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Agenda Item (VIII-D-2)

Meeting12/11/2018 - Regular
Agenda ItemCommittee - Resources (VIII-D-2)
Subject2017-2018 Proposition 39 Independent Financial and Performance Audits
Recommended ActionIt is recommended that the Board of Trustees receive the Proposition 39 independent financial and performance audits of the District's Measure C general obligation bond for the year ended June 30, 2018 for the permanent file of the District.

Background Narrative:

In accordance with the provisions of Proposition 39, independent financial and performance audits of the District’s Measure C general obligation bond were performed by CliftonLarsonAllen LLP Certified Public Accountants (CLA). A representative of the audit firm will be available to present the reports. Results of the audits are summarized below.

• Auditor’s Opinion – The auditors have issued unmodified opinions for both the financial and performance audits as of June 30, 2018 and 2017, which is also known as a “clean” opinion. Unmodified is the highest level of assurance the auditors can provide of the four available opinions and indicates the financial statements are presented fairly, in all material respects, in accordance with generally accepted accounting principles.

• Audit Findings – There were no findings or questioned costs related to the financial and performance audits.

• Auditor’s Required Communication – In accordance with the U.S. Auditing Standards AU-C 260, at the conclusion of the audit engagement CLA is required to communicate information to the Board of Trustees regarding their responsibility under Generally Accepted Auditing Standards (GAAS). Attached for your information is the required communication.

• The audit report was presented to the Citizens Bond Oversight Committee at its regularly scheduled meeting on October 18, 2018.
Prepared By: Aaron Brown, Vice Chancellor, Business and Financial Services
 Melissa Elwood, Controller