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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: December 13, 2011 <br />Action Agenda <br />Item No. ~- - e <br />SUBJECT: Presentation of Comprehensive Annual Financial Report FYE 6/30/2011 <br />DEPARTMENT: Financial Services <br />PUBLIC HEARING: (YIN) No <br />ATTACHMENT(S): <br />Provided Under Separate Cover <br />1. Comprehensive Annual Financial <br />Report, FYE June 30, 2011 <br />To Be Provided Under Separate Cover <br />at the Meeting: <br />2. PowerPoint Presentation -Martin <br />Starnes & Associates <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, 2011. <br />BACKGROUND: The CAFR reports on all financial activity of the County for the fiscal year <br />July 1, 2010 through June 30, 2011. The financial statements have been audited by Martin <br />Starnes and Associates, a firm of Certified Public Accountants. The financial statement and <br />audit are required by Chapter 159-34 of the North Carolina General Statutes. The County <br />prepares a Comprehensive Annual Financial Report (CAFR) that meets the standards set by the <br />Government Finance Officers' Association (GFOA). The CAFR is submitted to the GFOA in <br />order to be awarded the Certificate of Achievement for Excellence in Financial Reporting. The <br />County's CAFR has received this award for twenty-nine consecutive fiscal years. The financial <br />report for the Orange County SportsPlex, required under the management contract, is included <br />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 unassigned fund balance of the County's General Fund is 16% of <br />expenditures and transfers out at the end of the fiscal year. The goal is to have the unassigned <br />