COMPREHENSIVE ANNUAL

FINANCIAL REPORT

Town of Cary, North Carolina

As of and for the Year Ended June 30, 2005

Prepared by the Town of Cary Finance Department:

Karen A. Mills, CPA, Director of Finance

Michelle W. Price, CPA, Accounting Manager

Susan P. Morey, Senior Accountant

Andrea M. Johnson, Senior Accountant

Judith K. DeNardis, Accountant

Cheryl J. Spivey, CPA, Finance Manager