The board received a progress report on San Diego Community Power’s fiscal year 2024–25 financial statement audit from the agency’s auditors, who said they expect to issue an unmodified (clean) opinion and reported no significant deficiencies or material weaknesses.

Dr. Eric Washington, chief financial officer and treasurer, introduced the audit team and said auditors have been the agency’s firm since 2021. Lead partner Kellen Gilbert of Sorin (the firm formed after a May merger) told directors the audit work is near completion and management prepared the financial statements. Gilbert said auditors plan to issue an unmodified opinion “next week,” assuming the board accepts the presentation.

What auditors reviewed
Gilbert summarized the audit’s risk‑based approach: gaining an understanding of operating characteristics and controls, testing revenue recognition and accounts receivable, confirming cash and investments with third‑party institutions, reviewing accrued cost of electricity and related liabilities, and reading footnote disclosures. He told the board the auditors did not propose any adjustments to the financial statements and did not encounter disagreements or difficulties with management.

Why it matters
A clean audit opinion indicates auditors found no material misstatements in the financial statements and no control weaknesses rising to the level of significant deficiency or material weakness. The auditors noted three new GASB pronouncements adopted during the year but said those pronouncements did not materially affect the financial statements.

Board response
Directors had no substantive follow‑up questions and there was no public comment. The board received the audit progress report as a receive‑and‑file item; the audit team will complete final steps for issuance.

Ending
Auditors will return with the final audited financial statements and the final opinion in the next scheduled deliverable. The presentation concluded with auditors thanking staff for timely cooperation.