COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

FY 2006-2007 Comprehensive Annual Financial Report (CAFR)

 

 

SUBJECT/PROPOSAL/REQUEST:

Formal acceptance of the FY 2006-2007 CAFR

 

 

STAFF CONTACT(S):

Messrs. Tucker, Foley, Davis, Wiggans

 

 

LEGAL REVIEW:   Yes

 

 

AGENDA DATE:

February 6, 2008

 

ACTION:     X          INFORMATION:   

 

CONSENT AGENDA:

  ACTION:              INFORMATION:   

 

 

ATTACHMENTS:   Yes

 

 

REVIEWED BY:

 

 

 

BACKGROUND:

Every year the Board of Supervisors is presented a Comprehensive Annual Financial Report (CAFR) for its review and acceptance. 

 

 

STRATEGIC PLAN:

Goal 5:  Fund the County’s future needs.

 

 

DISCUSSION:

On file in the Clerk’s Office for your review is the recently completed FY 2006-07 CAFR.  As in previous years, the Report contains a detailed accounting of the County’s financial operations for the 2006-07 fiscal year.  Highlights of the Report include:

 

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

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

Ø       The Management’s Discussion and Analysis (pages 3 – 14) that 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 17, 2007 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 2006-2007 Comprehensive Annual Financial Report.  Mr. Jack Farmer will be at the meeting to address any questions from the Board.

 

 

ATTACHMENTS

FY 2006-07 Comprehensive Annual Financial Report (on file in the Clerk’s office)

 

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