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Regular-General Government # 32.
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| Board of Supervisors |
Financial Services |
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| Subject |
| Receive and file the county financial statements and auditor's report for fiscal year ended June 30, 2016. (No general fund impact) (Newens) |
| Recommended Action |
- Receive and file the county financial statements for fiscal year ended June 30, 2016, including the independent auditor's report; and
- Receive the Chief Financial Officer's summary report on the financial results for fiscal year 2015-16 and financial trends.
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| Strategic Plan Goal(s) |
| Operational Excellence |
| Reason for Recommended Action/Background |
The Board of Supervisors contracted with Gallina LLP to conduct the annual audit of the county financial statements for fiscal year ended June 30, 2016. Gallina LLP merged on January 1, 2017 with CliftonLarsenAllen and have completed their work and issued their reports on February 14, 2017 as summarized below.
This audit has incurred delays in completion due to coordination of accounting and audit fieldwork with a new auditor, in receiving closing entries from the Mental Health division of the Health & Human Services Agency, and in receipt of final issued financial statements for the Yolo County Housing Authority. These delays have resulted in the audit completion in February 2017 which was later than the original anticipated completion of December 2016. However, this issuance is an improvement of four months over the prior year's report, since county staff has gradually recovered from the new system implementation.
County Financial Statements as of 6/30/2016 with independent auditor's report (Attachment A)
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.
The comprehensive financial report has been posted online and distributed to interested parties. The financial results are also depicted in graphical format for fiscal year ended 6/30/16 and in the context of historical trends (Attachment B).
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 2017 and will be reported to the Board in April. |
| Collaborations (including Board advisory groups and external partner agencies) |
| The Financial Oversight Committee has received a status report on audit progress directly from the independent auditors at its February 21, 2017 meeting and will receive a final update at the May 9, 2017 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, 2017. County departments affected by the audit will respond to audit findings and recommendations. |
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| Fiscal Impact |
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| Source of Funds for this Expenditure |
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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 2015-16 fiscal year ended June 30, 2016. |
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