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Consent-General Government # 17.
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| Board of Supervisors |
Financial Services |
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| Subject |
| Approve a two-year audit cycle for the Valley Clean Energy Alliance during the implementation phase as recommended by the County Chief Financial Officer. (No general fund impact) (Unanimous approval required) (Newens/Rinde) |
| Recommended Action |
| Approve a two-year audit cycle for the Valley Clean Energy Alliance during the implementation phase as recommended by the County Chief Financial Officer. |
| Strategic Plan Goal(s) |
| Operational Excellence |
| Reason for Recommended Action/Background |
Government Code (Code) Section 26909 requires all independent special districts and joint powers agencies (pursuant to Gov. 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 Valley Clean Energy Alliance (VCEA), at its February 2018 Board Meeting (Att. A - VCEA Staff Report), requested the Auditor Controller and County Board of Supervisors allow a two-year audit cycle during its formation period. The VCEA Board action was approved unanimously by the VCEA Board of Directors. This would combine the audit requirement for the June 30, 2017 and June 30, 2018 fiscal years resulting in efficiencies for VCEA and preserves start up capital contributions. The June 30, 2018 audit will be completed by October 2018 to meet deadlines associated with VCEA's credit facilities.
The above action has been reviewed by the County Chief Financial Officer who has determined that the initial two-year audit period is justified due to the low level of transactions (six transactions) and the low risk level as all transactions were processed through the County Department of Financial Services in the fiscal year that ended 6/30/2017. |
| Collaborations (including Board advisory groups and external partner agencies) |
| The County Department of Financial Services collaborated with staff from the Valley Clean Energy Alliance. |
| Competitive Bid Process |
| Not Applicable. |
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| Fiscal Impact |
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| Source of Funds for this Expenditure |
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