HomeMy WebLinkAboutAgenda - 03-16-2010 - 3bORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: March 16, 2010
Action Agenda
Item No. 3 - b
SUBJECT: Comprehensive Annual Financial Report for FY 2008-09
DEPARTMENT: Financial Services
PUBLIC HEARING: (Y/N) No
ATTACHMENT(S):
Comprehensive Annual Financial Report
Under Separate Cover
INFORMATION CONTACT:
Clarence G. Grier, 245-2453
PURPOSE: To receive the Comprehensive Annual Financial Report (CAFR) for the fiscal year
ended June 30, 2009.
BACKGROUND: The CAFR reports on all financial activity of the County for the fiscal year
July 1, 2008 through June 30, 2009. The financial report has been audited by McGladrey &
Pullen, a firm of Certified Public Accountants that was selected through a request for proposals
process to perform the audit. The financial report and audit are required by Chapter 159-34 of
the North Carolina Statutes. The County prepares a Comprehensive Annual Financial Report
which meets the standards of the Government Finance Officers Association for submission to
the Certificate of Achievement for Excellence in Financial Reporting. The county's CAFR has
received this award for 27 consecutive fiscal years. The financial report for the SportsPlex
required under the management contract is included in the financial statements of the County.
The financial results for the fiscal year show that the County has a strong financial position. The
County received an unqualified (good) audit opinion on the financial statements from the audit.
The Financial Services Director and representatives of McGladrey & Pullen will cover highlights
of the report and will be available to answer questions.
FINANCIAL IMPACT: The financial report shows a continued strong financial position for the
County. The undesignated fund balance of the County's General Fund is 12.07% of
expenditures and transfers out at the end of the fiscal year. This presents a sound financial
position from which to weather financial uncertainties.
RECOMMENDATION(S): The Manager recommends that the Board of County Commissioners
receive this Report as information.