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File #: [21-0056]    Version: 1 Name:
Type: Discussion Item Status: Filed
File created: 1/10/2021 In control: Town Council
On agenda: 1/27/2021 Final action: 1/27/2021
Title: FY 2020 Financial Results and Trends and FY 2021 Q2 Financial Update.
Attachments: 1. Independent Auditors Report, 2. Auditors Draft Presentation, 3. FY 2020 Financial Results and Trends Presentation, 4. Chapel Hill Independent Auditor Report 2020, 5. FY 2020 Financial Results and Trends Presentation, 6. FY 2021 Q2 Financial Update, 7. Council Questions with Staff Response
Related files: [21-0449]


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FY 2020 Financial Results and Trends and FY 2021 Q2 Financial Update.
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Staff:
Department:
Amy Oland, Director
Business Management

Overview: The Town's Comprehensive Annual Financial Report (CAFR) for the period ended June 30, 2020 is available on the Town's website and has been distributed to third-party entities (bond rating agencies, banks, government institutions) who request this updated data annually from the Town. The CAFR is a record of the Town's financial performance for that fiscal year and a snapshot of the Town's fiscal condition as of June 30, 2020. The information in the Town's CAFR provides important indicators of the Town's financial health that are used by a variety of outside stakeholders, including investors, bond rating agencies, state and federal agencies.


Recommendation(s):
That the Council receive this report on the Town's CAFR for FY 2020 and financial update presentation.

FY 2019-20 CAFR
When independent auditors review the Town's financials, they issue one of the following opinions to summarize their findings: unqualified, qualified, adverse, or going concern. As in previous years, the Town has received an unqualified or "clean" opinion from the independent auditors attesting to the fact that the Town's financial statements fairly represent the Town's financial condition in all material respects. In addition, no reportable conditions or material weaknesses in the Town's internal controls or use of federal and state grants were reported in the Single Audit Section for the period.

The CAFR Document
The CAFR has four major sections, each with a specific purpose as described below:

1. Introduction Section: This section contains the transmittal letter from the Manager and the Finance Officer, the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting, Organizational Chart and a list of the members of the governing body.

2. Financial Section
a. Auditor's opinion...

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