File #: 22-41    Version: 1 Name:
Type: Agendas Status: Agenda Ready
File created: 1/25/2022 In control: Board of Aldermen
On agenda: 2/1/2022 Final action:
Title: Annual Comprehensive Financial Report (ACFR) and Independent Audit for Fiscal Year Ended June 30, 2021 PURPOSE: The purpose of this agenda item is for the Town's independent auditor, 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, 2021.
Attachments: 1. Council Resolution of ACFR Acceptance, 2. Auditors Report to Council 2021
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TITLE: Title

Annual Comprehensive Financial Report (ACFR) and Independent Audit for Fiscal Year Ended June 30, 2021

 

PURPOSE:  The purpose of this agenda item is for the Town’s independent auditor, 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, 2021.

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DEPARTMENT: Finance

 

CONTACT INFORMATION: Arche McAdoo, 918-7439; Donald Coble, 918-7302; Cary McNallan, 918-7301

 

INFORMATION: The Town is required to produce annually a Annual Comprehensive 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, 2022 the ACFR, 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.

 

The Annual Comprehensive Financial Report and Independent Auditors’ Report for the year ended June 30, 2021 have been uploaded to the Town’s website:  <http://www.ci.carrboro.nc.us/2632/Financial-Statements-2020-2021>

 

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, 2020, 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, 2021, the Town met state and federal expenditure thresholds which required an independent single audit be conducted.  The independent auditors did not identify any deficiencies in internal control over compliance that were considered a material weakness, nor were there findings of noncompliance or questioned costs.

 

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, 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. 

 

For you information Attachment B is the 2021 Auditors Report to Governing Body.  

 

FISCAL & STAFF IMPACT: None.

 

RECOMMENDATION:r That the Town Council accept the ACFR and audit for the fiscal year ended June 30, 2021.