Orange County NC Website
Browse       Search
•Successful audit process <br /> •Continued Implementation of New GASB Requirements <br /> •Auditors Performed Additional SAS Requirements <br /> •Sound Financial Policies and Procedures <br /> •Findings, Recommendations And Responses. <br /> FUTURE FINANCIAL CONSIDERATIONS <br /> •Debt Issuance for County Campus, Remaining Parks and Open Space Bonds, Elementary <br /> 11, Efland Sewer, Tax System. <br /> •Additional General Fund Balance Appropriation needed for Capital Project Funds <br /> •Continue Searching For New Revenue Options <br /> •Pay and Classification Study <br /> •More Consideration to Internal Audit Function <br /> •Consideration of ways to reduce future OPEB liability. <br /> Commissioner Jacobs asked Gary Humphreys to spell things out in the future and not <br /> use abbreviations. <br /> Michael Schertzinger is a Director with McGladrey & Pullen, and he presented the 2008 <br /> financials and overall audit results. <br /> Commissioner Gordon made reference to page 159 of the orange document which is <br /> the Comprehensive Annual Financial Report. She said that her understanding is that the <br /> auditor does not focus on internal control. There is an agenda item later in the meeting that <br /> has to do with transferring some money from the fund balance and which is related to the issue <br /> of internal financial controls). She asked the auditor if he was familiar with this issue — item 6-c <br /> (capital project funding). <br /> Michael Schertzinger said that new auditing requirements cause them to look at better <br /> internal controls. There are a lot of approval processes this year. <br /> Laura Blackmon said that she does not believe that the auditors reviewed issues <br /> related to item 6-c. <br /> Michael Schertzinger said that next year the auditors would assess what has changed. <br /> 4. Consent Agenda <br /> A motion was made by Commissioner Hemminger, seconded by Commissioner Yuhasz <br /> to approve those items on the consent agenda as stated below: <br /> a. Minutes <br /> The Board approved the minutes from November 17, 24 (5:30 and 7:30 p.m.) and December <br /> 1, 11 (6:30 and 7:30 p.m.), 2008 as submitted by the Clerk to the Board. <br /> b. Appointments — None <br />