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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: December 12, 2006 <br />Action Agenda <br />Item No. 7•Q <br />SUBJECT: 2005-2006 Comprehensive Annual Financial Report (CAFR) <br />DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): (Under Separate INFORMATION CONTACT: <br />Cover) Ken Chavious, 245-2453 <br />CAFR <br />SportsPlex Audit Report <br />PURPOSE: To receive the Comprehensive Annual Financial Report (CAFR) including the <br />Single Audit Report and the audit report for the SportsPlex for the fiscal year ended June 30, <br />2006. <br />BACKGROUND: The CAFR covers all financial activity, of the County for the 2005-2006 fiscal <br />year. In the past, the County has issued both a CAFR and a separate Single Audit Report that <br />focused on grant compliance. This year's CAFR has a compliance section that includes all of <br />the Single Audit information. In addition, a separate audit report of the SportsPlex was <br />performed for the year as requested by the Board. The presentation of these reports results <br />from an annual audit of the County's financial ,records and those of the SportsPlex, which <br />occurred during the past several months. The audit was performed by Cherry Bekaert & <br />Holland, the firm of independent Certified Public Accountants. Presentation of the CAFR reports <br />is necessary in order to fulfill the requirements set forth in Chapter 159-34 of the North Carolina <br />General Statutes. <br />The results of the 2006 audit were very good. The auditors found no instances of material <br />weakness in the County's internal control structure and have issued an "unqualified" (good) <br />opinion on the County's financial statements. In fact, there were only minor audit findings <br />related to the audit of the CAFR and single audit of grants. A letter is included •that outlines <br />recommendations made by the auditor along with a letter of response from the County Finance <br />Director. The SportsPlex financials also received a positive audit. The County Finance Director <br />will cover in more detail some of the highlights of the reports and will be available to answer any <br />questions along with representatives of the County's certified public accounts, Cherry, Bekaert & <br />Holland. <br />