HomeMy WebLinkAboutAgenda 01-17-23; 4-b - Presentation of Annual Comprehensive Financial Report for FYE 6.30.2022 1
ORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: January 17, 2023
Action Agenda
Item No. 4-b
SUBJECT: Presentation of Annual Comprehensive Financial Report for FYE 6/30/2022
DEPARTMENT: Finance and Administrative Services
ATTACHMENT(S): INFORMATION CONTACT:
1. GFOA Award for Excellence in Gary Donaldson, (919) 245-2453
Financial Reporting
UNDER SEPARATE COVER
2. Annual Comprehensive Financial
Report, June 30, 2022- Hard Copy
CURRENTLY AVAILABLE AT.
http://www.co.orange.nc.us/732/Finan
cial-Audit
3. PowerPoint Presentation - Mauldin &
Jenkins - To Be Provided at the
Meeting
PURPOSE: To receive the Annual Comprehensive Financial Report (ACFR) for the fiscal year
ended June 30, 2022.
BACKGROUND: The ACFR reports on all financial activity of the County for the fiscal year July
1, 2021 through June 30, 2022. Mauldin and Jenkins, LLC, a firm of Certified Public Accountants,
audited the financial statements. The financial statements and audit are required by Chapter 159-
34 of the North Carolina General Statutes. The County prepares an Annual Comprehensive
Financial Report (ACFR) that meets the standards set by the Government Finance Officers
Association (GFOA). The ACFR is submitted to the GFOA in order to be awarded the Certificate
of Achievement for Excellence in Financial Reporting. The financial report for the Orange County
Sportsplex, as required under the management contract, is included in the County's ACFR.
The County received an unmodified (clean) audit opinion on the financial statements received
from the audit. The financial audit results indicate compliance with County financial policies. The
Chief Financial Officer and representatives of Mauldin and Jenkins LLC will cover highlights of
the report and answer any questions.
FINANCIAL IMPACT: The financial report indicates a strong financial position for Orange
County.
SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal is applicable to
this item:
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• GOAL: ENSURE ECONOMIC SELF-SUFFICIENCY
The creation and preservation of infrastructure, policies, programs and funding necessary
for residents to provide shelter, food, clothing and medical care for themselves and their
dependents.
ENVIRONMENTAL IMPACT: There is no Orange County Environmental Responsibility Goal
impact associated with this item.
RECOMMENDATION(S): The Manager recommends that the Board receive the Annual
Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2022.
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Government Finance Officers Association
203 North LaSalle Street,Suite 2700
Chicago,Illinois 60601-1210
312.977.9700 fax: 312.977.4806
11/4/2022
Gary Donaldson
Chief Financial Officer
Orange County,North Carolina
Dear Mr. Donaldson:
Congratulations!
We are pleased to notify you that your annual comprehensive financial report for the fiscal year ended
June 30, 2021 has met the requirements to be awarded GFOA's Certificate of Achievement for Excellence
in Financial Reporting. The GFOA established the Certificate of Achievement for Excellence in Financial
Reporting Program(Certificate Program)in 1945 to encourage and assist state and local governments to
go beyond the minimum requirements of generally accepted accounting principles to prepare annual
comprehensive financial reports that evidence the spirit of transparency and full disclosure and then to
recognize individual governments that succeed in achieving that goal. The Certificate of Achievement is
the highest form of recognition in governmental accounting and financial reporting. Congratulations,
again, for having satisfied the high standards of the program.
Your electronic award packet contains the following:
• A "Summary of Grading" form and a confidential list of comments and suggestions for
possible improvements. We strongly encourage you to implement the recommended
improvements in your next report. Certificate of Achievement Program policy requires that
written responses to these comments and suggestions for improvement be included with your
2022 fiscal year end submission. If a comment is unclear or there appears to be a discrepancy,
please contact the Technical Services Center at(312) 977-9700 and ask to speak with a
Certificate of Achievement Program in-house reviewer.
• Certificate of Achievement.A Certificate of Achievement is valid for a period of one year. A
current holder of a Certificate of Achievement may reproduce the Certificate in its immediately
subsequent annual comprehensive financial report. Please refer to the instructions for reproducing
your Certificate in your next report.
• Award of Financial Reporting Achievement. When GFOA awards a government the Certificate
of Achievement for Excellence in Financial Reporting,we also present an Award of Financial
Reporting Achievement(AFRA)to the department identified in the application as primarily
responsible for achievement of the Certificate.
• Sample press release.Attaining this award is a significant accomplishment. Attached is a sample
news release that you may use to give appropriate publicity to this notable achievement.
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In addition, award recipients will receive via mail either a plaque(if first-time recipients or if the
government has received the Certificate ten times since it received its last plaque) or a brass medallion to
affix to the plaque(if the government currently has a plaque with space to affix the medallion). Plaques
and medallions will be mailed separately.
As an award-winning government,we would like to invite one or more appropriate members of the team
that put together your annual comprehensive financial report to apply to join the Special Review
Committee. As members of the Special Review Committee,peer reviewers get exposure to a variety of
reports from around the country; gain insight into how to improve their own reports; achieve professional
recognition; and provide valuable input that helps other local governments improve their reports. Please
see our website for eli ig bility requirements and information on completing an application.
Thank you for participating in and supporting the Certificate of Achievement Program. If we may be of
any further assistance,please contact the Technical Services Center at(312) 977-9700.
Sincerely,
Michele Mark Levine
Director, Technical Services
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The Government Finance Officers Association of
the United States and Canada
presents this
AWARD OF FINANCIAL REPORTING ACHIEVEMENT
to
Department of Finance and Administrative Services
Orange County, North Carolina
The Award of Financial Reporting Achievement is presented by the Government Finance Officers
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OF THE �r,�' Association to the department or individual designated as instrumental in the government unit achieving
UMTEOSTATES p a Certificate of Achievement for Excellence in Financial Reporting. A Certificate of Achievement is
L CAA c presented to those government units whose annual financial reports are judged to adhere to program
CORPORATION _ standards and represents the highest award in government financial reporting.
oa i `ti
�kICAGG
Executive Director (Ad.� I -
Date: 11/4/2022