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January 21, 2021 <br />Page 2 <br /> It was moved by Huffer, seconded by Holt, and carried 5-0 to approve the Consent <br />Calendar as presented. <br /> <br />7. DEFERRED MATTERS <br /> <br />8. ITEMS FOR DISCUSSION <br /> <br />9. NEW ITEMS <br /> <br />A. Annual Audit Report <br /> <br />Smith reported this is the second year the CRPD audit has been performed by Rogers, <br />Anderson, Malody & Scott LLP; she introduced Veronica Hernandez, (attending via Zoom) <br />who oversaw the audit. Hernandez shared a brief presentation including an overview of <br />the responsibilities of the auditor, the audit process, completing the process and the final <br />opinion. <br /> <br />Smith referenced the Management’s Discussion and Analysis letter and shared highlights <br />including a net position increase of $6.5 million due largely to the $4.2 million SoCal Edison <br />settlement. There is an increasing amount in the Unassigned Fund Balance, which will <br />be reviewed and discussed later this evening as part of the Financial Reserves Policy <br />discussion (Agenda Item 9B); this reserve includes the SoCal Edison funds. Additionally, <br />because of the efforts of the District to address the pension and post retirement liability, <br />the District’s current funded status is 96%, which changes each year based on a variety <br />of factors. <br /> <br />Regarding the Auditor’s comments and recommendations, Smith referenced the <br />corrective actions advised and reviewed the District’s intentions for instituting these <br />actions. Auditors answered Board member’s questions and were thanked for their efforts. <br /> <br />It was moved by Lange, seconded by Huffer, and carried 5-0 to: <br /> <br />1. Accept the audit report for the fiscal year (FY) ending June 30, 2020 as <br />prepared by the accounting firm of Rogers, Anderson, Malody & Scott, LLP. <br /> <br />2. Accept the Corrective Action Plan in response to recommendations <br />regarding internal controls provided by the accounting firm of Rogers, <br />Anderson, Malody & Scott, LLP during the audit for the fiscal year (FY) <br />ending June 30, 2020. <br /> <br />3. Approve update to the Policy for Capitalization and Depreciation of Capital <br />Assts and Disposal of Equipment Assets, Excess Personal Property and <br />Scrap Materials. <br /> <br />B. Annual Review and Adoption of Financial Reserves Policy <br /> <br />The Finance and Audit Committee of the Board of Directors (Huffer and Holt) met with