FROM: Amy McInerny, Chief Financial Officer
SUBJECT: Informational: Annual Comprehensive Financial Report, Independent Auditor’s Report, and Other Required Communications
RECOMMENDATION:
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Annual Comprehensive Financial Report, Independent Auditor’s Report, and other Required Communications for the years ended June 30, 2024 and 2023.
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BACKGROUND:
SBCERA’s management is responsible for the accurate preparation of the financial statements in accordance with generally accepted accounting principles (GAAP), and presents the Annual Comprehensive Financial Report for approval. The Board’s independent financial statement auditor, Brown Armstrong Accountancy Corporation (Brown Armstrong) is responsible for planning and performing the audit to obtain reasonable assurance that the financial statements are presented fairly in all material respects.
The role of the external auditor is to provide an opinion on the basic financial statements based on the results of their audit. Brown Armstrong issued an unmodified opinion that the basic financial statements are free from material misstatements and presented fairly in accordance with GAAP. Staff and Brown Armstrong will provide an overview of the audit and present the Annual Comprehensive Financial Report (Exhibit A) and other Required Communications (Exhibit B) on SBCERA’s basic financial statements.
Brown Armstrong noted no conditions in this year’s audit.
Members of Brown Armstrong will present their audit approach and findings to the Committee (Exhibit C).
COMMITTEE REVIEW:
This item was reviewed by the Audit Committee at its November 21, 2024 meeting.
BUDGET IMPACT:
None.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Prudent Fiscal Management
STAFF CONTACT:
Amy McInerny
ATTACHMENTS:
Exhibit A: Annual Comprehensive Financial Report, for the Years Ended June 30, 2024 and 2023
Exhibit B: Other Required Communications
Exhibit C: Presentation by Brown Armstrong