WASHINGTON COUNTY S COMPREHENSIVE ANNUAL FINANCIAL REPORT FY

Transcription

1 WASHINGTON COUNTY S COMPREHENSIVE ANNUAL FINANCIAL REPORT FY

2 For Washington County Board of Commissioners Department of Support Services Finance Division February 5, 2019

3 Agenda Presentation by the County s External Auditors, Talbot, Korvola & Warwick, LLP (TKW) by Julie B. Fahey, Partner Discuss Highlights from the Fiscal Year (FY) Comprehensive Annual Financial Report (CAFR) CAFR Achievement and Staff Recognition

4 Washington County, Oregon AUDIT RESULTS FOR THE YEAR ENDED JUNE 30, 2018 FEBRUARY 5, 2019

5 Audit Results and Reporting Independent Auditor s Report - Unmodified opinion Financial statements are presented fairly in accordance with U.S. GAAP Report on Compliance and Internal Control over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance with Oregon State Regulations Noncompliance noted related to deficit fund balances/net position and notice of meetings

6 Single Audit Reports Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards Unmodified opinion One significant deficiency over financial reporting identified Report on Compliance for Each Major Federal Program and Report on Internal Control over Compliance Required by the Uniform Guidance No control findings No compliance findings

7 Required Communications Met with the Audit Committee in January 2019 No difficulties encountered during the audit No auditor proposed adjusting journal entries Uncorrected misstatements related to Comcast settlement, transition liability, and expense cutoff No disagreements with management Not aware of any consultations with other accountants Recently issued GASB standards

8 Thank You Contact Information: Julie Fahey, Audit Partner Talbot, Korvola & Warwick, LLP Meadows Rd. Lake Oswego, OR 97035

9 Highlights from the FY CAFR FY 2017/18 Reports included: Washington County Comprehensive Annual Financial Report (CAFR) Federal Grants Programs Enhanced Sheriff s Patrol District North Bethany County Service District for Roads Service District for Lighting No. 1 Urban Road Maintenance District Housing Authority of Washington County External Auditors (TKW) Gave the County an Unmodified Opinion Found no material weaknesses with the County s accounting processes CAFR complies with State Law, and generally accepted accounting principles (GAAP)

10 Highlights from the FY CAFR Letter of Transmittal (pages 3-9) includes a brief profile of the County, information assessing the County s economic condition, relevant financial policies, major initiatives, and awards and acknowledgements Management s Discussion and Analysis (pages 14-25) provides a factual and understandable analysis of the County s major financial activities

11 CAFR Achievements and Staff Recognition County received the Government Finance Officers Association (GFOA) Award for Excellence in Financial Reporting for the 32 nd consecutive year County has received Aaa bond rating (the highest rating possible) since 2016, which ensures the best available borrowing rate for any County debt Finance staff involved in production of the CAFR and other Financial Reports: Roger Dawes, Controller Josh Salaets, Chief Accountant Justin Stratton, Accountant II Dawn Smith, Accountant II

12 Thank you!