HomeMy WebLinkAboutAgenda - 12-13-2011 - 4eORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: December 13, 2011
Action Agenda
Item No. ~- - e
SUBJECT: Presentation of Comprehensive Annual Financial Report FYE 6/30/2011
DEPARTMENT: Financial Services
PUBLIC HEARING: (YIN) No
ATTACHMENT(S):
Provided Under Separate Cover
1. Comprehensive Annual Financial
Report, FYE June 30, 2011
To Be Provided Under Separate Cover
at the Meeting:
2. PowerPoint Presentation -Martin
Starnes & Associates
INFORMATION CONTACT:
Clarence G. Grier, Director, 245-2453
PURPOSE: To receive the Comprehensive Annual Financial Report (CAFR) for the fiscal year
ended June 30, 2011.
BACKGROUND: The CAFR reports on all financial activity of the County for the fiscal year
July 1, 2010 through June 30, 2011. The financial statements have been audited by Martin
Starnes and Associates, a firm of Certified Public Accountants. The financial statement and
audit are required by Chapter 159-34 of the North Carolina General Statutes. The County
prepares a Comprehensive Annual Financial Report (CAFR) that meets the standards set by the
Government Finance Officers' Association (GFOA). The CAFR is submitted to the GFOA in
order to be awarded the Certificate of Achievement for Excellence in Financial Reporting. The
County's CAFR has received this award for twenty-nine consecutive fiscal years. The financial
report for the Orange County SportsPlex, required under the management contract, is included
in the County's CAFR.
The audit results for the fiscal year show that Orange County has a strong financial position.
The County received an unqualified (good) audit opinion on the financial statements received
from the audit. The Financial Services Director and representatives of Martin Starnes 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
Orange County. The unassigned fund balance of the County's General Fund is 16% of
expenditures and transfers out at the end of the fiscal year. The goal is to have the unassigned
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fund balance reach 17% of expenditures and transfers out. This indicates a sound financial
position from which Orange County will be able to weather financial uncertainties going forward.
RECOMMENDATION(S): The Manager recommends that the Board of County Commissioners
receive this Report as information.