HomeMy WebLinkAboutAgenda - 11-21-2000-9aORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: November 21, 2000
Action Age ad_a~
Item No. ! 'u-
SUBJECT: 1999-2000 Com rehensive Annual Financial Re ort
DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No
ATTACHMENT(S):
CAFR and Single Audit Reports
with Management Letter
INFORMATION CONTACT:
Ken Chavious, ext 2453
(Under Separate Cover) TELEPHONE NUMBERS:
Hillsborough 732-8181
Chapel Hill 968501
Durham 688-7331.
Mebane 336-227-2031
w . nnm~~r ~ mn - - ,
PURPOSE: To receive the Comprehensive Annual Financial Repork (CAFR) and Single Audit
Report for the fiscal year ended June 30, 2000.
BACKGROUND: The CAFR covers all financial activity of the County for the 1999-2000 fiscal
year and the Single Audit Report focuses on grant compliance for the same fiscal year. Both
reports result from an 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 results of the 2000 audit were very good. Undesignated fund balance in the general fund
remains strong at $13.5 million and 13.7% of general fund expenditures. This level of fund
balance is well above the Local Government Commission's minimum recommendation of 8%.
In addition, year-end fund balance surpasses the levels established in our budget guidelines.
The County's financial condition continues to remain strong with this sound fund balance
position. The auditors found no instances of material weakness in the County's internal control
structure and have issued a positive opinion on our financial statements. In fact, there were no
audit findings related to the audit of the CAFR and only one minor finding 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 accounts, Deloitte ~ Touche.
FINANCIAL IMPACT: As mentioned above, the County's overall financial condition remains
solid. This strong financial condition serves to enhance the County's creditworthiness, which
means lower interest rates on bonds and other financing mechanisms.
RECOMMENDATION(S): The Manager recommends that the Board receive and approve the
report.