HomeMy WebLinkAboutAgenda - 12-10-2013 - 4b 1
ORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: December 10, 2013
Action Agenda
Item No. 4-b
SUBJECT: Presentation of Comprehensive Annual Financial Report for FYE 6/30/2013
DEPARTMENT: Financial Services PUBLIC HEARING: (Y/N) No
ATTACHMENT(S): INFORMATION CONTACT:
To be provided under separate cover. Clarence G. Grier, 919-245-2453
1. Comprehensive Annual Financial Marcie Spivey, 828-327-2727
Report, FYE June 30, 2013
2. 2013 Management Letter
PURPOSE: To receive the Comprehensive Annual Financial Report (CAFR) for the fiscal year
ended June 30, 2013.
BACKGROUND: The CAFR reports on all financial activity of the County for the fiscal year
July 1, 2012 through June 30, 2013. Martin Starnes and Associates, a firm of Certified Public
Accountants, audited the financial statements. 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 thrity-one 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 20.17% of
expenditures and transfers out at the end of the fiscal year. The goal is to maintain the General
Fund unassigned fund balance at 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 the CAFR as
information.