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Town receives clean audit opinion for fiscal year ending June 30, 2015

Graphic of Oro Valley Town Seal on white background

The Town of Oro Valley has received a clean audit opinion from the public accounting firm Heinfeld, Meech & Co., P.C., for the fiscal year ending June 30, 2015. The audit was conducted in accordance with generally-accepted auditing standards, and there were no audit deficiencies or concerns presented to management during the audit to cause the issuance of a separate Management Letter.

January 5, 2016

The audited financial statements are included in the FY 2014/15 Comprehensive Annual Financial Report (CAFR) which can be found on the Town’s website at the following link:

https://www.orovalleyaz.gov/sites/default/files/media/files/docs/2015/town-oro-valley-final-cafr-fy15-corrected-12-3-15.pdf

“This audit should give residents peace of mind that an outside firm has extensively reviewed our financials, internal control measures, and other related items and found that we are in conformance with the highest standards,” commented Town Manager Greg Caton. “We take financial matters very seriously and are pleased to have our great work validated.”

Finance Director Stacey Lemos added, “This is affirmation of the Town’s long-standing commitment to excellence in financial management and reporting.”

These audit findings confirmed that the Town ended FY 2014/15 with revenues exceeding expenditures in the General Fund, the Town’s main operating fund, by $2.4 million. These excess revenues were reinvested into the community through the delivery of various capital projects, such as completion of Naranja Park amenities, undergrounding of utility lines along the scenic Oracle Road corridor, improvements at the Oro Valley Aquatic Center and acquisition of the El Conquistador Country Club for use as a community and recreation center. The General Fund ended the fiscal year with a strong cash reserve balance of $10.2 million, or 32% of the FY 2015/16 adopted General Fund expenditures, which is well above the Council-adopted policy threshold of 25% of adopted expenditures.

Additionally, the Government Finance Officers Association (GFOA) awarded Oro Valley its eighth consecutive Distinguished Budget Award for its FY 2014/15 adopted budget, which reflects the commitment of the Town to meeting the highest principles of governmental budgeting.

The Town also recently completed publication of its fourth consecutive Popular Annual Financial Report (PAFR) for fiscal year ending June 30, 2015. The PAFR is an eight-page, reader-friendly document that summarizes the financial position of the Town with information from both the FY 2014/15 CAFR and the Town’s adopted budget. The PAFR was submitted to the GFOA for its Popular Annual Financial Reporting Award program and can be viewed on the Town’s website by clicking the following link:

https://www.orovalleyaz.gov/sites/default/files/media/files/docs/2015/pafr2015.pdf