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9 <br /> 1 December 10, 2019 <br /> 2 BOCC Regular Meeting <br /> 3 <br /> 4 Operating and Capital Funds Highlights <br /> 5 ➢ Met Board County Policies including Unassigned Fund Balance levels <br /> 6 ➢ Favorable Budget versus Actuals Performance and Fund Reserve Levels as forecasted <br /> 7 in Quarterly reports and Long-Term Forecast Model; <br /> 8 ➢ Continued reduction in General Fund subsidy to Solid Waste Fund from $1.5 million to <br /> 9 $126,510; <br /> 10 ➢ Strong Investment Earnings results; earnings increased by $358,107 to $1.1 million <br /> 11 through proactive Finance Investment strategy; <br /> 12 ➢ New Debt Series 2019A Limited Obligations Bonds: $14.1 million included IT <br /> 13 Infrastructure investments, Building Remediation (Meadowlands, Government Annex, <br /> 14 District Attorney and Battle Courtroom) and Public Safety and Solid Waste Vehicle <br /> 15 Replacements. <br /> 16 ➢ Affirmation of `AAA' Bond Rating by all Three Major Credit Rating Agencies <br /> 17 <br /> 18 General Fund Budget versus Actual (table) <br /> 19 <br /> 20 Audited Fund Balances and Net Positions (table) <br /> 21 Finance Investment Strategy and Results (table) <br /> 22 <br /> 23 James Bence, Maudlin and Jenkins, made the following PowerPoint presentation: <br /> 24 <br /> 25 Mauldin and Jenkins <br /> 26 Presentation of 2019 Audit Results <br /> 27 Orange County, North Carolina <br /> 28 December 10, 2019 <br /> 29 <br /> 30 Agenda <br /> 31 • Engagement Team <br /> 32 • Results of the 2019 Audit <br /> 33 • Financial Ratios <br /> 34 • Comments, Recommendations, and Other Issues <br /> 35 • Questions & Comments <br /> 36 <br /> 37 Engagement Team: Maudlin & Jenkins, LLC <br /> 38 <br /> 39 Results of 2019 Audit <br /> 40 Our Responsibility Under Auditing Standards Generally Accepted in the United States <br /> 41 of America (GAAS) and Government Auditing Standards (GAS) <br /> 42 o We considered the internal control structure for the purpose of expressing our <br /> 43 opinion on the County's basic financial statements and not providing assurance <br /> 44 on the internal control structure. <br /> 45 o Our audit was performed in accordance with GAAS and GAS. <br /> 46 o Our objective is to provide reasonable—not absolute—assurance that the basic <br /> 47 financial statements are free of material misstatement. <br /> 48 o We did not audit the financial statements of the Orange County ABC Board. We <br /> 49 reviewed and relied on the report of other auditors for amounts included in the <br /> 50 County's statements related to the ABC Board. <br />