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Receive the Audit Report of the Solano County Fair for the years ended December 31, 2017 & 2016
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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 receive the Audit Report of the Solano County Fair for the years ended December 31, 2017 & 2016.
SUMMARY AND DISCUSSION:
The Solano County Fair (Fair) serves all citizens of Solano County and is managed by the Solano County Fair Association (Association). The Association was established as a 501(c) (3) nonprofit corporation in 1949 to conduct the annual County Fair and oversee the day-to-day operations of the County's fairgrounds property. The Fair is governed by the Solano County Board of Supervisors via an appointed Fair Association Board of Directors.
The activities of the Fair are accounted for in an enterprise fund, a proprietary fund type, which appears as a discretely presented component unit in the Comprehensive Annual Financial Report of the County of Solano, the reporting entity. An enterprise fund is used to account for those operations financed and operated in a manner similar to private businesses where the intent is that all costs (including depreciation and overhead) are financed or recovered through user charges.
In accordance with the Memorandum of Understanding between the Association and the County, the ACO performed the audit of the Fair for the calendar years ended December 31, 2017 & 2016. The audit was conducted in accordance with auditing standards generally accepted in the United States of America. Those standards require that the ACO plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
Based on the audit, the ACO issued an unmodified opinion ("clean" opinion) on the financial statements as of and for the years ended December 31, 2017 & 2016. ...
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