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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: December 10, 2013 <br /> Action Agenda <br /> Item No. 4-b <br /> SUBJECT: Presentation of Comprehensive Annual Financial Report for FYE 6/30/2013 <br /> DEPARTMENT: Financial Services PUBLIC HEARING: (Y/N) No <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> To be provided under separate cover. Clarence G. Grier, 919-245-2453 <br /> 1. Comprehensive Annual Financial Marcie Spivey, 828-327-2727 <br /> Report, FYE June 30, 2013 <br /> 2. 2013 Management Letter <br /> PURPOSE: To receive the Comprehensive Annual Financial Report (CAFR) for the fiscal year <br /> ended June 30, 2013. <br /> BACKGROUND: The CAFR reports on all financial activity of the County for the fiscal year <br /> July 1, 2012 through June 30, 2013. Martin Starnes and Associates, a firm of Certified Public <br /> Accountants, audited the financial statements. The financial statement and audit are required <br /> 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 thrity-one 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 20.17% of <br /> expenditures and transfers out at the end of the fiscal year. The goal is to maintain the General <br /> Fund unassigned fund balance at 17% of expenditures and transfers out. <br /> This indicates a sound financial position from which Orange County will be able to weather <br /> financial uncertainties going forward. <br /> RECOMMENDATION(S): The Manager recommends that the Board receive the CAFR as <br /> information. <br />