Bear Valley Community Services District

Annual Audit Report for the Fiscal Year Ended June 30, 2019

The Bear Valley Community Services District’s financial statements have been audited by Fedak & Brown, LLP

Published on:
March 6, 2020
Originally published:
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The Bear Valley Community Services District’s financial statements have been audited by Fedak & Brown, LLP. The goal of the independent audit is to provide reasonable assurance that the financial statements of the Bear Valley Community Services District for the fiscal year ended June 30, 2019 are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation.

The independent auditor concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified opinion (Clean Audit) that the Bear Valley Community Services District’s financial statements for the fiscal year ended June 30, 2019 are fairly presented in conformity with Generally Accepted Accounting Principles. An unmodified opinion is the highest level of opinion given by an independent auditor when it comes to auditing reporting standards.

The Management Report issued by Fedak & Brown, LLP for the fiscal year ended June 30, 2019 found that no material weaknesses were identified within the District’s internal control structure. The management report also includes a summary of current year comments and recommendations, of which only the disclosure of audit adjustments and reclassifications are reported. These audit adjustments consist mainly of year-end accounting entries prepared by the District’s auditor that are required to record annual adjustments to the District’s pension liability.

Below is a brief overview of the financial highlights being reported in the audit report for the fiscal year ended June 30, 2019.

Financial Highlights

  • Fund balance for the General Fund increased by $335,148.
  • Fund balance for the Roads Fund decreased by $158,635
  • Net Position for the Water Enterprise Fund decreased by $747,989
  • Net Position for the Wastewater Enterprise Fund decreased by $402,080
  • Net Position for the Solid Waste Enterprise Fund decreased by $142,054

     

The District’s audit report for fiscal year ended June 30, 2019 is available in the document library.