DATE: January 9, 2020
SUBJECT:
Title
RESOLUTION ACCEPTING AND FILING THE EXTERNAL AUDITOR'S REPORT ON THE AUDIT OF THE DISTRICT'S FINANCIAL STATEMENTS AND SINGLE AUDIT FOR THE YEAR ENDING JUNE 30, 2019
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EXECUTIVE SUMMARY:
The District's External Auditor, Macias, Gini, & O'Connell LLP (MGO), issued its Audit Report on the District's financial statements for the year ending June 30, 2019. Additionally, MGO issued their report (Single Audit) on the District's compliance with requirements for each of the District's major federal programs for year ending June 30, 2019.
On December 12, 2019 the Audit Oversight Committee (Committee) met and recommended that the Board accept and file the External Auditor's Report.
RECOMMENDATION:
Recommendation
Adopt a resolution accepting and filing with the Office of the District Clerk the External Auditor's Report on the Audit of the District's Financial Statements and Single Audit for the Year Ending June 30, 2019 pursuant to the District Act.
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FISCAL IMPACT:
This agenda item has no fiscal impact.
COMPASS STRATEGIC GOALS:
The District's financial statements are prepared by District staff in accordance with applicable Generally Accepted Accounting Principles (GAAP) and audited by an independent external auditor on an annual basis. Financial reporting plays a critical role in establishing and maintaining the confidence of the public.
This agenda item supports the following Strategic Goal(s).
* A Port that the public understands and trusts.
* A financially sustainable Port that drives job creation and regional economic vitality.
DISCUSSION:
The District's financial statements are prepared by District staff and audited by an independent external auditor on an annual basis. An audit by an independent auditor is key to public confidence, and independent audits have long been recognized as important to credible and reliable financial and non-financial reporting. A financial statement audit is designed to pro...
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