Report to Carson Reclamation Authority
Tuesday, July 03, 2018
Consent
SUBJECT:
Title
REPORT ON THE AUDIT OF THE RECORDS AND ACCOUNTS OF THE CARSON RECLAMATION JOINT POWERS AUTHORITY FOR THE FISCAL YEARS ENDED JUNE 30, 2016 AND 2017
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I. SUMMARY
According to Section 3.09 of the Bylaws of the Carson Reclamation Joint Powers Authority (Authority), the records and accounts of the Authority shall be audited annually by an independent Certified Public Accountant.
The audit was conducted by White Nelson Diehl Evans, LLC (Auditor). The report on the audit was completed and is being presented to the Board at today's meeting.
II. RECOMMENDATION
Recommendation
1. RECEIVE and FILE.
2. AUTHORIZE staff to submit the financial reports to the Auditor-Controller of the County of Los Angeles.
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III. ALTERNATIVES
NONE
IV. BACKGROUND
Section 3.09 of the Bylaws of the Carson Reclamation Joint Powers Authority requires an annual audit of the records and accounts of the Authority by an independent Certified Public Accountant. The Section further provides for the filing of the audit reports within 12 months after the end of the fiscal year under audit with each Member of the Authority Board.
On June 8, 2016, the City of Carson awarded a 5-year professional services agreement to White Nelson Diehl Evans, LLC for the financial audit of the City and other reporting entities including the Carson Reclamation Authority. For the Authority, the engagement begins with the audit of the records and accounts for the year ended June 30, 2016 for a total cost of $11,980.
The 2016 report was not presented timely to the Authority Board Members because staff sought a determination regarding full compliance with the legal and financial reporting standards. After a long and exhaustive evaluation, the decision was to include the financial statements of the Authority in the Comprehensive Annual Financial Report or CAFR of the City as a discretely presented component unit. The...
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