HomeMy WebLinkAboutAgenda - 12-09-2014 - 4a
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ORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date:December 9,2014
Action Agenda
Item No.4-a
SUBJECT:Presentation of Comprehensive Annual Financial Report for FYE 6/30/2014
DEPARTMENT:Financial ServicesPUBLIC HEARING: (Y/N)No
ATTACHMENT(S):INFORMATION CONTACT:
1. GFOA Award for Financial Reporting
Clarence G. Grier,919-245-2453
To be provided under separate cover
at the meeting:
2.PowerPoint Presentation - Martin
Starnes & Associates
3.Comprehensive Annual Financial
Report, FYE June 30, 2014
4. 2014Management Letter
PURPOSE:
To receive the Comprehensive Annual Financial Report (CAFR) for the fiscal year
ended June 30, 2014.
BACKGROUND:
The CAFR reports onall financial activity of the County for the fiscal year
July 1, 2013 through June 30, 2014.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 CarolinaGeneralStatutes. The County preparesa
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-nineconsecutive 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 unassignedfund balance of the County’s General Fund is 18.5% of
expenditures and transfers out atthe end of the fiscal year. Thegoal 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 receive this Report as
information.
K
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Orange County
North Carolina
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 2013
Executive Director /CEO