TITLE: Title
Comprehensive Annual Financial Report (CAFR) and Independent Audit for Fiscal Year Ended June 30, 2017
PURPOSE: The purpose of this presentation is for the Town’s independent auditor, Dixon Hughes Goodman LLP, to present and deliver to the Board of Aldermen the Comprehensive Annual Financial Report for the fiscal year ended June 30, 2017.
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DEPARTMENT: Finance
CONTACT INFORMATION: Arche McAdoo, 918-7439
INFORMATION: The Town is required to produce annually a Comprehensive Annual Financial Report that includes financial statements that have been audited by an independent certified public accounting firm. This report is submitted to the North Carolina Local Government Commission (LGC) and presented to the Board of Aldermen each year. In January the CAFR, along with other financial information, will be filed with the Municipal Securities Rulemaking Board as part of the continuing disclosure requirements related to the Town’s issuance of $4.6 million General Obligation Sidewalk and Greenways Bonds, Series 2013.
The Carrboro Tourism Development Authority (CTDA) established by the Board in March 2013 is a public authority under the Local Government Budget and Fiscal Control Act. The CTDA is required to produce its own independent audited financial statements. The accounting rules, however, require that the Town show the CTDA as a “component unit” in Town financial statements.
Attachment B is the Comprehensive Annual Financial Report (CAFR) and Independent Auditors’ Report for the year ended June 30, 2017. Attachment C is the Report to the Board of Aldermen, as the required “Communication with Those Charged with Governance”, from Dixon Hughes Goodman, LLP.
The opinion of the Independent Auditors is that the “financial statements present fairly, in all material respects, the respective financial position of the governmental activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Town of Carrboro as of June 30, 2017, and the respective changes in financial position thereof, and the respective budgetary comparison for the General Fund for the year then ended in conformity with accounting principles generally accepted in the United States of America.” No management letter identifying needed operational improvements or material weaknesses in internal controls has been provided by the independent auditors for this period.
FISCAL & STAFF IMPACT: None.
RECOMMENDATION:r That the Board approve the attached Resolution A accepting the CAFR for fiscal year ended June 30, 2017.