BOARD AGENDA MEMORANDUM
SUBJECT:
Title
Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2017, Independent Auditor's Reports, and Auditing Services Contract One-Year Extension.
End
RECOMMENDATION:
Recommendation
Accept the Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2017 and other Independent Auditor's Reports, and approve one-year extension of current audit services contract.
Body
SUMMARY:
The Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2017 was audited by the District's external auditor, Vavrinek, Trine, Day & Co., LLP. During the audit, no material financial findings or internal control weaknesses were reported. The auditor has issued an unmodified ("clean") opinion dated November 27, 2017 stating that the District's financial statements are fairly presented in conformity with Generally Accepted Accounting Principles (GAAP), as established by the Governmental Accounting Standards Board (GASB). The other Independent Auditor's assurance letters and reports are also included.
The CAFR complies with the following requirements:
1. Board Policy BL-5.2 which requires the monitoring and reporting of financial conditions and activities to be performed annually by an external method.
2. State Law (Government Code Section 26909) which requires an annual examination and audit of the District's financial records.
Each year since 1997, the District has been awarded the prestigious Certificate of Achievement for Excellence in Reporting by the Government Finance Officers Association of the United States and Canada (GFOA).
The current auditing services contract is at the fifth and final year with the close of FY17 and per Executive Limitation 5.1.2, the term of an auditing services contract shall not exceed five fiscal years. With a new financial system implementation scheduled to commence in the fall of 2018, existing accounting workflows will be reviewed, redesigned, an...
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