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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: November 20, 2012 <br /> Action Agenda <br /> Item No. 4-a <br /> SUBJECT: Presentation of Comprehensive Annual Financial Report FYE 6/30/2012 <br /> DEPARTMENT: Financial Services PUBLIC HEARING: (Y/N) No <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> To be provided under separate cover. <br /> Comprehensive Annual Financial Clarence G. Grier, 919-245-2453 <br /> Report, FYE June 30, 2012 <br /> 2012 Management Letter <br /> PURPOSE: To receive the Comprehensive Annual Financial Report (CAFR) for the fiscal year <br /> ended June 30, 2012. <br /> BACKGROUND: The CAFR reports on all financial activity of the County for the fiscal year July <br /> 1, 2011 through June 30, 2012. The financial statements have been audited by Martin Starnes <br /> and Associates, a firm of Certified Public Accountants. The financial statement and audit are <br /> required by Chapter 159-34 of the North Carolina General Statutes. The County prepares a <br /> 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 20.77% of <br /> expenditures and transfers out at the end of the fiscal year. The goal is to have the unassigned <br /> fund balance reach 17% of expenditures and transfers out. This indicates a sound financial <br /> position from which Orange County will be able to weather financial uncertainties going forward. <br /> RECOMMENDATION(S): The Manager recommends that the Board receive this Report as <br /> information. <br />