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Board receives 2023 audit showing unqualified opinion and recognizes Mojave settlement receivable
Summary
The authority's auditors issued a clean (unqualified) opinion for the fiscal year ended Dec. 31, 2023; staff noted a recognized receivable from a Mojave settlement drove a reported operating surplus.
The board received the Indian Wells Valley Groundwater Authority’s independent auditors’ draft report for the fiscal year ended Dec. 31, 2023, which contained an unqualified (clean) opinion. Roberto Moreno of RGS joined by phone to summarize highlights.
Moreno told the board the audit “is a clean opinion, unqualified,” and said the authority’s extraction fund ended the year with a net position surplus of $194,009.91. He said basin replenishment reported a net position of about $8.1 million. Moreno explained the operating surpluses recognized for the year were driven in part by a legal settlement with Mojave: the authority recorded $1.2 million covering settlement amounts allocated to 2021–2023. The $1.2 million is on the agency’s books as a receivable though cash had not yet been received at the time of the report.
Director Saint Amond asked whether the 2024 audit was underway; staff said they expect to bring the 2024 audit to the board before the end of 2025. Director Saint Amond also suggested establishing a financial committee to review documents before they are released to the full board.
Staff clarified this agenda item was to receive and file the audit, and legal counsel and the authority’s auditor were available by phone during the meeting for questions. No board action beyond receipt was recorded on the closed-session report; the audit was acknowledged and will be brought forward for finalization when the legal representation letter and packet are complete.
