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QD[Mc��o [R(t 13 13 11 En o TET GENERAL MANAGER Jim Friedl DATE: January 9, 2014 TO: Board of Directors FROM: Jim Friedl, General Mana e SUBJECT: Annual Audit Report RECOMMENDATION BOARD OF DIRECTORS Joe Gibson, Chair Ed Jones, Vice Chair George Lange, Director Susan L. Holt, Director Chuck Huffer, Director GENERAL MANAGER EMERITUS Tex Ward Board of Directors accept the financial statements for the year ending June 30, 2013, as prepared by the accounting firm of Pun & McGeady, CPAs. DISCUSSION Attached are the financial statements for the year ending June 30, 2013. The financial statements represent management's assertions concerning the government's financial position, results of operations and cash flows. The auditor's role is strictly limited to providing users of the financial statements with an independent basis for relying on management's assertions. Consistent with prior years, the auditors have issued an unqualified or "clean" opinion, which means they can state, without reservation, that the financial statements are fairly presented in conformity with generally accepted accounting principles. The auditors did not have any findings and recommendations as a result of the FY12-13 audit; however, we note that the District's response to the following findings are still in process: Capital Assets The District does not integrate capital asset additions and deletions into the General Ledger. Although the District has a capital assets computer module, it is not being used. Instead, the District maintains Excel spreadsheets for all capital assets, including all additions and deletions. The General Ledger is the official record of the District and all financial information should be recorded in the General Ledger. We recommend that the District integrate and maintain its capital assets information in the computerized General Ledger of the District. 403 West Hillcrest Drive I Thousand Oaks, CA 91360-4223 (805) 495-6471 FAX: (805) 497-3199 Email: parks@crpd.org