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TOL PR 2016-12-16 Clean Audit Town of Leesburg News Release For Immediate Release Media Contact: Betsy Arnett, Public Information Officer barnett@leesburgva.gov  703-771-2734 Leesburg Receives Clean Audit Report for Fiscal Year 2016 FY 2016 Comprehensive Financial Report Available on Town Website Leesburg, VA (December 20, 2016) – The Fiscal Year 2016 Comprehensive Annual Financial Report (CAFR) and audit report was presented to the Leesburg Town Council on Tuesday December 13, 2016. The audit was conducted by PBMares, LLP, a public accounting audit firm that specializes in audits of local governments in Virginia. The Town received a clean audit report which means there were no material findings of problems with the financial statements, internal controls, fraud, or noncompliance with regulations or debt covenants. The only significant change to the financial statements from the previous year is the addition of Exhibit A-4 which shows the budget versus actual prepared in a way that reconciles to the organizational structure used when budgets are approved by Town Council. In the past, the budget versus actual was organized and presented only in the format used for presenting financial statements. The addition of Exhibit A -4 allows the taxpayers to see the budget versus actuals totaling both ways. “The successful completion of the CAFR was the result of outstanding efforts by Department of Finance and Administrative Services (DFAS) staff, as well as support from many departments town-wide,” said Kaj Dentler, Leesburg’s Town Manager. “DFAS produced the CAFR several weeks earlier than last year and the entire audit process was handled efficiently and effectively.” According to Michael A. Garber, CPA, MBA, and partner with PBMares, LLP, who presented the CAFR and audit report, the Town remains fiscally sound and is on track for funding its policy goals and long-term fiscal sustainability plan. The FY 2016 CAFR is available on the Town’s website at www.leesburgva.gov/government/departments/finance/financial-reports-cafrs. # # #