. <br />
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