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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: November 21, 2000 <br />Action Age ad_a~ <br />Item No. ! 'u- <br />SUBJECT: 1999-2000 Com rehensive Annual Financial Re ort <br />DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />CAFR and Single Audit Reports <br />with Management Letter <br />INFORMATION CONTACT: <br />Ken Chavious, ext 2453 <br />(Under Separate Cover) TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968501 <br />Durham 688-7331. <br />Mebane 336-227-2031 <br />w . nnm~~r ~ mn - - , <br />PURPOSE: To receive the Comprehensive Annual Financial Repork (CAFR) and Single Audit <br />Report for the fiscal year ended June 30, 2000. <br />BACKGROUND: The CAFR covers all financial activity of the County for the 1999-2000 fiscal <br />year and the Single Audit Report focuses on grant compliance for the same fiscal year. Both <br />reports result from an annual audit of the County's financial records, which occurred during the <br />past several months. Presentation of these reports is necessary in order to fulfill the <br />requirements set forth in Chapter 159-34 of the North Carolina General Statutes. <br />The results of the 2000 audit were very good. Undesignated fund balance in the general fund <br />remains strong at $13.5 million and 13.7% of general fund expenditures. This level of fund <br />balance is well above the Local Government Commission's minimum recommendation of 8%. <br />In addition, year-end fund balance surpasses the levels established in our budget guidelines. <br />The County's financial condition continues to remain strong with this sound fund balance <br />position. The auditors found no instances of material weakness in the County's internal control <br />structure and have issued a positive opinion on our financial statements. In fact, there were no <br />audit findings related to the audit of the CAFR and only one minor finding related to the Single <br />Audit. The County Finance Director will cover in more detail some of the highlights of the report <br />and will be available to answer any questions along with representatives of the County's <br />certified public accounts, Deloitte ~ Touche. <br />FINANCIAL IMPACT: As mentioned above, the County's overall financial condition remains <br />solid. This strong financial condition serves to enhance the County's creditworthiness, which <br />means lower interest rates on bonds and other financing mechanisms. <br />RECOMMENDATION(S): The Manager recommends that the Board receive and approve the <br />report. <br />