Agenda - 01-22-2009 - 3d - Laserfiche WebLink

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