Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Port Hueneme Water Agency receives FY 2023–24 audit, board agrees to 'receive and file' as staff readies RFP and CIP planning
Summary
The Port Hueneme Water Agency board received and filed its fiscal year 2023–24 annual comprehensive financial report, accepting an unqualified audit opinion from Brown Armstrong and hearing staff warn of tightened cash flow as the agency prepares a multi-year capital improvement plan and issues an RFP to rotate audit firms.
The Port Hueneme Water Agency board unanimously voted to receive and file the agency's annual comprehensive financial report for the fiscal year ended June 30, 2024, and heard staff caution that cash reserves will need bolstering as the agency begins a planned capital improvement program.
Ashley Chaparro, the agency's interim finance director, told the board the audit, performed by Brown Armstrong in accordance with generally accepted accounting principles, contained an unmodified opinion: "The audit opinion shows that our financial statements fairly represent in all material respects the financial position of the agency as of fiscal year ending 06/30/2024," Chaparro said.
The audit shows PHWA recorded a net operating loss of about $472,000 for FY 2023'24, an amount Chaparro described as "approximately equal to our depreciation for the year." She said the agency's net position remains about $13 million, of which roughly $12 million…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
