Friday January 03, 2020

Commissioners approve FY19 financial report

CAFR report
Click image to review the full CAFR

Cabarrus County’s independent auditor Elliott Davis, PLLC presented an unmodified opinion of the Comprehensive Annual Financial Report (CAFR) for fiscal year 2019. The auditor’s opinion certifies the County’s statements were presented, in all material respects, in accordance with applicable financial reporting framework.

The CAFR was approved by the Local Government Commission on November 8 and the Cabarrus Board of Commissioners at the December 16 meeting.

“Preparation of the CAFR represents many months of hard work by the finance department,” said Susan Fearrington, Cabarrus County director of finance. “We hope residents are able to take the time to review the materials and see how their tax dollars are spent.”

County management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States. The County's CAFR (or audit) presents the financial statements in three distinct sections:

· An introductory section containing general information about the structure, services and environment of the County.

· A financial section that includes basic financial statements found at the core of financial reporting, including government-wide financial statements, fund financial statements and notes for the statements. The financial section also includes information on individual funds.

· A statistical section that provides trend data and non-financial data useful in interpreting the basic financial statements and important for evaluating economic conditions.

The report provides additional information about the County's grants and includes the schedule of federal and state awards as well as the auditor's opinions on compliance.

The auditors concluded that in FY19 Cabarrus:

· Used appropriate accounting policies

· Complied, in all material respects, with the requirements that could have a direct and material effect on each of its major federal and state programs

Following presentation of the CAFR, the Board of Commissioners voted to accept the CAFR as presented.

The County has also submitted the FY19 CAFR for Government Finance Officers Association’s Certificate of Achievement for Excellence in Financial Reporting award consideration—a recognition Cabarrus has earned for 34 consecutive years.

 View the CAFR at www.cabarruscounty.us/CAFRFY19, and the presentation at http://bit.ly/CAFRFY19BOC.

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