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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />Clarence Grier read the following background information: <br />GFOA is an internationally recognized organization that offers guidance and support to local <br />and state government budget and finance professionals throughout the United States and <br />Canada. The GFOA Certificate of Achievement is the highest form of recognition a government <br />can receive in the areas of governmental accounting and financial reporting. The attainment of <br />the award represents a significant achievement by a government and its management. In order <br />to receive this award, the County must publish an easily readable and efficiently organized <br />CAFR. Additionally, the County's CAFR must undergo a stringent program of review to assess <br />if the County has proficiently applied governmental accounting and financial reporting for the <br />fiscal year under review. The Report must satisfy both generally accepted accounting principles <br />and applicable legal requirements. <br />This year marks the thirty -first year that Orange County has received the GFOA Certificate of <br />Achievement. A Certificate of Achievement is valid for a period of one year only. Eligibility <br />standards, reviews, and expectations for the award have become more complex, demanding <br />and stringent each year. County staff believes that the CAFR for the fiscal year ended June 30, <br />2013 will meet the Certificate of Achievement Program requirements and will be submitting it to <br />the GFOA. <br />Clarence Grier introduced the following members of his staff who were in attendance: <br />Howard Fitts, David Cannell, and Shari Rasberry. <br />Chair Jacobs expressed the Board's appreciation for this department and the work they <br />do. <br />b. Presentation of Comprehensive Annual Financial Report for FYE 6/30/2013 <br />The Board received the Comprehensive Annual Financial Report (CAFR) for the fiscal <br />year ended June 30, 2013. <br />Clarence Grier said the CAFR reports on all financial activity of the County for the fiscal <br />year July 1, 2012 through June 30, 2013. Martin Starnes and Associates, a firm of Certified <br />Public Accountants, audited the financial statements. <br />He introduced one of the auditors from Martin - Starnes and Associates, Marcie Spivey, <br />who presented the findings of the audit. She reviewed the following PowerPoint slides: <br />Orange County <br />2013 Audited Financial Statements <br />Audit Highlights <br />❑ Unmodified opinion <br />❑ No Significant Deficiencies noted <br />❑ No Material Weaknesses Identified <br />Budget vs. Actual <br />General Fund <br />Budget <br />Actual <br />Variance <br />Revenues <br />$183,580,100 <br />$186,502,389 <br />$2,922,289 <br />Expenditures <br />179,037,959 <br />170,330,053 <br />8,707,906 <br />Other Financing <br />Sources <br />(4,542,141) <br />(9,310,633) <br />(4,768,492) <br />Change in Fund <br />$6,861,703 <br />$6,861,703 <br />