HomeMy WebLinkAboutAgenda - 11-15-2005-7aORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: November 15, 2005
Action Agenda
Item No. ~- q
SUBJECT: 2004-2005 Comprehensive Annual Financial Report (CAFR)
DEPARTMENT: Finance
PUBLIC HEARING: (YIN) No
ATTACHMENT(S):
CAFR
Preliminary Draft -Single Audit Report
(under separate cover)
INFORMATION CONTACT:
Ken Chavious, 245-2453
PURPOSE: To receive the Comprehensive Annual Financial Report (CAFR) and Single Audit
Report for the fiscal year ended June 30, 2005.
BACKGROUND: The CAFR covers all financial activity of the County for the 2004-2005 fiscal
year. 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. The audit was performed by Cherry Bekaert & Holland, the firm of
independent Certified Public Accountants, 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 2005 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 no audit findings related to the
audit of the CAFR and single audit of grants. The County Finance Director will cover in mare
detail same of the highlights of the report 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 finahcial condition at year end,
experiencing a slight increase in available fund balance, It will be important to sustain this
upward trend in the upcoming fiscal year.
RECOMMENDATION(S): The Manager recommends that the Board receive the report for
information only,