Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit Financials topic
No spam. Unsubscribe anytime.
KPMG issues clean opinion on HSS financials; trust net assets rose to $72.5M
Summary
KPMG reported an unqualified audit opinion for FY ending 06/30/2017 with no corrected or uncorrected misstatements. HSS trust net assets rose to $72.5 million, driven by a mix of rate subsidies and other adjustments.
KPMG presented the audited financial statements for the fiscal year ended June 30, 2017, and issued an unqualified (clean) opinion. Audit manager Jia (Jie) Hua Lee (KPMG) told the board the audit found no corrected or uncorrected misstatements and no control deficiencies warranting board disclosure.
Pamela Levin, HSS Chief Financial Officer, summarized key financial highlights: the trust began the period with about $68.6 million in net assets and closed at approximately $72.5 million, a $3.9 million increase. Levin described the drivers of that change, including rate subsidies for city health plans, shifts among plan net positions and allocations to contingency and stabilization reserves. The audit presentation also covered the blue claims reserve significant-risk procedures, KPMG’s review of actuarial assumptions and required communications with the board.
KPMG and HSS staff said they will include the audited financials in the city’s comprehensive annual financial report when it is published. Board members thanked the audit and finance teams for their work and asked clarifying questions; no material audit adjustments were reported.
