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i <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> Item No. 1D•.A <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: December 1, 1997 <br /> SUBJECT: 1996-97 Comprehensive Annual Financial Report <br /> DEPARTMENT: Finance PUBLIC HEARING: YES: NO: X <br /> ATTACHMENT(S): INFORMATION CONTACT: Ken Chavious <br /> CAFR and Single Audit Reports ext. 2450 <br /> (under separate cover) <br /> TELEPHONE NUMBER: <br /> Hillsborough- 732-8181 <br /> Chapel Hill - 968-4501 <br /> Mebane - 227-2031 <br /> Durham - 688-7331 <br /> PURPOSE: To receive the Comprehensive Annual Financial Report (CAFR) and Single Audit Report <br /> for the fiscal year ended June 30, 1997. <br /> BACKGROUND: The CAFR covers all financial activity of the County for the 1996-97 fiscal year and <br /> the Single Audit Report focuses on grant compliance for the same fiscal year. Both reports result from <br /> the annual audit of the County's financial records which occurred during the past several months. <br /> Presentation of these reports is necessary in order to fulfill the requirements set forth in Chapter 159-34 <br /> of the North Carolina General Statutes. <br /> The 1997 audit was very good. The CAFR reflects an increase in undesignated fund balance that <br /> allowed the County to surpass the 8% level established in our budget guidelines, as well as Local <br /> Government Commission recommendations. This increase also serves to strengthen the County's stable <br /> financial condition. The auditors found no instances of material weakness in the County's internal <br /> controls. In fact, the auditors chose not to issue a Letter of Recommendation, which usually outlines <br /> processes or procedures requiring attention or corrective action. In addition, there were no findings <br /> related to the Single Audit. <br /> The County Finance Director will cover in more detail some of the highlights of the report and will be <br /> available to answer any questions along with representatives of the County's certified public accountants, <br /> Deloitte and Touche. <br /> RECOMMENDATION(S): The Manager recommends that the Board receive the report for <br /> information only. <br />