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External auditor issues unmodified opinion for three pension plans
Summary
Purvis Gray delivered FY2018-19 audit results for the three Jacksonville Beach pension plans, reporting unmodified opinions and describing financial statement contents and disclosures required by GASB.
Ryan Tucker of Purvis Gray presented the independent audit for the fiscal year ending Sept. 30, 2019, telling trustees the firm issued unmodified (clean) opinions for the general employees, police and firefighters plans. "These financial statements are presented fairly in all material respects and in accordance with GAAP," Tucker said.
Tucker reviewed the financial statements' components: the independent auditors' report, management's discussion and analysis, basic financial statements (balance sheet/statement of fiduciary net position and statement of changes in fiduciary net position) and required supplementary information (four schedules required by GASB). He highlighted that investments are reported at fair value and that the statement of changes shows employer and employee contributions, benefit payments and net investment income.
Tucker summarized five-year trends shown in the reports: net position increases across the three plans over the five-year spans (general employees +20.78%; police +30.67%; fire ~30%). He noted disclosure additions, including a COVID-19 subsequent-event disclosure and items related to the fire plan transition discussed elsewhere in the meeting.
Each of the three boards moved and approved acceptance of the independent auditors' report by roll-call vote.
