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12 <br /> • Other Changes <br /> o There continues to be changes to auditing standards relative to the conduct and <br /> reporting of Single Audits. This year's financial and compliance audit <br /> recognized the implementation of the new Uniform Grant Guidance (UG), which <br /> included significant changes to cost principles and other requirements for <br /> auditees receiving Federal funds. These changes are driven based on the grant <br /> award date as awarded by the Federal agency. As such, auditors and auditees <br /> will follow requirements from both the "old" and "new" guidance for a few years <br /> to come. <br /> Free Quarterly Continuing Education for Governmental Clients <br /> Questions and Comments <br /> Commissioner Marcoplos asked if an "audit adjustment" could be clarified. <br /> Joel Black said part of the audit is a review of the financial statements produced from <br /> Management's general ledgers. He said these numbers are tested to insure accuracy. He <br /> said an audit adjustment would be something that is found during that review that needs to be <br /> brought to Management's attention. He said the County has taken action on all audit <br /> adjustments that were found during the review. <br /> Commissioner Marcoplos asked if the auditors could describe how they would have felt <br /> if the County had a fund balance of 14%, rather than 16.2%. <br /> Joel Black said that would be on the low side, but typically the larger the government <br /> the lower the fund balance tends to be. He said the preferred range is 16-25%. <br /> Commissioner Burroughs said in previous audits there have been no findings, which <br /> she found unnerving. She said she was glad to see that there are findings in this audit, and <br /> that staff is responding appropriately. <br /> Chair Dorosin said it is a good reaffirmation of why it is best practice to change auditors <br /> every few years. He thanked Mauldin and Jenkins for their work. <br /> 5. Public Hearings <br /> NONE <br /> 6. Regular Agenda <br /> a. Environmental &Agricultural Center(EAC) —Visioning Study Update and <br /> Development Options <br /> The Board considered receiving the preliminary visioning and development option study <br /> regarding the Environmental and Agricultural Center (EAC) prepared by HH Architecture, and <br /> providing direction to the Manager regarding the following staff-recommended development <br /> options. <br /> Jeff Thompson, Asset Management Services Director, made the following PowerPoint <br /> presentation: <br /> ORANGE COUNTY ENVIRONMENT AND AGRICULTURAL CENTER <br /> Visioning Study Update & Development Options <br /> Board action requested: <br />