HomeMy WebLinkAboutAgenda - 12-01-1997 - 10a i
ORANGE COUNTY
BOARD OF COMMISSIONERS
Action Agenda
Item No. 1D•.A
ACTION AGENDA ITEM ABSTRACT
Meeting Date: December 1, 1997
SUBJECT: 1996-97 Comprehensive Annual Financial Report
DEPARTMENT: Finance PUBLIC HEARING: YES: NO: X
ATTACHMENT(S): INFORMATION CONTACT: Ken Chavious
CAFR and Single Audit Reports ext. 2450
(under separate cover)
TELEPHONE NUMBER:
Hillsborough- 732-8181
Chapel Hill - 968-4501
Mebane - 227-2031
Durham - 688-7331
PURPOSE: To receive the Comprehensive Annual Financial Report (CAFR) and Single Audit Report
for the fiscal year ended June 30, 1997.
BACKGROUND: The CAFR covers all financial activity of the County for the 1996-97 fiscal year and
the Single Audit Report focuses on grant compliance for the same fiscal year. Both reports result from
the annual audit of the County's financial records which occurred during the past several months.
Presentation of these reports is necessary in order to fulfill the requirements set forth in Chapter 159-34
of the North Carolina General Statutes.
The 1997 audit was very good. The CAFR reflects an increase in undesignated fund balance that
allowed the County to surpass the 8% level established in our budget guidelines, as well as Local
Government Commission recommendations. This increase also serves to strengthen the County's stable
financial condition. The auditors found no instances of material weakness in the County's internal
controls. In fact, the auditors chose not to issue a Letter of Recommendation, which usually outlines
processes or procedures requiring attention or corrective action. In addition, there were no findings
related to the Single Audit.
The County Finance Director will cover in more detail some of the highlights of the report and will be
available to answer any questions along with representatives of the County's certified public accountants,
Deloitte and Touche.
RECOMMENDATION(S): The Manager recommends that the Board receive the report for
information only.