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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: November 16, 2004 <br />Action Agenda <br />Item No. ~- b <br />SUBJECT: 2003-2004 Comprehensive Annual Financial Report (CAFR) <br />DEPARTMENT: Finance PUBIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />CAFR and Single Audit Reports <br />(Provided under Separate Cover) <br />INFORMATION CONTACT: <br />Ken Chavious, ext 2453 <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />PURPOSE: To receive the Comprehensive Annual Financial Report (CAFR) and Single Audit <br />Report far the fiscal year ended June 30, 2004. <br />BACKGROUND: The CAFR covers all financial activity of the County for the 2003-2004 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. The audit was performed by Cherry Bekaert & Holland, a firm of <br />independent Certified Public Accountants. Presentation of these reports is necessary in order <br />to fulfill the requirements set forth in Chapter 159-34 of the North Carolina General Statutes. <br />The results of the 2004 audit were very good. 2004 marked the third year implementation of <br />Governmental Accounting Standards Board (GASB) statement 34. In addition, the auditors <br />were required to implement Standards of Auditing Services (SAS) 99 which involved a more <br />intense consideration of fraud in the County's financial reporting. Eddie Burke of Cherry, <br />Bekaert & Holland will discuss this briefly with the Board, The auditors found no instances of <br />material weakness in the County's internal control structure and have issued an "unqualified" <br />(goad) opinion on our financial statements. In fact, there were only minor audit findings related <br />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 County Finance Director will cover in more detail some of the highlights of the <br />report and will be available along with representatives of the Cherry, Bekaert & Holland to <br />answer any questions. <br />FINANCIAL IMPACT: The County maintained good financial condition at year-end and is <br />currently considering opportunities for further improvement of fund balance position, <br />