WEST PATTERSON FINANCING AUTHORITY
AGENDA REPORT
TO: Chair McCord and Members of the West Patterson Financing Authority FROM: Ken Irwin, Executive Director
BY: Jennifer Riedeman, Finance Director
MEETING DATE: May 16, 2023
ITEM NO: 7.3
SUBJECT: Accept the West Patterson Financing Authority’s 2021-22 Financial Audit Report.
RECOMMENDATION
Motion to Accept the West Patterson Financing Authority’s 2021-22 Financial Audit Report.
BACKGROUND
The West Patterson Financing Authority publishes financial statements presented in conformance with Generally Accepted Accounting Principles (GAAP). The financial statements were audited by the independent public accounting firm of The Pun Group, LLP, whose unmodified opinion is included within the financial section of the report. The unmodified opinion indicates that the financial statements present fairly the financial position of the West Patterson Financing Authority as of June 30, 2021, and the results of operations, in accordance with generally accepted accounting principles.
As part of the audit, The Pun Group, LLP also reviewed and performed tests of the Authority’s internal accounting control procedures to determine if there are any material weaknesses or instances of non-compliance. Based on the audit, there is no instance of non-compliance.
The West Patterson Financing Authority’s 2021-22 financial report is available on the City of Patterson’s website and is attached to this staff report.
Representative of The Pun Group, LLP will be present to discuss the audit and answer questions.
ANALYSIS
The Government-wide Net position in the Authority’s totaled a deficit of $58.7 million as of June 30, 2022, which changed $2.4 million from the ending balance in the prior fiscal year.
The governmental fund balance in the Authority’s totaled $27.6 million as of June 30, 2022, which was $13 million more than the ending balance in the prior fiscal year.
The difference between Government-wide Net position and governmental fund balance is the long-term liabilities are not due and payable in the current period and the interest payable on long-term debt does not require current financial resources and therefore are not reported in the governmental funds.
FISCAL IMPACT
Acceptance of this report does not affect the Authority’s budget or its financial condition. The report merely reflects an audit of the Authority’s financial records at June 30, 2022.