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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: December 15, 2015 <br /> Action Agenda <br /> Item No. 4-a <br /> SUBJECT: Presentation of Comprehensive Annual Financial Report for FYE 6/30/2015 <br /> DEPARTMENT: Finance and Administrative PUBLIC HEARING: (YIN) No <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> 1. GFOA Award for Financial Reporting Gary Donaldson, (919) 245-2453 <br /> 2. PowerPoint Presentation-Martin Paul Laughton, (919) 245-2152 <br /> Starnes & Associates <br /> 3. FY 2015 Management/Compliance <br /> and Opinion Letters <br /> 4. A Report to Our Residents <br /> PREVIOUSLY PROVIDED UNDER <br /> SEPARATE COVER: <br /> 5. Draft Comprehensive Annual <br /> Financial Report, FYE June 30, 2015 <br /> PURPOSE: To receive the Comprehensive Annual Financial Report (CAFR) for the fiscal year <br /> ended June 30, 2015. <br /> BACKGROUND: The CAFR reports on all financial activity of the County for the fiscal year July <br /> 1, 2014 through June 30, 2015. Martin Starnes and Associates, a firm of Certified Public <br /> Accountants, audited the financial statements. The financial statements 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. <br /> Orange County has received this award for thirty consecutive fiscal years. The financial report <br /> for the Orange County SportsPlex, as required under the management contract, is included in <br /> the County's CAFR. <br /> The audit results for the fiscal year ended June 30, 2015 indicates a strong financial position for <br /> Orange County. The County received an unqualified (clean) audit opinion on the financial <br /> statements received from the audit. The Chief Financial Officer and representatives of Martin <br /> Starnes and Associates will cover highlights of the report and answer any questions. <br /> FINANCIAL IMPACT: The financial report indicates a strong financial position for Orange <br /> County. The County Board policy is to maintain the unassigned fund balance at 17% of General <br />