|
Back to Calendar
Return
|
| |
Consent-General Government # 13.
|
| Board of Supervisors |
Financial Services |
|
|
|
| Subject |
| Approve a five-year compilation cycle for Mary's Cemetery District as recommended by the County Chief Financial Officer. (No general fund impact) (Unanimous approval required) (Rinde) |
| Recommended Action |
| Approve a five-year compilation cycle for Mary's Cemetery District as recommended by the County Chief Financial Officer. |
| Strategic Plan Goal(s) |
|
|
| Reason for Recommended Action/Background |
Government Code (Code) Section 26909 requires all independent special districts and joint powers agencies (pursuant to Code Section 6505(b) and (f)) in the County to be subject to an annual audit, biennial audit, or other allowable alternative schedules, if approved by the Board. The Code provides that should the district not procure an audit, the Auditor-Controller (now Chief Financial Officer) can conduct, or contract with a certified public accountant to conduct the audit.
The Mary's Cemetery District at its January 14, 2020 Meeting requested that the Chief Financial Officer and County Board of Supervisors allow a five year compilation in-lieu of completion of an audit. Mary's Cemetery District previously conducted audits on the maximum schedule (each five years) as allowed by Government Code 26909. Mary's Cemetery Board action was approved unanimously at their January 14, 2020 Meeting.
Code 26909(d)(1) allows by unanimous request by the governing board of the special district and the County Board of Supervisors to replace the annual audit with a financial compilation following professional standards if the following are met:
(A) Special Districts revenues and expenditures are transacted in the County's Financial System
(B) District's Annual Revenues do not exceed one hundred fifty thousand dollars ($150,000)
(C) Special District shall pay the costs in performing a financial compilation
A compilation is allowed in-lieu of a financial audit for a maximum of a 5 year period and was requested due to the high cost of an audit being cost prohibitive on the district's budget. This option would be used for the fiscal years of June 30, 2015, 2016, 2017, 2018, and 2019. The above action has been reviewed by the County Chief Financial Officer who has determined that the adjustment from an audit to a compilation is justified due to the small financial size of the district and a lower risk level as transactions are processed through the County Department of Financial Services. |
| Collaborations (including Board advisory groups and external partner agencies) |
| The County Department of Financial Services collaborated with staff from Mary's Cemetery District on the recommended action. |
| Competitive Bid Process |
| Not applicable. |
|
| Fiscal Impact |
|
|
| Source of Funds for this Expenditure |
|
|
|
|
|
|
|