TITLE: Title
Annual Comprehensive Financial Report (ACFR) and Independent Audit for Fiscal Year Ended June 30, 2022
PURPOSE: The purpose of this agenda item is for the Town's independent auditor, FORVIS LLP, (previously Dixon Hughes Goodman LLP), to present to the Town Council the Annual Comprehensive Financial Report (ACFR) and audit for the fiscal year ended June 30, 2022.
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DEPARTMENT: Finance
CONTACT INFORMATION: Arche McAdoo, 918-7439; Donald Coble, 918-7302
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.
Also, the governing body under 20 NCAC 03 .0508 is required to develop a "Response to the Auditor's Findings, Recommendations, and Fiscal Matters" ("Response) signed by a majority of the members of the governing body; and submit such Response to the Secretary of the Local Government Commission within 60 days after the presentation. Rather than preparing a letter for signature, we have developed a resolution as we did last year in responding to audit findings.
As in past years, there are two components to the annual independent audit: 1) Financial Statements and 2) independent single audit compliance related to federal and state expenditures.
As a requirement of the issuance of $4.6 million General Obligation Sidewalk and Greenway Bonds, Series 2013, the Town is required to file audi...
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