Agenda - 12-11-2007-3b - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: December 11, 2007 Action Agenda Item No. .3 SUBJECT: 2006-2007 Comprehensive Annual Financial Report (CAFR) DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No ATTACHMENT(S): INFORMATION CONTACT: (Under Separate Cover) Ken Chavious, 245-2453 CAFR, SportsPlex Report, Audit Letter Finance Director Letter PURPOSE: To receive the Comprehensive Annual Financial Report (CAFR) and SportsPlex Report for the fiscal year ended June 30, 2007. BACKGROUND: The CAFR covers all financial activity of the County for the 2006-2007 fiscal year. The CAFR presentation results from an annual audit of the County's financial records, which occurred during the past several months. The audit was performed by McGladrey & Pullen, the firm of independent Certified Public Accountants selected by the County last spring. Presentation of these reports is necessary in order to fulfill the requirements set forth in Chapter 159-34 of the North Carolina General Statutes. In addition to the CAFR, an audit of the SportsPlex was performed as required under the management contract and that report is also included. The results of the 2007 audit were very good. The auditors issued an "unqualified" (good) opinion on the County's financial statements as well as the SportsPlex statements. The County Finance Director will cover in more detail some of the highlights of the reports and will be available to answer any questions along with representatives of the County's certified public accountants, McGladrey & Pullen. FINANCIAL IMPACT: The County's overall financial condition reflects significant improvement over last year due to an increase in available fund balance. It will be important to maintain this upward trend in the upcoming fiscal year. RECOMMENDATION(S): The Manager recommends that the Board receive the audit report as information only.