Title
Consideration and Acceptance of the FY2022 Annual Comprehensive Financial Report with Auditor's Opinions
Recommended Action
I move that Council accept the Annual Comprehensive Financial Report for the fiscal year ended June 30, 2022.
County Manager's Recommendation
The County Manager recommends that Council approve the motion as requested.
Body
The Annual Comprehensive Financial Report (ACFR) documents the County's financial position at the end of the fiscal year, and the results of its operations for that full twelve-month period.
Throughout the fiscal year, many departments and employees help the County record the County's financial activity through the decentralized financial system. Ultimately, the ACFR results from this County-wide team effort. The ACFR document is produced by Finance. The County's ACFR for fiscal year 2022 was submitted to the Office of the State Auditor by the deadline on December 1, 2022. The ACFR was then reviewed and approved by the Office of the State Auditor. Notice of final approval was received on December 23, 2022 (see attachment A).
Morton Accounting Services, LLC, an independent accounting firm, performed the audit for the fiscal year. The exit conference with the Audit Committee was held on November 22, 2022. The Auditor's Opinion (pages 1-4 of the ACFR) and the schedule of findings and questioned costs (pages 245-246 of the ACFR) were discussed at that exit conference. The audit opinion is an unmodified "clean" opinion. There were two prior year audit findings that were resolved, and no findings for FY2022. The County received an unmodified and clean opinion.
The State Audit Rule 2.2.2.10 J. (3) (d) requires that the audit report shall be presented by the auditor to a quorum of the governing body at a meeting held in accordance with the Open Meetings Act.
Physical copies of the FY2022 Annual Comprehensive Financial Report have been distributed to Council mail boxes. Copies of the ACFR will be available for public viewing primarily on the County web site, and physical copies will be placed at the Customer Care Center, Finance Division, and both the White Rock and Los Alamos branches of the Los Alamos County Public Library.
Fiscal and Staff Impact/Planned Item
Cost of the audit work performed by Morton Accounting Services, LLC, which include special procedures to be performed on the electric resource pool, cost allocation plan, and lodger's tax is $86,217. Staff time is budgeted annually to accomplish this task.
Attachments
A - FY2022 State Auditor Authorization to Release Letter
B - Los Alamos County FY2022 Annual Comprehensive Financial Report
C - Los Alamos County ACFR Presentation with Morton Accounting Services, LLC Exit Presentation
D - Los Alamos Resolution for ACFR Acceptance FY2022