COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

Audit Committee Report

 

 

SUBJECT/PROPOSAL/REQUEST:

Approval of the proposed Albemarle County Audit Committee Charter and acceptance of the FY 2003-04 Annual Financial Report

 

 

STAFF CONTACT(S):

Messrs. Tucker, Davis, Wiggans; Ms. White

 

 

LEGAL REVIEW:   Yes

 

AGENDA DATE:

February 2, 2005

 

ACTION:     X                       INFORMATION: 

 

CONSENT AGENDA:

  ACTION:                            INFORMATION: 

 

 

ATTACHMENTS:      Yes

 

 

REVIEWED BY:

 

 

 

BACKGROUND:

The purpose of this agenda item is two-fold.  First of all, it asks the Board to formally adopt the proposed Albemarle County Audit Committee Charter, as recommended by the Audit Committee.  Secondly, it formally presents to the Board the FY 2003-04 Annual Financial Report.

 

 

STRATEGIC PLAN:

4.2 Fund County services in a fair, efficient manner and provide needed county public facilities and infrastructure.

 

 

DISCUSSION:

Albemarle County Audit Committee Charter:

The Albemarle County Audit Committee met on December 2, 2004.  The agenda included the review and adoption of the proposed Albemarle County Audit Committee Charter (see Attachment A).  As the attachment indicates, the Charter has four components.  They include the Audit Committee’s Charge, Membership, Responsibilities, and Operating Procedures.  The Charge section discusses the primary functions of the Audit Committee, including the review of financial information in the Annual Financial Report, internal accounting controls, and the annual audit process.  The Membership section details the six members of the Audit Committee, and specifies that only the three elected officials will be voting members.  The Responsibilities section provides details to the primary functions of the Audit Committee as specified in the Charge section.  Finally, the Operating Procedures section details the processes the Audit Committee will follow to achieve its Charge. 

 

In addition to discussing and approving the Charter, the Audit Committee, at its December 2nd meeting, performed the following actions:

 

-          Elected Mr. Ken Boyd as Chairman

-          Reviewed, with the outside auditor, the FY 2003 – 04 Annual Financial Report

-          Reviewed a survey of internal audit departments throughout the State of Virginia.

 

FY 2003-04 Annual Financial Report:

Included in the Board’s agenda materials is the recently completed FY 2003-04 Annual Financial Report.  As in previous years, the Report contains a detailed accounting of the County’s financial operations for the 2003-04 fiscal year.  Highlights of the Report include:

 

-     The Transmittal Letter to the Board of Supervisors (pages vii – xiii) provides a summary of the County’s geographic,              demographic, economic, and financial features.  It also includes a discussion of current and future County initiatives.

-          The Independent Auditors’ Report (pages 1 - 2) notes that the financial statements are “in conformity with accounting principles generally accepted in the United States of America.”

-          Management’s Discussion and Analysis (pages 3 – 14) provides a summary of the County’s financial activity for the fiscal year.

 

The remainder of the Report includes detailed information about the County’s financial activity for the fiscal year, statistical tables providing historical economic and demographic information, and the outside auditor’s Compliance Report.

 

 

RECOMMENDATION:

Staff recommends that the Board formally approve the proposed Charter of the Albemarle County Audit Committee and accept the FY 2003-04 Annual Financial Report.

 

 

ATTACHMENTS

Attachment A – Audit Committee Charter

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