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9 <br /> <br /> Strong Investment Earnings results; earnings increased by $358,107 to $1.1 million <br />through proactive Finance Investment strategy; <br /> New Debt Series 2019A Limited Obligations Bonds: $14.1 million included IT <br />Infrastructure investments, Building Remediation (Meadowlands, Government Annex, <br />District Attorney and Battle Courtroom) and Public Safety and Solid Waste Vehicle <br />Replacements. <br /> Affirmation of ‘AAA’ Bond Rating by all Three Major Credit Rating Agencies <br /> <br />General Fund Budget versus Actual (table) <br /> <br />Audited Fund Balances and Net Positions (table) <br />Finance Investment Strategy and Results (table) <br /> <br />James Bence, Maudlin and Jenkins, made the following PowerPoint presentation: <br /> <br />Mauldin and Jenkins <br />Presentation of 2019 Audit Results <br />Orange County, North Carolina <br />December 10, 2019 <br /> <br />Agenda <br /> Engagement Team <br /> Results of the 2019 Audit <br /> Financial Ratios <br /> Comments, Recommendations, and Other Issues <br /> Questions & Comments <br /> <br />Engagement Team: Maudlin & Jenkins, LLC <br /> <br />Results of 2019 Audit <br /> Our Responsibility Under Auditing Standards Generally Accepted in the United States of <br />America (GAAS) and Government Auditing Standards (GAS) <br />o We considered the internal control structure for the purpose of expressing our <br />opinion on the County’s basic financial statements and not providing assurance <br />on the internal control structure. <br />o Our audit was performed in accordance with GAAS and GAS. <br />o Our objective is to provide reasonable—not absolute—assurance that the basic <br />financial statements are free of material misstatement. <br />o We did not audit the financial statements of the Orange County ABC Board. We <br />reviewed and relied on the report of other auditors for amounts included in the <br />County’s statements related to the ABC Board. <br />o The basic financial statements are the responsibility of the County’s <br />management. <br /> Report on 2019 Basic Financial Statements <br />o Unmodified (“clean”) opinion on basic financial statements. <br />o Presented fairly in accordance with accounting principles generally accepted in <br />the United States of America. <br />o Our responsibility does not extend beyond financial information contained in our <br />report. <br /> Significant Accounting Policies