Okaloosa County BOCC — July 6, 2016 — 2015 Consolidated Annual Financial Report (CAFR) — agenda request

BOARD OF COUNTY COMMISSIONERS AGENDA REQUEST DATE: July 6, 2016 TO: Honorable Chairman and Members of the Board FROM: Kay Godwin SUBJECT: 2015 Consolidated Annual Financial Report (CAFR) DEPARTMENT: County Administrator BCC DISTRICT: All STATEMENT OF ISSUE: Angela Balent, CPA, Warren Averett LLC, to address the Board with a presentation of the Comprehensive Annual Financial Report (CAFR). BACKGROUND: A Comprehensive Annual Financial Report (CAFR) is a set of U.S. government financial statements comprising the financial report of a state, municipal or other governmental entity that complies with the accounting requirements promulgated by the Governmental Accounting Standards Board (GASB). It is an annual requirement as directed in Section 218.39, Florida Statutes. The County’s financial statements have been audited by the certified public accountants of the firm of Warren Averett CPAs and Advisors. The goal of the independent audit was to provide reasonable assurance that the financial statements of the County for the fiscal year ended September 30, 2015, are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditors concluded, based upon the audit, that there was a reasonable basis for rendering an unqualified opinion that the County’s financial statements for the fiscal year ended September 30, 2015, are fairly presented in conformity with GAAP. The report of independent accountants is presented as the first component of the financial section of this report. Okaloosa County is a non-charter county established under the Constitution and the Laws of the State of Florida. This CAFR includes the funds of the primary government (the Board of County Commissioners, the Clerk of the Circuit Court, the Property Appraiser, the Sheriff, and the Supervisor of Elections and the Tax Collector). Generally accepted accounting principles require that organizations for which the County is financially accountable be reported with the primary government (the County) as the reporting entity, however no organizations met this criteria. This CAFR does not include the Okaloosa County School District or any other independent agency of Okaloosa County OPTIONS: For informational purposes only. RECOMMENDATIONS: For informational purposes only. RECOMMENDED BY: APPROVED BY: John Hofstad, County Administrator