File #: 20-0098    Version: 1 Name:
Type: Time Certain Item Status: Agenda Ready
File created: 1/10/2020 In control: Board of Directors
On agenda: 1/14/2020 Final action:
Title: Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2019, and other Independent Auditor's Reports.
Attachments: 1. Attachment 1: FY 2018-19 CAFR, 2. Attachment 2: Memorandum of Internal Controls, 3. *Supplemental Agenda Memo, 4. *Supplemental Attachment 1: Audit Rpt, Appropriation Procedure, 5. *Supplemental Attachment 2: Audit Rpt, Invest Policy/Guidelines, 6. *Supplemental Attachment 3: Audit Rpt, Comp/Ben Compliance
BOARD AGENDA MEMORANDUM


SUBJECT:
Title
Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2019, and other Independent Auditor's Reports.


End
RECOMMENDATION:
Recommendation
Accept the Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2019 and other Independent Auditor's Reports.


Body
SUMMARY:
The Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2019 was audited by the District's external auditor, Maze and Associates. During the audit, no material financial findings or internal control weaknesses were reported. The auditor has issued an unmodified ("clean") opinion dated December 16, 2019 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 auditor prepares additional assurance letters and reports, in accordance with attestation standards established by the American Institute of Certified Public Accountants. The Memorandum of Internal Controls and Required Communications is attached. The other independent auditor's reports will be submitted via supplemental agenda.

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 Board Audit Committee discussed the CAFR at their meeting on December 16, 2019, and recommends acceptance by the full Board.


FINANCIAL IMPACT:
Auditing services are included in the FY 2019-20 budget.


CEQA:
The...

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