WORK SESSION AGENDA REQUEST

Sponsor:                                                         Board of Supervisors Meeting Date:
Finance Committee                                                           December 13, 2007

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

Topic:

FY 2007 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 2007 and is to be presented to the local governing body at a public session by December 31, 2007.  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 in December 2007.

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 FY 2006ís management letter addressed a multi-year recommendation, the response has been updated to reflect the FY 2007 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:

Conduct a work session to consider the Fiscal Year 2007 CAFR and auditor recommendations.  

Financial Impacts Analysis:

None

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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