Sponsor:                                                                   Board of Supervisors Meeting Date:
Finance Committee                                                                                 December 11, 2008

Staff Lead:                                                                                                       Department:
Vivian McGettigan, Finance Director                                                         Finance Department

FY 2008 Comprehensive Annual Financial Report 

Topic Description:
In accordance with Section 15.2-2511 of the Code of Virginia, an annual independent audit of Fauquier County Government and School Division has been completed for Fiscal Year 2008 and is to be presented to the local governing body at a public session by the following December 31.  This audit was conducted by the independent certified public accounting firm of Cherry, Bekaert & Holland, L.L.P.   The audit was accomplished in accordance with accounting principles generally accepted in the United States of America.  A copy of this audit which is included in the Comprehensive Annual Financial Report (CAFR) will be made available on the County internet web page by December 31, 2008.

In addition to the CAFR, the auditors assess certain areas of internal accounting control and overall accounting procedures and furnish recommendations for improvements.    The auditors have identified comments presented in this yearís management letter.  As FY2007ís management letter addressed a multi-year recommendation, the response has been updated to reflect the FY2008 progress.  The recommendations and corrective action plans will also be reviewed during the work session.

In addition to providing an opportunity to review the financial statements, the work session will allow the auditors to provide a summary of their work and respond to any questions of the Board of Supervisors.   

Requested Action of the Board of Supervisors:
Convene a work session for the Board of Supervisors to consider the Fiscal Year 2008 CAFR and auditor recommendations.  

Financial Impacts Analysis:

Identify any other Departments, Organizations or Individuals that would be affected by this request:
All departments, agencies and offices receiving County funds.

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