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Action Item # 13 June 3, 2015 Financial Reports for 2014Consideration of the Audited
Audited Financial Reports for 2014 2 Adams-The audit was conducted by Moss•accordance with GAAPstatements fairly present the District’s financial position in Auditors give an opinion
as to whether the financial –Primary government and the community facilities districts•Consolidated •Electric and water utility operations•Primary government only•Two reports–yearDistrict
is required to have its financial records audited each •Background / History
New Information Audit Financial Reports for 2014 3 results of the auditAdams will present the -Julie Desimone, partner at Moss•to the Board of Directors The 2014 audit is now complete
and ready to be presented •
Truckee Donner Public Utility District June 3, 2015Julie Desimone, PartnerPresented by:2014 Audit
MOSS ADAMS Accounting and reporting advisories•Board communications•Results of audit process•AGENDA 5| LLP
MOSS ADAMS Pensions-GASB 68 –Upcoming standard •None–Passed Adjustments •None–Adjustments •what you want!–financial statements Unmodified opinion on –Auditor’s Report •RESULTS OF AUDIT
PROCESS 6| LLP
MOSS ADAMS prepared, helpful and knowledgeableAccounting department was –TDPUD staff •Internal ControlsWhat is an audit? Financial Statements not •deficiencies to reportNo material weaknesses
or significant control •RESULTS OF AUDIT PROCESS 7| LLP
MOSS ADAMS No changes to existing policies o Significant Accounting Policies•timing communicated during planningaudit according to the planned scope and We performed the –Planned scope
and timing •Auditor’s Responsibility under GAAS•BOARD COMMUNICATIONS 8| LLP
MOSS ADAMS employment benefit obligations-Other post o Recovery periods for the cost of plant o Allowance for doubtful accounts o Unbilled revenue o typical for industry–Accounting estimates
•BOARD COMMUNICATIONS 9| LLP
MOSS ADAMS factthat arose that would impair in appearance or No situations or conditions –Independence •None–Audit Difficulties Encountered in Performing the •None–Consultation with
Other Accountants •None–Disagreements with Management •BOARD COMMUNICATIONS 10| LLP
MOSS ADAMS Standard assumptionsExpenses–Deferred inflows–Deferred outflows–funded status–Liabilities –transactionsStandard for measuring and recognizing pension end for Truckee-December
2015 year–Effective for fiscal years beginning after June 15, 2014Pension reporting–GASB 68 o New accounting standards•ACCOUNTING AND REPORTING ADVISORIES 11| LLP
MOSS ADAMS Thank you!COMMENTS?QUESTIONS, CONCERNS OR 12| LLP
Fiscal Impact Audited Financial Reports for 2014 13 There is no direct fiscal impact associated with this item•
Recommendation Audited Financial Reports for 2014 14 Accept the Audited Financial Reports for 2014•