Summary
To: Town Commission
From: Stefan Massol, Director of Support Services
Date: 10/2/2018
______________________________________________________________________
Subject:
Title
Acceptance of Comprehensive Annual Financial Report for Fiscal Year ended 2017
Summary:
Town staff presents the audited financial statements for Fiscal Year ended September 30, 2017.
End
Body
Previous Commission Action: None.
Background/Problem Discussion: Each year the town compiles financial information into what is known as Comprehensive Annual Financial Report. The Financial Section, which is majority of the report, includes an Independent Auditor’s Report, Management Discussion and Analysis, the Basic Financial Statements, and other Required Supplementary Information.
The external auditing firm Davidson, Jamieson and Cristini, P.L. performed this year’s annual audit. During their audit they did not identify any deficiencies in internal control considered to be material weaknesses, and that the Town complied, in all material respects, with required standards.
Financial Implications: As of the close of the fiscal year the town held a net position of $38,981,115 overall. This includes $32,807,478 for governmental activities and $6,173,637 for business-type activities. Overall the net position increased by $1,868,007 over the prior fiscal year, due in part to the completion of multiple capital projects, grant proceeds, as well as proceeds from sale of the Belleview Biltmore Golf Club. For a detailed discussion of the financials and underlying factors the Management Discussion & Analysis section is provided beginning on page 4 of the report.
Recommendation: Acceptance of the Comprehensive Annual Financial Report for Fiscal Year Ended 2017.
Proposed Motion: Move acceptance of the Comprehensive Annual Financial Report for Fiscal Year Ended 2017.