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External auditors give unmodified opinions for three pension plans; audit accepted, one state contribution outstanding
Summary
Pervis Gray issued unmodified audit opinions for the General Employees, Police Officers and Firefighters pension plans for year ended Sept. 30, 2021; trustees accepted the audited financial statements and auditors noted a $134,000 state contribution for the fire plan remains to be made.
Pervis Gray, the external audit firm for Jacksonville Beach pension plans, issued unmodified opinions on the financial statements for all three plans for the year ended Sept. 30, 2021. The auditor told trustees the audits found no difficulties, no significant audit adjustments and no disagreements with management.
Auditor commentary: Ryan Tucker of Pervis Gray summarized that net investment performance as of Sept. 30, 2021, was strong and that the plans’ financial statements received the highest level of assurance. The auditor highlighted required disclosures in the financial statements and thanked staff for cooperation during the audit.
Outstanding state contribution: the auditors noted a separate disclosure regarding the firefighters plan: a state contribution that historically was paid through the City of Jacksonville Beach and recorded to the City of Jacksonville had not been remitted during the audit period. The auditor said the amount was about $134,000 and that it will need to be made up with interest; staff said they were addressing the matter with the appropriate parties.
Board action: trustees voted by roll call to accept the audited financial statements for each plan. Votes were recorded for the firefighters, police and general boards.
Why it matters: an unmodified opinion signals the plans’ financial statements fairly present plan financial positions under generally accepted accounting principles for governmental pensions. The $134,000 outstanding state contribution for fire is a discrete funding/administrative matter auditors flagged for corrective action.
