AGENDA DATE: 12/14/2022
TITLE:
Title
Fiscal Year 2022 Annual Comprehensive Financial Report and Audit Results
BODY
SUBJECT/PROPOSAL/REQUEST: Receive and accept the Fiscal Year 2022 Annual Comprehensive Financial Report
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Richardson, Rosenberg, Birch, Sumner
PRESENTER (S): Jacob Sumner, Assistant CFO for Policy and Partnerships; David Foley, Robinson, Farmer, Cox Associates
LEGAL REVIEW: Not Required
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: Each year, the Board of Supervisors is presented an audited Annual Comprehensive Financial Report for the Board’s review and acceptance, in accordance with Virginia Code §15.2-2511.
STRATEGIC PLAN: Mission - To enhance the well-being and quality of life for all community members through the provision of the highest level of public service consistent with the prudent use of public funds.
DISCUSSION: At its meeting, the Board will be presented the recently completed Fiscal Year 2022 (FY 22) Annual Comprehensive Financial Report. As in previous years, the Annual Comprehensive Financial Report contains a detailed accounting of the County’s financial operations for the 2021-2022 Fiscal Year.
Highlights of the Annual Comprehensive Financial Report include:
1. The Transmittal Letter to the Board of Supervisors and the community, providing a summary of the County’s geographic, demographic, economic, and financial features.
2. The Independent Auditor’s Report, which states the auditor’s opinion on the fair presentation of the County’s respective financial position as of June 30, 2022.
3. The Management’s Discussion and Analysis, providing a summary of the County’s financial activity for the fiscal year, including tables and graphs.
4. A determination as to the County’s FY 22 financial position’s compliance with the Board’s fund balance and debt policies.
5. Detailed information about the County’s financial activity for the fiscal year, including statistical tables that provide historical economic and demographic information, as well as the auditor’s Compliance Report.
The Annual Comprehensive Financial Report was presented to the Board’s Audit Committee at its meeting on November 30, 2022, by Robinson, Farmer, Cox Associates, the County’s external auditing firm.
BUDGET IMPACT: There is no budget impact related to the presentation and acceptance of the FY 22 Annual Comprehensive Financial Report.
RECOMMENDATION:
Recommendation
Staff recommends that the Board accept the FY 22 Annual Comprehensive Financial Report.
ATTACHMENTS:
A - FY 22 Annual Comprehensive Financial Report