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  Regular-General Government   #   31.    
Board of Supervisors Financial Services  
Meeting Date: 01/26/2021  
Brief Title:    Receive Audited Financial Statements for Fiscal Year 2019-20
From: Chad Rinde, Chief Financial Officer, Department of Financial Services
Staff Contact: Merilyn Tiriboyi, 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, 2020. (No general fund impact) (Rinde/Tiriboyi)
Recommended Action
  1. Receive and file the County's annual financial statements for the fiscal year ended June 30, 2020, including the independent auditor's report; and
     
  2. Receive the Chief Financial Officer's summary report on the financial results for the fiscal year 2019-20 and financial trends.
Strategic Plan Goal(s)
In Support of All Goals
Reason for Recommended Action/Background
The Board of Supervisors contracted with Lance, Soll & Lunghard, LLP (LSL) to conduct the annual audit of the county's financial statements for the fiscal year ended June 30, 2020. LSL has completed its work and issued its reports on December 8, 2020 as summarized below: Yolo County Audit Communication Letter (Attachment A), Yolo County Report on Internal Control (Attachment B), Yolo County Opinion Letter (Attachment C), the County Financial Statements as of June 30, 2020 with the independent auditor's opinion, are included in Attachment D.
 
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 issuance of the county's financial statements 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). 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 County recently received its third consecutive award for excellence in Financial Reporting for the prior year CAFR for June 30, 2019 (Attachment E). The comprehensive annual financial report has been posted online and distributed to interested parties.
 
The external auditors are finalizing the Single Audit Report for the same fiscal year and this will be issued by the audit firm prior to the end of March 2021, and will be reported to the Board in April. Any findings related to federal grant programs will also be reported at that time.
Collaborations (including Board advisory groups and external partner agencies)
The Financial Oversight Committee received a status on the Yolo County Comprehensive Annual Financial Report directly from the independent auditors at its October 27, 2020 meeting and will receive a final update at the February and May 2021 meetings.
 
The Department of Financial Services is continuing to collaborate with the external auditor to complete the Single Audit (audit of federal funds) prior to the legal deadline of March 31, 2021.

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. Yolo County Audit Communication Ltr
Att. B. Yolo County Report on Internal Controls
Att. C. Yolo County Independent Auditors' Report
Att. D. County of Yolo - FY2019-20 CAFR
Att. E. GFOA Award of Excellence
Att. F. Presentation

Form Review
Inbox Reviewed By Date
Chad Rinde Chad Rinde 01/14/2021 09:14 PM
Form Started By: Merilyn Tiriboyi Started On: 01/08/2021 09:32 AM
Final Approval Date: 01/15/2021
Level double AA conformance,
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