HomeMy WebLinkAbout14 Audited Financial Reports for 2015enda Item #
ACTION
To: Board of Directors
From: Regina Wise
Date. June 01, 2016
Subject: Consideration of the Audited Financial Report for 2015
1. WHY THIS MATTER IS BEFORE THE BOARD
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The District is required to have its financial records audited each year. As the Board is
responsible for hiring auditors, the auditors present their findings directly to the Board.
2. HISTORY
Moss -Adams the District's current accounting firm has conducted annual audits for the
District as required since 2011. In the past five years, there have been significant
accounting pronouncements from the Government Accounting Standards Board
(GASB) that were implemented as required throughout the years. The largest of
these being in 2015; GASB statement No. 68 "Accounting and Financial Reporting for
Pensions - An amendment of GASB No. 27". The District's Finance and Accounting
team has implemented each one as required while maintaining financial obligations
and producing accurate financial statements resulting in smooth audits with
unmodified statements to date.
3. NEW INFORMATION
The 2015 audit is now complete and unmodified. Julie Desimone, a partner of Moss
-
Adams, will present the audit results to the Board which includes the drafts of the
Consolidated Financial Statements and the Primary Government Only Financial
Statements for the year ended December 31, 2015. Ms. Desimone will discuss the
communication letter to the Board which summarizes the findings of their audit and
includes recommendations.
Attached are copies of the audited financial statements and the communication letter.
4. FISCAL IMPACT
This is a report of the financial activity for 2015. There is no fiscal impact associated
with this item.
5. RECOMMENDATION
Accept the Audited Financial Reports for 2015,
Jeremy Popov
Administrative Services Manager
Michael D. Holley
General Manager