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  Regular-General Government   #   45.    
Board of Supervisors Financial Services  
Meeting Date: 01/15/2019  
Brief Title:    Receive Audited Financial Statements for FY2017-18
From: Chad Rinde, Chief Financial Officer, Department of Financial Services
Staff Contact: Josh Iverson, Accounting Manager, Department of Financial Services, x8219

Subject
Receive and file the County's annual financial statements and independent auditor's report for fiscal year ended June 30, 2018. (No general fund impact) (Rinde)
Recommended Action
  1. Receive and file the County's annual financial statements for the fiscal year ended June 30, 2018, including the independent auditor's report; and
     
  2. Receive the Chief Financial Officer's summary report on the financial results for the fiscal year 2017-18 and financial trends.
Strategic Plan Goal(s)
Operational Excellence
Reason for Recommended Action/Background
The Board of Supervisors contracted with Vavrinek, Trine, Day & Co., LLP (VTD) to conduct the annual audit of the county's financial statements for the fiscal year ended June 30, 2018. VTD has completed its work and issued its reports on December 21, 2018 as summarized below. This issuance is within six months of the fiscal year end and is deemed timely according to financial reporting best practices set by the Government Finance Officers Association (GFOA) and is consistent with the prior year. The county's comprehensive annual financial report has been submitted to the GFOA for consideration for its Certificate of Achievement for Excellence in Financial Reporting Program. The independent auditor's report is included in Attachment A and the County Financial Statements as of June 30, 2018 with the independent auditor's opinion, are included in Attachment B.

The auditors opine that the financial statements are presented fairly, in all material respects, in accordance with generally accepted accounting principles. This represents a clean (unmodified) audit opinion, which is invaluable to the users of our financial statements.

The comprehensive annual financial report has been posted online and distributed to interested parties. The financial results shown therein are encouraging and are also depicted in graphical format and in the context of historical trends in Attachment C.

The auditors are finalizing the Single Audit Report and the Management Letter for the same fiscal year and these will be issued by the audit firm prior to the end of March, 2019, and will be reported to the Board in April.
Collaborations (including Board advisory groups and external partner agencies)
The Financial Oversight Committee received a status report on the progress of the audit directly from the independent auditors at its November 6, 2018 meeting and will receive a final update at the May 21, 2019 meeting. The Department of Financial Services
is continuing to collaborate to complete the Single Audit (audit of federal funds) prior to the legal deadline of March 31, 2019. County departments affected by the audit will respond to audit findings and recommendations.

Fiscal Information
No Fiscal Impact
Fiscal Impact of this Expenditure
Total cost of recommended action $0
Amount budgeted for expenditure $0
Additional expenditure authority needed $0
On-going commitment (annual cost)
Source of Funds for this Expenditure
General Fund $0
Attachments
Att. A. VTD Required Communications Report
Att. B. CAFR 2017-18
Att. C. CAFR Trends Presentation
Att. D. Presentation

Form Review
Inbox Reviewed By Date
Chad Rinde Chad Rinde 01/02/2019 06:45 AM
Chad Rinde Chad Rinde 01/08/2019 07:54 AM
Form Started By: Josh Iverson Started On: 12/19/2018 12:46 PM
Final Approval Date: 01/08/2019
Level double AA conformance,
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