HomeMy WebLinkAbout14 Consideration of 2015 Audited Financials
ACTION ITEM #14 Financial Reports for 2015Consideration of the Audited Financial Reports for 2015Consideration of the Audited June 1, 2016
Audited Financial Reports for 2015 to conduct the auditAdams-•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 2015
NEW INFORMATION the auditAdams, will present the results of -, partner with MossDesimoneJulie •The 2015 audit is now complete and ready to be presented to the •Audited Financial Reports
for 2015Audited Financial Reports for 2015
MOSS ADAMS June 1, 2016Julie Desimone, PartnerPresented by:2015 AuditTruckee Donner Public Utility District 4| LLP
MOSS ADAMS Accounting and reporting advisories•Board communications•Results of audit process•AGENDA 5| LLP
MOSS ADAMS pension expenseEstablishment of net pension liability, deferred inflows and outflows, o Now included in net pension obligation -Removal of unamortized pension side o Restatement
to prior year net position o Impact of GASB 68 implementation•None–Passed Adjustments •None–Adjustments •what you want!–Unmodified opinion on financial statements –Auditor’s Report
•RESULTS OF AUDIT PROCESS 6| LLP
MOSS ADAMS knowledgeableAccounting department was prepared, helpful and –TDPUD staff •No material weaknesses noted•RESULTS OF AUDIT PROCESS 7| LLP
MOSS ADAMS due to GASB 68 implementationNo changes to existing policies other than changes in accounting policies o Significant Accounting Policies (Note 1)•the planned scope and timing
communicated during planningWe performed the audit according to –Planned scope and timing •ControlsWhat is an audit? Financial Statements not Internal •Auditor’s Responsibility under
GAAS•BOARD COMMUNICATIONS 8| LLP
MOSS ADAMS Pension liability and pension expense o employment benefit obligations-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 would impair in appearance or factNo situations or conditions that arose that –Independence •None–Difficulties Encountered in Performing the Audit •None–Consultation with
Other Accountants •None–Disagreements with Management •BOARD COMMUNICATIONS 10| LLP
MOSS ADAMS end for Truckee-December 2016 year–Effective for fiscal years beginning after June 15, 2015Fair Value Measurements–GASB 72 o–New accounting standards•ACCOUNTING AND REPORTING
ADVISORIES 11| LLP
MOSS ADAMS Thank you!COMMENTS?QUESTIONS, CONCERNS OR 12| LLP
FISCAL IMPACT There is no direct fiscal impact associated with this item•Audited Financial Reports for 2015Audited Financial Reports for 2015
RECOMMENDATION the Audited Financial Reports for 2015and file Accept •Audited Financial Reports for 2015Audited Financial Reports for 2015