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Accept the Quarterly Review of the Statement of Assets of the Solano County Treasury as of March 31, 2018
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Published Notice Required? Yes ____ No _X _
Public Hearing Required? Yes ____ No _X _
DEPARTMENTAL RECOMMENDATION:
The Auditor-Controller’s Office (ACO) recommends the Board of Supervisors accept the Quarterly Review of the Statement of Assets of the Solano County Treasury as of March 31, 2018.
SUMMARY AND DISCUSSION:
Pursuant to Government Code §26920, the County Auditor performs a quarterly review of the Treasurer’s Statement of Assets in the County Treasury. The ACO’s review is conducted in accordance with the Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The review included (1) counting cash on hand in the County Treasury; (2) verifying the records of the Treasurer and Auditor-Controller (ACO) were reconciled pursuant to Government Code §26905; and (3) issuing a report to the Board of Supervisors in accordance with the Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.
A review in accordance with the Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants consists primarily of inquiries of staff and analytical procedures applied to financial data. It is substantially less in scope than an examination in accordance with generally accepted audit standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, the ACO does not express such an opinion. All information included in the Statement of Assets is the representation of the Solano County Treasurer.
The ACO is not aware of any material modification that should be made to the Statement of Assets in order for it to be in conformity with accounting principles generally accepted in the United States of America.
FINANCIAL IMPACT:
The costs associated with preparing the agenda item is nominal and absorbed by the department’s FY2018/19 Adopted Budget.
ALTERNATIVES:
The Board of Supervisors could elect not to accept the quarterly review of the Statement of Assets of the Solano County Treasury as of March 31, 2018.
This alternative is not consistent with sound public policy and is therefore not recommended.
OTHER AGENCY INVOLVEMENT:
The County Treasurer has reviewed and accepted the report. The County Administrator’s Office has reviewed the report.
CAO RECOMMENDATION:
APPROVE DEPARTMENTAL RECOMMENDATION