COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

FY 2004-05 Comprehensive Annual Financial Report (CAFR)

 

 

SUBJECT/PROPOSAL/REQUEST:

Formal acceptance of the FY 2004-2005 CAFR

 

 

STAFF CONTACT(S):

Messrs. Tucker, Davis, Wiggans; Ms. White

 

 

LEGAL REVIEW:   Yes

 

 

AGENDA DATE:

February 1, 2006

 

ACTION:      X                          INFORMATION:   

 

CONSENT AGENDA:

  ACTION:                                INFORMATION:   

 

 

ATTACHMENTS:     Yes

 

 

REVIEWED BY:

 

 

 

BACKGROUND:

The purpose of this agenda item is to present to the Board of Supervisors the FY 2004-2005 Comprehensive Annual Financial Report (CAFR).

 

 

STRATEGIC PLAN:

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

 

 

DISCUSSION:

Attached for your review is the recently completed FY 2004-05 CAFR.  As in previous years, the Report contains a detailed accounting of the County’s financial operations for the 2004-05 fiscal year.  Highlights of the Report include:

 

Ř       The Transmittal Letter to the Board of Supervisors and the Citizens of Albemarle County (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.

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

Ř       The Management’s Discussion and Analysis (pages 3 – 14) provides a summary of the County’s financial activity for the fiscal year including tables and graphs that accompany the summaries.

 

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.

 

The Report was presented to the County’s Audit Committee at its meeting on December 12, 2005 by Mr. Jack Farmer of the County’s outside auditing firm of Robinson, Farmer, Cox Associates.  The Committee recommended acceptance of the Report.    

 

 

RECOMMENDATIONS:

Staff recommends that the Board accept the FY 2004-05 Comprehensive Annual Financial Report.

 

 

ATTACHMENTS:

FY 2004-05 Comprehensive Annual Financial Report (on file in Clerk's office)

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