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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: February 20, 2025 <br /> Action Agenda <br /> Item No. 4-a <br /> SUBJECT: Presentation of Annual Comprehensive Financial Report for FYE 6/30/2024 and <br /> Approval of Audit Services Contract Amendment <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. PowerPoint Presentation - Mauldin & <br /> Jenkins <br /> 3. Audit Services Contract Amendment <br /> UNDER SEPARATE COVER <br /> 4. Annual Comprehensive Financial <br /> Report, June 30, 2024 <br /> ONLY AVAILABLE <br /> ELECTRONICALLY AT. <br /> http://www.co.orange.nc.us/732/Finan <br /> cial-Audit <br /> PURPOSE: To: <br /> 1) receive a presentation on the Annual Comprehensive Financial Report (ACFR) for the <br /> fiscal year ended June 30, 2024; and <br /> 2) Approve an Audit Services Contract Amendment for Fiscal Year 2024. <br /> BACKGROUND: The ACFR reports on all financial activity of the County for the fiscal year July <br /> 1, 2023, through June 30, 2024. Mauldin and Jenkins, LLC, 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 to be awarded the Certificate of <br /> 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 received <br /> from the audit. The financial audit results indicate compliance with County financial policies. The <br /> Chief Financial Officer and representatives of Mauldin and Jenkins, LLC will cover highlights of <br /> the report and answer any questions. <br /> While completing the FY 2024 audit, Mauldin and Jenkins incurred $15,000 in additional cost <br /> resulting from time spent on statement reconciliations due to a financial software error. This issue <br />