NEWS RELEASE

FOR IMMEDIATE RELEASE November 18, 1997

TOWN OF CARY RECEIVES HIGH MARKS ON ANNUAL FINANCIAL AUDIT

CARY -- The Town of Cary received a clean report from the annual audit of its books. Auditors from Delotte & Touche, LLP, spent five weeks looking at the accuracy of the Town’s general purpose financial statements as well as the organization’s internal controls and its reporting requirements from the federal government.

"You are very, very healthy financially," said Jon Woodall, partner with Deloitte & Touche, LLP. Woodall and other members of the audit team were on hand for the November 14th meeting of the Town’s Finance and Personnel Committee, where the financial findings were disclosed. "Some local governments would be quite envious" he added.

The Town’s system was tested for reliability in capturing all financial transactions and for detecting and correcting any errors. In her report to the committee, Finance director Karen Mills stated that the Town had "protected and improved its financial position in accordance with Council goals." She pointed out that the Town’s financial health was extremely important as it affected its ability to borrow money at a good rate, its future borrowing capacity, and its flexibility in choosing financial options.

"We’re obviously very pleased with this report," said Town Manager Bill Coleman, who again reinforced the organization’s commitment to accountability. "It’s one of the most important values we stress at the Town of Cary,"

The Town’s financial statements and audit report, as well as other information about the Town government’s financial stability, are presented in Town’s Annual Comprehensive Financial Report, which last year won national recognition by being issued a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada.

PRIMARY CONTACTS: Karen Mills, Finance Director, 469-4110

Jon Woodall, Deloitte & Touche LLP, 546-8032

Bill Coleman, Town Manager, 469-4002

Susan Moran, Public Information Officer, 460-4951

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