Receive and file the County's annual financial statements and independent auditor's report for the fiscal year ending June 30, 2021. (No general fund impact) (Haynes/Alves)

Receive and file the County's annual financial statements and independent auditor's report for the fiscal year ending June 30, 2021.

The Department of Financial Services contracted with Lance, Soll & Lunghard, LLP (LSL) to conduct the annual audit of the county's financial statements for the fiscal year ended June 30, 2021. LSL has completed its work and issued its reports on January 31, 2022 as summarized below: Yolo County Audit Communication Letter (Attachment A), Yolo County Report on Internal Control (Attachment B), Yolo County Opinion Letter (Attachment C), The County Financial Statements as of June 30, 2021 with the independent auditor's opinion, are included in Attachment D. 
 
The auditors opine that the financial statements are presented fairly, in all material respects, in accordance with generally accepted accounting principles. This represents a clean (unmodified) audit opinion, which is invaluable to the users of our financial statements.

The issuance of the county's financial statements is within seven months of the fiscal year end, which includes a 30 day extension, and is deemed timely according to financial reporting best practices set by the Government Finance Officers Association (GFOA). The county's Annual Comprehensive Financial Report (ACFR) has been submitted to the GFOA for consideration for its Certificate of Achievement for Excellence in Financial Reporting Program. The County recently received its fourth consecutive Award for Excellence in Financial Reporting for the prior year ACFR for June 30, 2020 (Attachment E). The Annual Comprehensive Financial Report has been posted online and distributed to interested parties.

The external auditors are finalizing the Single Audit Report for the same fiscal year which is scheduled to be issued by the audit firm prior to the end of May 2022, and will be reported to the Board in June. Any findings related to federal grant programs will also be reported at that time.

The Financial Oversight Committee received a status on the Yolo County Annual Comprehensive Financial Report directly from the independent auditors at its November 4, 2021 meeting and a final update at the February 10, 2022 meeting.

The Department of Financial Services is continuing to collaborate with the external auditors to complete the Single Audit (audit of federal funds) prior to the legal deadline of September 30, 2022.