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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: November 15, 2005 <br />Action Agenda <br />Item No. ~- q <br />SUBJECT: 2004-2005 Comprehensive Annual Financial Report (CAFR) <br />DEPARTMENT: Finance <br />PUBLIC HEARING: (YIN) No <br />ATTACHMENT(S): <br />CAFR <br />Preliminary Draft -Single Audit Report <br />(under separate cover) <br />INFORMATION CONTACT: <br />Ken Chavious, 245-2453 <br />PURPOSE: To receive the Comprehensive Annual Financial Report (CAFR) and Single Audit <br />Report for the fiscal year ended June 30, 2005. <br />BACKGROUND: The CAFR covers all financial activity of the County for the 2004-2005 fiscal <br />year. 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, the 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 2005 audit were very good.. The auditors found no instances of material <br />weakness in the County's internal control structure and have issued an "unqualified" (good) <br />opinion on the County's financial statements, In fact, there were no audit findings related to the <br />audit of the CAFR and single audit of grants. The County Finance Director will cover in mare <br />detail same of the highlights of the report and will be available to answer any questions along <br />with representatives of the County's certified public accounts, Cherry Bekaert & Holland, <br />FINANCIAL IMPACT: The County maintained sound finahcial condition at year end, <br />experiencing a slight increase in available fund balance, It will be important to sustain this <br />upward trend in the upcoming fiscal year. <br />RECOMMENDATION(S): The Manager recommends that the Board receive the report for <br />information only, <br />