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:

Attached for the Board’s review is the recently completed FY 2007-08 CAFR.  As in previous years, the Report contains a detailed accounting of the County’s financial operations for the 2007-08 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 January 22, 2009 by Mr. Jack Farmer and Mr. David Hughes of the County’s outside auditing firm of Robinson, Farmer, Cox Associates.  The Committee recommended acceptance of the Report.  Mr. Farmer and Mr. Hughes will be at the meeting to address any questions from the Board.

RECOMMENDATIONS:

Staff recommends that the Board accept the FY 2007-2008 Comprehensive Financial Report. 

ATTACHMENTS

FY 2007-08 Comprehensive Financial Report (on file in Clerk's office)

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