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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: February 1, 2022 <br /> Action Agenda <br /> Item No. 4-a <br /> SUBJECT: Presentation of Annual Comprehensive Financial Report for FYE 6/30/2021 <br /> DEPARTMENT: Finance and Administrative Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> 1. GFOA Award for Excellence in Gary Donaldson, (919) 245-2453 <br /> Financial Reporting <br /> 2. Local Government Commission <br /> Amended Audit Contract <br /> UNDER SEPARATE COVER <br /> 3. Annual Comprehensive Financial <br /> Report, June 30, 2021 - Electronic <br /> Version <br /> CURRENTLY AVAILABLE AT. <br /> https.11www.oran_-gecountync._gov/fi <br /> nance/statements <br /> 4. PowerPoint Presentation - Cherry <br /> Bekaert - To Be Provided at the <br /> Meeting <br /> PURPOSE: To receive the Annual Comprehensive Financial Report (ACFR) for the fiscal year <br /> ended June 30, 2021 and approve a Local Government Commission (LGC) Amended Audit <br /> Contract. The LGC contract amendment only changes the report issuance date from October 31, <br /> 2021 to January 31, 2022, with no change in the audit fees. <br /> BACKGROUND: The ACFR reports on all financial activity of the County for the fiscal year July <br /> 1, 2020 through June 30, 2021. Cherry Bekaert, LLP, a firm of Certified Public Accountants, <br /> audited the financial statements. The financial statements and audit are required by Chapter 159- <br /> 34 of the North Carolina General Statutes. The County prepares an Annual Comprehensive <br /> Financial Report (ACFR) that meets the standards set by the Government Finance Officers <br /> Association (GFOA). The ACFR is submitted to the GFOA in order to be awarded the Certificate <br /> of Achievement for Excellence in Financial Reporting. The financial report for the Orange County <br /> Sportsplex, as required under the management contract, is included in the County's ACFR. <br /> The County received an unmodified (clean) audit opinion on the financial statements from the <br /> audit. The financial audit results indicate compliance with County financial policies. The Chief <br />