Agenda - 11-19-2001-6c - Laserfiche WebLink

Browse Search

ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Gate: November 19, 2007 Actlon Agentla Ilam NO. ~-G SUBJECT: 2000.2001 Com prehensive Annual Financial Repod DEPARTMENT: Finance PUBLIC HEARING: (VIN) No ATTACHMENT(S): INFORMATION CONTACT: CAFR and Single Audlt Reports Ken Chavlous, ext 2453 (Under Separate Gover) TELEPHONE NUMBERS: Hillsborough ]321181 Chapel HIII 8881661 Durham 688d33T PURPOSE: To receive the Comprehensive Annual Financial Report (CAFR)and Single AUtlil Report for the fiscal year entletl June 30, 2001. BACKGROUND: Every threeto five yeare, County staff goes through the process of soliciting, reviewing, antl evaluating proposals for flnanclal autlitservices. StafF most recently contluctetl that process in Spring 2001, antl the Boats subsequently approvetl a cantrac[ with the film of Cherry, Bekeart & Holland to perform the County's autlR services forthe fiscal year ending June 30,2001. Cherry, Bekaert 8 Holland has recenty completetl the Counlys Comprehensive Annual Financial Report (CAFR) antl Single Audi[ Report far FY 2000-01. The CAFR covers all financial adlv6y of [he County far the 2ppp-2001 foal year antl the Single Autlit Repod focuses on grenl compliance for the same fiscal year. Both reports result from en annual autlit of the CounNafinantielrecoka, which occunetl tludng the pas[several months. Presentation of these reports is necessary In omen [o fulfill the requirements set forth in Chapter 159-34 of the North Carolina General Statutes. In atltli8an, the firm hae performetl a preliminary assessment of steps the County will neetl to take to Implement Govemmenial accounting BtantlaMS BoaN (GASB) Statemenl34. The BoaN will recall fromtliscussions last spring that GASB 34 will oblige local governments throughcut the Unitetl Staten b repod their financial actiNfies acwNing to a format that looks more Ilke the way the accounbng far a private corporetbn wpultl be presanmtl_ County staff antl certifietl public accountants from Cheny, Bakaed 8 Hollantl will attentl this meeting to present the reportsantl respontl m questions that Commissioners may have regarding either the autltl or GABB 34 implementation.