Agenda

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Regular-General Government # 31.

Board of Supervisors

Financial Services

Meeting Date:	01/23/2018
Brief Title: Receive Audited Financial Statements for FY2016-17
From:	Howard Newens, Chief Financial Officer, Department of Financial Services
Staff Contact:	Josh Iverson, Accounting Manager, Department of Financial Services, x8219
Supervisorial District Impact:

Subject

Receive and file the County's annual financial statements and auditor's report for fiscal year ended June 30, 2017. (No general fund impact) (Newens)

Recommended Action

Receive and file the county's annual financial statements for the fiscal year ended June 30, 2017, including the independent auditor's report; and
Receive the Chief Financial Officer's summary report on the financial results for fiscal year 2016-17 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, 2017. VTD has completed its work and issued its reports on December 22, 2017 as summarized below. This issuance is within six months of the fiscal year end and is deemed timely according to financial reporting standards and represents an improvement of 54 days compared to the prior year. The county's comprehensive annual financial report has been submitted to the Government Finance Officers Association (GFOA) for consideration for its Certificate of Achievement for Excellence in Financial Reporting Program. The audit report is included in Attachment A and the County Financial Statements as of June 30, 2017 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 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, 2018, 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 14, 2017 meeting and will receive a final update at the May 8, 2018 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, 2018. County departments affected by the audit will respond to audit findings and recommendations.

Fiscal Impact

Fiscal Impact (Expenditure)
No Fiscal Impact
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

Explanation (Expenditure and/or Revenue)

Further explanation as needed:

No financial impact. The CAFR is a report on the actual past financial activity of the 2016-17 fiscal year ended June 30, 2017.

Attachments
Att. A. VTD Report
Att. B. CAFR 2016-17
Att. C. CAFR Trends Presentation

Form Review

Form Started By: jiverson		Started On: 01/03/2018 10:00 AM
Final Approval Date: 01/11/2018