Issue link: http://townofcary.uberflip.com/i/594072
ADMINISTRATION Audit Season Town staff have been busy preparing FY 2015 year-end documentation for the independent auditors, Cherry Bekaert LLC. The auditors' two week field visit to Town offices began on September 21 and concluded on schedule. Staff prepares an annual comprehensive annual financial report, known as the "CAFR." The CAFR provides significant transparency on the Town's financil position results in over 200 pages of detail. The auditors are required to place a special focus on grants, and a report on those details are included in the compliance section of the CAFR along with documentation of compliance with the Town's revenue bond covenants. For FY 2015, new accounting regulations required additional reporting on the Town's share of the North Carolina Local Government Employees' Retirement System ("LGERS"). Because actuarial analysis reflects adequate system-wide funding for LGERS, the Town's financial statements document almost an $8 million asset for the Town's share of LGERS in the entity wide financial statement. Kudos to Michelle Price, Controller, for implementing this very complex, new governmental accounting standard for the Town. Special thanks go to the UNC School of Government and the State and Local Government Division of the NC Treasurers office for training NC local government finance professionals. New Accounting Regulations December 10 Staff will present the audit report and the FY 2015 results at the December 10 Council meeting. The auditors will also report on their process and conclusions. The CAFR will be posted on the Town's website in December. Did You Know? Company Job Announcements The company established its first U.S. East Coast operation in Cary with plans to invest $4 million and create over 100 jobs over the next five years. Most of the jobs are in software product development. The new Cary office is located in RDU Center. The company announced a 250-job expansion over two years at its software application development center in Cary. The company also plans to invest $9 million by the end of 2016. 2000 Regency 8000 Regency 6501 Westin Pkwy 1001 Winstead Dr. 50,214 sf available 60,493 sf available 59,742 sf available 55,403 sf available Cary Economic Development continues to work to fill the current inventory of Class A office space which includes: