HomeMy WebLinkAbout12 Audit Reports 2008 Agenda Item # 12
° N
DistrictER
Public Utility
ACTION
To: Board of Directors
From: Bob Mescher
Date: May 06, 2009
Subject: Review and Accept the Draft Audit Reports for 2008
1. WHY THIS MATTER IS BEFORE THE BOARD
The District is required to have its financial records audited each year. The Board is
responsible for hiring auditors. The auditors present their findings directly to the
Board.
2. HISTORY
In 2008, the Board renewed their contract with Virchow Krause & Company LLP
accounting firm to perform the District's annual audits for 2008 through 2010.
3. NEW INFORMATION
The 2008 audit is now complete and ready to be presented to the Board of Directors.
Tom Unke will be at the Board meeting to go over the results of the audit which
includes drafts of the Consolidated Financial Statements and the Primary Government
Only Financial Statements for the years ended December 31, 2007 and 2008. Mr.
Unke will also present the management letter which includes their recommendations.
Attached are copies of the draft audit statements, the management letter and the audit
representation letter that is signed by the General Manager and myself.
4. FISCAL IMPACT
This is a report on the financial activity for 2007 and 2008. There is no fiscal impact.
5. RECOMMENDATION
Adopt the draft Audited Financial Reports for 2007 and 2008.
trl
Mary Chaps an Michael D. Holley
Administrative Services Manager General Manager
Please note:
The attached PRIMARY GOVERNMENT ONLY financial statements are identical to the
previous financial statements, except that the PRIMARY GOVERNMENT ONLY financial
statements exclude all notes and financial information regarding the Gray's Crossing and Old
Greenwood Community Facilities Districts.