AGENDA DATE: 12/7/2016
TITLE:
Title
FY16 Comprehensive Annual Financial Report (CAFR)
BODY
SUBJECT/PROPOSAL/REQUEST: Acceptance of the FY16 Comprehensive Annual Financial Report (CAFR)
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Foley, Letteri, Kamptner, Burrell
PRESENTER (S): Robinson, Farmer, Cox Associates - Audit Firm
LEGAL REVIEW: Not Required
REVIEWED BY: Thomas C. Foley
BACKGROUND: Each year the Board of Supervisors is presented an audited Comprehensive Annual Financial Report (CAFR) for the Board's review and acceptance, in accordance with Virginia Code ?15.2-2511.
STRATEGIC PLAN: To enhance the well-being and quality of life for all citizens through the provision of the highest level of public service consistent with the prudent use of public funds.
DISCUSSION: Attached for the Board's review is the recently completed FY16 CAFR. As in previous years, the CAFR contains a detailed accounting of the County's financial operations for the 2015-2016 fiscal year:
Highlights of the CAFR include:
1. 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;
2. The Independent Auditor's Report (pages 1 - 3) that notes the financial statements are "present fairly, in all material respects, the respective financial position" of the County as of June 30, 2016;
3. The Management's Discussion and Analysis (pages 5 - 16) that provides a summary of the County's financial activity for the fiscal year, including tables and graphs that accompany the summaries;
4. A determination that the County's FY16 financial position remained in compliance with the Board's fund balance and debt policies; and
5. Detailed information about the County's financial activity for the fiscal year, including statistical tables that provide hi...
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