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Certificate of Achievement for the June 30, 2012 Comprehensive Annual Financial Report <br /> (CAFR). <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 <br /> government can receive in the areas of governmental accounting and financial reporting. The <br /> attainment of the award represents a significant achievement by a government and its <br /> management. In order to receive this award, the County must publish an easily readable and <br /> efficiently organized CAFR. Additionally, the County's CAFR must undergo a stringent program <br /> of review to assess if the County has proficiently applied governmental accounting and <br /> financial reporting for the fiscal year under review. The Report must satisfy both generally <br /> accepted accounting principles 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 <br /> 30, 2013 will meet the Certificate of Achievement Program requirements and will be submitting <br /> it to 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 Actual Variance <br /> Revenues $183,580,100 $186,502,389 $2,922,289 <br /> Expenditures 179,037,959 170,330,053 8,707,906 <br />