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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: March 16, 2010 <br />Action Agenda <br />Item No. 3 - b <br />SUBJECT: Comprehensive Annual Financial Report for FY 2008-09 <br />DEPARTMENT: Financial Services <br />PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Comprehensive Annual Financial Report <br />Under Separate Cover <br />INFORMATION CONTACT: <br />Clarence G. Grier, 245-2453 <br />PURPOSE: To receive the Comprehensive Annual Financial Report (CAFR) for the fiscal year <br />ended June 30, 2009. <br />BACKGROUND: The CAFR reports on all financial activity of the County for the fiscal year <br />July 1, 2008 through June 30, 2009. 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 />process to perform the audit. The financial report and audit are required by Chapter 159-34 of <br />the North Carolina Statutes. The County prepares a Comprehensive Annual Financial Report <br />which meets the standards of the Government Finance Officers Association for submission to <br />the Certificate of Achievement for Excellence in Financial Reporting. The county's CAFR has <br />received this award for 27 consecutive fiscal years. The financial report for the SportsPlex <br />required under the management contract is included in the financial statements of the County. <br />The financial results for the fiscal year show that the County has a strong financial position. The <br />County received an unqualified (good) audit opinion on the financial statements from the audit. <br />The Financial Services Director and representatives of McGladrey & Pullen will cover highlights <br />of the report and will be available to answer questions. <br />FINANCIAL IMPACT: The financial report shows a continued strong financial position for the <br />County. The undesignated fund balance of the County's General Fund is 12.07% of <br />expenditures and transfers out at the end of the fiscal year. This presents a sound financial <br />position from which to weather financial uncertainties. <br />RECOMMENDATION(S): The Manager recommends that the Board of County Commissioners <br />receive this Report as information. <br />