AGENDA DATE: 2/15/2023
TITLE:
Title
FY 22 Annual Comprehensive Financial Report and Audit Results
BODY
SUBJECT/PROPOSAL/REQUEST: Accept the FY 22 Annual Comprehensive Financial Report
ITEM TYPE: Consent Action Item
STAFF CONTACT(S): Richardson, Birch, Sumner
PRESENTER (S): Jacob Sumner
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. At the December 14, 2022 Board meeting, a draft version of the Fiscal Year 2022 Annual Comprehensive Financial Report was presented by staff and Robinson, Farmer, Cox Associates, the County’s external auditing firm. Due to implementation of a new accounting standard, the final report was not available for the December 14 meeting. The draft report was also presented to the Board’s Audit Committee at its meeting on November 30, 2022.
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: The Fiscal Year 2022 Annual Comprehensive Financial Report is presented in Attachment A for the Board’s acceptance. The Annual Comprehensive Financial Report contains a detailed accounting of the County’s financial operations for the 2021-2022 Fiscal Year. The report contains multiple sections including the following:
*Transmittal Letter to the Board of Supervisors and the Albemarle County Community providing a summary of the County’s geographic, demographic, economic, and financial features.
*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.
*The Management’s Discussion and Analysis providing a summary of the County’s financial activity for the fiscal year, including tables and graphs.
*A determination as to the County’s FY 22 financial position’s compliance with the Board’s fund balance and debt policies.
*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.
A detail of the FY22 General Fund financial activity and compliance with County financial policies are included in Attachment B. The County successfully met all its financial policies within the FY22 Annual Comprehensive Financial Report.
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
B - FY 22 General Fund Results and Financial Policy Compliance