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HomeMy WebLinkAboutAgenda - 11-20-2012 - 4a 1 ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: November 20, 2012 Action Agenda Item No. 4-a SUBJECT: Presentation of Comprehensive Annual Financial Report FYE 6/30/2012 DEPARTMENT: Financial Services PUBLIC HEARING: (Y/N) No ATTACHMENT(S): INFORMATION CONTACT: To be provided under separate cover. Comprehensive Annual Financial Clarence G. Grier, 919-245-2453 Report, FYE June 30, 2012 2012 Management Letter PURPOSE: To receive the Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2012. BACKGROUND: The CAFR reports on all financial activity of the County for the fiscal year July 1, 2011 through June 30, 2012. 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 20.77% of expenditures and transfers out at the end of the fiscal year. The goal is to have the unassigned 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 receive this Report as information.