HomeMy WebLinkAboutAgenda - 12-11-2007-3bORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: December 11, 2007
Action Agenda
Item No. .3
SUBJECT: 2006-2007 Comprehensive Annual Financial Report (CAFR)
DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No
ATTACHMENT(S): INFORMATION CONTACT:
(Under Separate Cover) Ken Chavious, 245-2453
CAFR, SportsPlex Report, Audit Letter
Finance Director Letter
PURPOSE: To receive the Comprehensive Annual Financial Report (CAFR) and SportsPlex
Report for the fiscal year ended June 30, 2007.
BACKGROUND: The CAFR covers all financial activity of the County for the 2006-2007 fiscal
year. The CAFR presentation results from an annual audit of the County's financial records,
which occurred during the past several months. The audit was performed by McGladrey &
Pullen, the firm of independent Certified Public Accountants selected by the County last spring.
Presentation of these reports is necessary in order to fulfill the requirements set forth in Chapter
159-34 of the North Carolina General Statutes. In addition to the CAFR, an audit of the
SportsPlex was performed as required under the management contract and that report is also
included.
The results of the 2007 audit were very good. The auditors issued an "unqualified" (good)
opinion on the County's financial statements as well as the SportsPlex statements. The County
Finance Director will cover in more detail some of the highlights of the reports and will be
available to answer any questions along with representatives of the County's certified public
accountants, McGladrey & Pullen.
FINANCIAL IMPACT: The County's overall financial condition reflects significant improvement
over last year due to an increase in available fund balance. It will be important to maintain this
upward trend in the upcoming fiscal year.
RECOMMENDATION(S): The Manager recommends that the Board receive the audit report
as information only.