TITLE: Title
Comprehensive Annual Financial Report (CAFR) and Independent Audit for Fiscal Year Ended June 30, 2019
PURPOSE: The purpose of this agenda item is for the Town's independent auditor, Dixon Hughes Goodman LLP, to present and deliver to the Town Council the Comprehensive Annual Financial Report for the fiscal year ended June 30, 2019.
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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 Town Council each year. By January 31, 2020 the CAFR, along with other financial information, must 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.
Attachment B is the Comprehensive Annual Financial Report (CAFR) and Independent Auditors' Report for the year ended June 30, 2019. This Report will be presented to the Town Council by from Dixon Hughes Goodman, LLP on January 21, 2020.
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, 2019, 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."
For the fiscal year ending June 30, 2019 the Town met state and federal exp...
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