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<br />1 <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date:December 9,2014 <br />Action Agenda <br />Item No.4-a <br />SUBJECT:Presentation of Comprehensive Annual Financial Report for FYE 6/30/2014 <br />DEPARTMENT:Financial ServicesPUBLIC HEARING: (Y/N)No <br />ATTACHMENT(S):INFORMATION CONTACT: <br />1. GFOA Award for Financial Reporting <br />Clarence G. Grier,919-245-2453 <br />To be provided under separate cover <br />at the meeting: <br />2.PowerPoint Presentation - Martin <br />Starnes & Associates <br />3.Comprehensive Annual Financial <br />Report, FYE June 30, 2014 <br />4. 2014Management Letter <br />PURPOSE: <br />To receive the Comprehensive Annual Financial Report (CAFR) for the fiscal year <br />ended June 30, 2014. <br />BACKGROUND: <br />The CAFR reports onall financial activity of the County for the fiscal year <br />July 1, 2013 through June 30, 2014.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 CarolinaGeneralStatutes. The County preparesa <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-nineconsecutive 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: <br />The financial report shows a continued strong financial position for <br />Orange County. The unassignedfund balance of the County’s General Fund is 18.5% of <br />expenditures and transfers out atthe end of the fiscal year. Thegoal is to have the unassigned <br /> <br />