West-Comm Board of Directors


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  2.       
Meeting Date: 11/17/2020  
Receive and File the Audited Financial Statements for the Fiscal Year Ended June 30, 2020
APPROVED BY: Peter Grant, Cypress City Manager
Matt Burton, West-Comm Treasurer

SUBJECT
Receive and File the Basic Financial Statements and Independent Auditors' Report and Audit Letter for the Fiscal Year Ended June 30, 2020
BACKGROUND
The California State Controller’s Office (SCO) has determined West-Comm is a Special District in accordance with Government Code section 12463(d)(2); and therefore, West-Comm is required to undergo an annual independent audit. This audit must be performed by a certified public accounting firm and submitted to the SCO within 12 months after the end of the fiscal year. The firm of Lance, Soll and Lunghard LLP (LSL) recently completed the required audit services for the fiscal year ended June 30, 2020 and issued the attached Basic Financial Statements and Independent Auditors’ Report. These statements are a culmination of the activity of West-Comm for the fiscal year and West-Comm received an unqualified, or “clean”, opinion for the audit year.  

In accordance with the requirements of the Governmental Accounting Standards Board (GASB), the basic financial statements contain two types of statements:  1) the government-wide financial statements, and 2) the fund financial statements. Auditing standards also require the firm performing the audit to communicate with the governing board certain significant matters related to the audit. The purpose of this requirement is to ensure effective communication regarding the responsibilities associated with the audit exists between the auditors and West-Comm (which includes both the Board and management).

Each year the auditor issues an audit letter (“Audit Letter”) to the Board which recaps the audit process, along with discussing any major issues (if any) that were encountered during the audit. LSL did not note any significant audit findings, or any other areas of concerns, in their Audit Letter for the fiscal year ended June 30, 2020.
FINANCIAL IMPACT
Sufficient appropriations are included in the annual budget to pay for the audit and report preparation services.
LEGAL REVIEW
Not Required.
RECOMMENDED ACTIONS
It is recommended the Board of Directors receive and file the attached financial statements and audit letter.
 
Attachments
Basic Financial Statements and Independent Auditors' Report for the FYE June 30, 2020
Audit Letter for the FYE June 30, 2020


    

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