Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget Finance topic
No spam. Unsubscribe anytime.
County auditor presents 2017 financial report, gives unmodified opinion
Summary
Gilbert & Stewart CPAs delivered a clean (unmodified) opinion on Utah County's 2017 financial statements, highlighted OPEB and pension disclosures and recommended follow‑up on internal control suggestions; commissioners accepted the presentation.
James Gilbert of Gilbert & Stewart CPAs presented the county's 2017 audited financial statements and single‑audit reports, reporting an unmodified ("clean") opinion that the statements were materially correct in accordance with generally accepted accounting principles. Gilbert walked commissioners through the management discussion and analysis, fund financial statements and extensive footnotes, and noted required supplemental disclosures and GASB 68 pension disclosures.
Gilbert called attention to other post‑employment benefit (OPEB) reporting: the audit lists an unfunded actuarial accrued OPEB liability of approximately $9,200,000 and noted the county has earmarked funds to address that liability through a trust account. He also described the county's share of the state retirement system's net pension liability as roughly $34,000,000, a GASB disclosure that does not represent an immediate cash obligation but must appear on financial statements.
Commissioners pressed for detail on which liabilities were ‘‘funded’’ versus reported as unfunded. Gilbert explained that accounting rules require certain liabilities to be reported as unfunded even when the county has set aside cash in a trust; he pointed to note disclosures and long‑term liability schedules that list compensated absences (sick/vacation accruals) and the OPEB amounts.
Members raised technical questions about travel, the composition of federal grant receipts and small schedule displays; Gilbert showed where federal grants (about $15.8 million in total federal funds reported) and major fund balances appear in the report and offered to provide additional breakout schedules. After questions, the commission voted to accept the presentation. The auditors said they will follow up with a management letter on internal control recommendations during the exit conference.
The county will receive the auditor's management letter and may ask staff to return with responses to the recommendations at the exit conference.
