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HomeMy WebLinkAboutAgenda - 12-12-2006-7aORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: December 12, 2006 Action Agenda Item No. 7•Q SUBJECT: 2005-2006 Comprehensive Annual Financial Report (CAFR) DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No ATTACHMENT(S): (Under Separate INFORMATION CONTACT: Cover) Ken Chavious, 245-2453 CAFR SportsPlex Audit Report PURPOSE: To receive the Comprehensive Annual Financial Report (CAFR) including the Single Audit Report and the audit report for the SportsPlex for the fiscal year ended June 30, 2006. BACKGROUND: The CAFR covers all financial activity, of the County for the 2005-2006 fiscal year. In the past, the County has issued both a CAFR and a separate Single Audit Report that focused on grant compliance. This year's CAFR has a compliance section that includes all of the Single Audit information. In addition, a separate audit report of the SportsPlex was performed for the year as requested by the Board. The presentation of these reports results from an annual audit of the County's financial ,records and those of the SportsPlex, which occurred during the past several months. The audit was performed by Cherry Bekaert & Holland, the firm of independent Certified Public Accountants. Presentation of the CAFR reports is necessary in order to fulfill the requirements set forth in Chapter 159-34 of the North Carolina General Statutes. The results of the 2006 audit were very good. The auditors found no instances of material weakness in the County's internal control structure and have issued an "unqualified" (good) opinion on the County's financial statements. In fact, there were only minor audit findings related to the audit of the CAFR and single audit of grants. A letter is included •that outlines recommendations made by the auditor along with a letter of response from the County Finance Director. The SportsPlex financials also received a positive audit. 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 accounts, Cherry, Bekaert & Holland. FINANCIAL IMPACT: The County maintained sound financial condition at year end experiencing an increase in available fund balance. It will be important to maintain this upward trend in the upcoming fiscal year. In addition, the SportsPlex financial operating results exceeded staff expectations. . RECOMMENDATION(S): The Manager recommends that the Board receive the report for information only.