AGENDA DATE: 12/15/2021
TITLE:
Title
FY 21 Comprehensive Annual Financial Report
BODY
SUBJECT/PROPOSAL/REQUEST: Acceptance of the FY 21 Comprehensive Annual Financial Report
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Birch, Usher
PRESENTER (S): Nelsie Birch and Robinson, Farmer, Cox Associates
LEGAL REVIEW: Not Required
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: Each year the Board of Supervisors is presented an audited 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 the December 15 meeting, the Board will be presented with the recently completed FY 21 Comprehensive Annual Financial Report. As in previous years, the Comprehensive Annual Financial Report contains a detailed accounting of the County’s financial operations for the 2020-2021 Fiscal Year:
Highlights of the Comprehensive Annual Financial Report include:
1. The Transmittal Letter to the Board of Supervisors and the Albemarle County Community that provides a summary of the County’s geographic, demographic, economic, and financial features.
2. The Independent Auditor’s Report that notes how the financial statements “present fairly, in all material respects, the respective financial position” of the County as of June 30, 2021.
3. The Management’s Discussion and Analysis that provides 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 21 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 Comprehensive Annual Financial Report was presented to the Board’s Audit Committee at its meeting on November 19, 2021 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 21 Comprehensive Annual Financial Report.
RECOMMENDATION:
Recommendation
Staff recommends that the Board accept the FY 21 Comprehensive Annual Financial Report.
ATTACHMENTS:
A - FY 21 Draft Comprehensive Annual Financial Report