012121 - Laserfiche WebLink

Browse Search

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