COUNTY OF ALBEMARLE

Comprehensive Annual Finance Report

June 30, 2003

 

Overview

 

 

 

The Comprehensive Annual Financial Report consists of four sections:  Introduction, Financial, Statistical and Compliance.

 

·         The introduction section includes the transmittal letter, the County’s organizational chart, a list of principal officers and a copy of the 2002 Certificate of Achievement for Excellence in Financial Reporting.

 

·         The financial section has three component parts – Management’s Discussion and Analysis, the basic financial statements that include government-wide financial statements and fund financial statements, and required supplemental information.

 

·         The statistical section includes selected financial and demographic data related to the County Of Albemarle, generally presented on a multi-year basis.

 

·         The compliance section is required under the provisions of the Single Audit Act of 1984 and the U.S. Office of Management and Budget circular A-133, Audits of State, Local Governments and Non-profit Organizations.

 

 

GASB-34 requirements:

 

·         Management’s Discussion and Analysis. “A component of required supplementary information used to introduce the basic financial statements and provide an analytical overview of the government’s financial activities.” [SGAS 34]

 

Government-wide Financial Statements:

 

    • The Statement of Net Assets:  This statement presents information on all of the County’s assets and liabilities.  The difference between the assets and liabilities, net assets, can be used as one way to measure the County’s financial health, or financial condition.  Over time, increases or decreases in the net assets can be one indicator of whether the County’s financial condition is improving or deteriorating. 

 

    • The Statement of Activities:  This statement presents information using the accrual basis accounting method and shows how the County’s net assets changed during the fiscal year.  All of the current year’s revenues and expenses are shown in the statement of activities, regardless of when cash is received or paid.

 

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