HomeMy WebLinkAbout13 Consideration of 2016 Audited Financials
ACTION ITEM #13 Financial Reports for FY16Consideration of the Audited Financial Reports for FY16Consideration of the Audited June 7, 2017
Audited Financial Reports for FY16 General Accepted Accounting Principles (GAAP)fairly present the District’s financial position in accordance with Auditors give an opinion as to whether
the financial statements •Electric and water utility operations•Primary government only•Primary government and the community facilities districts•Consolidated •Two reports•District
is required to have its financial records audited each year•BACKGROUND / HISTORY Audited Financial Reports for FY16
NEW INFORMATION Adams, will present the results of the audit-, with MossSimovicKeith •and ready to present to the Board of DirectorsAdams, LLP conducted the 2016 audit which is now complete
-Moss•FY16Audited Financial Reports for FY16Audited Financial Reports for
MOSS ADAMS Charged with Governance Communication with Those DistrictUtility Truckee Donner Public 4| LLP
MOSS ADAMS Internal Control Related MattersRequired Audit CommunicationsSignificant Audit AreasAudit Deliverables AGENDA 5| LLP
MOSS ADAMS government only)primary (consolidated and statements financial (clean) opinion on Unmodified accordance with US GAAPpresented fairly and in Financial statements are •FINANCIAL
STATEMENTS REPORT ON THE AUDITOR’S -AUDIT DELIVERABLES 6| LLP
MOSS ADAMS SIGNIFICANT AUDIT AREAS pension accounting–68 GASBCash & InvestmentsFinancial Close & ReportingRevenues 7| LLP
MOSS ADAMS EstimatesAccounting Fair value of investments•Pension liability and pension expense•employment benefit obligations-•Recovery periods for the cost of plant•Allowance for doubtful
accounts•PoliciesAccounting Significant addedadditional disclosures –Implementation of GASB Statement No. 72 •See notes to the financial statements•Responsibility GAAPProvide opinion
on financial statements in accordance with US •REQUIRED AUDIT COMMUNICATIONS 8| LLP
MOSS ADAMS the auditperforming Difficulties in •with Disagreements •accountantswith other Consultation •REQUIRED AUDIT COMMUNICATIONS 9| LLP
MOSS ADAMS notedNone Passed Audit Adjustments None noted Audit Adjustments REQUIRED AUDIT COMMUNICATIONS 10| LLP
MOSS ADAMS Material None noted in current year•INTERNAL CONTROL RELATED MATTERS 11| LLP
MOSS ADAMS 12| LLP
FISCAL IMPACT There is no direct fiscal impact associated with this item•FY16Audited Financial Reports for FY16Audited Financial Reports for
RECOMMENDATION Accept and file the Audited Financial Reports for fiscal year ending •FY16Audited Financial Reports for FY16Audited Financial Reports for