Title
Annual Comprehensive Financial Report (ACFR) and Independent Audit for Fiscal Year Ended June 30, 2024
PURPOSE:
This agenda item provides the Town Council with a presentation from Maudlin & Jenkins, LLC the Town's independent auditor, on the Annual Comprehensive Financial Report (ACFR) for the fiscal year ending June 30, 2024.
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Department
DEPARTMENT: Finance
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Information
INFORMATION:
The Town is required to produce an Annual Comprehensive Financial Report that includes financial statements that have been audited by an independent certified public accounting firm. This report must be submitted to the North Carolina Local Government Commission (LGC) for approval and presented to the Town Council. Under 20 NCAC 03.502 auditors are required to present the audited financial statements including any compliance reports to the government unit's governing body or audit committee in an official meeting in open session as soon as the audited financial statements are available but not later than 45 days after the submission of the audit report to the Secretary.
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 business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Town of Carrboro as of June 30, 2024, and the respective changes in financial position and cash flows, where appropriate, 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.”
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. As such, 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.
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Fiscal and Staff Impact
FISCAL IMPACT: None
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Recommendation
RECOMMENDATION: : It is recommended that the Town Council accept the Annual Comprehensive Financial Report (ACFR) and audit for the fiscal year ended June 30, 2024, as presented by Maudlin & Jenkins, LLC.
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