COUNTY OF ALBEMARLE

 

                                                                     EXECUTIVE SUMMARY

 

 

AGENDA TITLE:   Comprehensive Annual Financial Report     SUBJECT/PROPOSAL/REQUEST: Presentation of the Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2003.         STAFF CONTACT(S): Messrs. Tucker, Breeden; Ms. White, Koonce

AGENDA DATE:                        ITEM NUMBER: February 4, 2004   ACTION:        X                          INFORMATION:   CONSENT AGENDA:               ACTION:                               INFORMATION:     ATTACHMENTS:   Yes     REVIEWED BY:

 

 

BACKGROUND:

The 2002/2003 Audit has been completed and is submitted for your review.  The field work and audit testing was completed by Robinson, Farmer, Cox Associates, the County’s external auditors.

 

 

DISCUSSION:

Certificate of Excellence

The Comprehensive Annual Financial Report (CAFR) was submitted to the Government Finance Officers Association (GFOA) for the Certificate of Excellence in Financial Reporting.  This award has been received by the County for the last eight years and is coveted by localities throughout the United States and Canada.  We anticipate approval and expect to receive notification within six months.

 

Summary Financial Data included with this Document:

This is the second year our CAFR was published under the GASB-34 requirements and the attached information was extracted for a general overview of the County’s Financial Activities for Fiscal Year Ended June 30, 2003.       

 

 

RECOMMENDATION:

Staff recommends acceptance of the FY 2002/2003 annual financial report.  The audit committee met on Wednesday January 21, 2004 and reviewed the attached materials. 

 

 

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