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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: November 16, 2010 <br />Action Agenda <br />Item No. 3 _ a <br />SUBJECT: Presentation of Comprehensive Annual Financial Report FYE 6/30/2010 <br />DEPARTMENT: Financial Services <br />PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />1. GFOA Award for Financial Reporting <br />2. PowerPoint Presentation -Martin <br />Starnes & Associates (Under <br />Separate Cover) <br />To be provided under separate cover: <br />3. Comprehensive Annual Financial <br />Report, FYE June 30, 2010 <br />4. 2010 Management Letter <br />INFORMATION CONTACT: <br />Clarence G. Grier, Director, 245-2453 <br />PURPOSE: To receive the Comprehensive Annual Financial Report (CAFR) for the fiscal year <br />ended June 30, 2010. <br />BACKGROUND: The CAFR reports on all financial activity of the County for the fiscal year <br />July 1, 2009 through June 30, 2010. The financial statements have been audited by Martin <br />Starnes and Associates, a firm of Certified Public Accountants that was selected through a <br />Request for Proposals (RFP) process to perform the audit for the next three fiscal years. The <br />financial statement and audit are required by Chapter 159-34 of the North Carolina General <br />Statutes. The County prepares a Comprehensive Annual Financial Report (CAFR) that meets <br />the standards set by the Government Finance Officers Association (GFOA). The CAFR is <br />submitted to the GFOA in order to be awarded the Certificate of Achievement for Excellence in <br />Financial Reporting. The County's CAFR has received this award for twenty-eight consecutive <br />fiscal years. The financial report for the Orange County SportsPlex, required under the <br />management contract, is included in the County's CAFR. <br />The audit results for the fiscal year show that Orange County has a strong financial position. <br />The County received an unqualified (good) audit opinion on the financial statements received <br />from the audit. The Financial Services Director and representatives of Martin Starnes will cover <br />highlights of the report and will be available to answer questions. <br />FINANCIAL IMPACT: The financial report shows a continued strong financial position for <br />Orange County. The undesignated fund balance of the County's General Fund is 11.8% of <br />expenditures and transfers out at the end of the fiscal year. The goal is to have the <br />