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File #: 21-0072    Version: 1 Name:
Type: CEO Item Status: Agenda Ready
File created: 1/14/2021 In control: Board of Directors
On agenda: 1/26/2021 Final action:
Title: Valley Water Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2020, *and other Independent Auditor's Reports.
Attachments: 1. *Original Agenda Memorandum, 2. *Supplemental Agenda Memorandum, 3. *Supplemental Attachment 1: FY 2019-20 CAFR, 4. *Supplemental Attachment 2: Memorandum of Internal Controls, 5. *Supplemental Attachment 3: Investment Policy Compliance, 6. *Supplemental Attachment 4: Article XIII-B Appropriations Procedure, 7. *Supplemental Attachment 5: Travel and Subsistence Policy Compliance
BOARD AGENDA MEMORANDUM


SUBJECT:
Title
Valley Water Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2020, *and other Independent Auditor's Reports.


End
RECOMMENDATION:
Recommendation
Accept the Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2020, *and other Independent Auditor's Reports.


Body
SUMMARY:
The Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2020 was audited by the District's external auditor, Maze and Associates. As of the time of the writing of this memo, the CAFR had not yet been reviewed by the Board Audit Committee. The Board Audit Committee will discuss the CAFR at their meeting on January 13, 2021. Upon receiving a recommendation from the Board Audit Committee to proceed, staff will submit the Fiscal Year 2020 CAFR and any corresponding Independent Auditor Reports via a supplemental agenda.
*The Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2020 was audited by Valley Water'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 January 13, 2021 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 are attached (See Attachments 2 through 5).

*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) whic...

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