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Monterey County LAFCO adopts clean FY2025 audit; pension position shows asset
Summary
LAFCO commissioners unanimously adopted the final audit for the fiscal year ending June 30, 2025. The auditor issued an unmodified (clean) opinion and noted LAFCO carries a net pension asset, in part because the commission has funded CalPERS liabilities on an annual basis.
Monterey County Local Agency Formation Commission on Dec. 1 adopted its final audit for the fiscal year ending June 30, 2025, after auditors reported an unmodified (clean) opinion and no disagreements with management.
Jonathan Brinkman, principal analyst, introduced Karen Campbell, CPA and senior audit manager at Bianchi, Casavan and Pope, who told the commission the audited financial statements received a clean opinion. "Our audit opinion on the financial statements is again labeled an unmodified or clean opinion," Campbell said, and added auditors found no difficulties or disagreements with management and issued no management letter with findings.
Campbell highlighted that LAFCO is among a small number of local agencies reporting a net pension asset this year. She attributed that position in part to LAFCO making annual payments on its CalPERS pension liabilities and to recent performance in the CalPERS pooled plans. Campbell also noted that comparative financial statements include columns for FORA that will show zeros for 2025 because FORA activity wound down, with the last transaction recorded in September 2024.
Commissioners praised the work. "Karen, it was a really clean audit. It was a pleasure to work with you again this year," the chair said. Following brief remarks, the commission voted to adopt the final audit; Commissioner Mike Bickel made the motion and Commissioner Chad Lindley seconded it. The vote was unanimous.
The adoption completes the audit cycle for FY2025; staff and the commission noted no required corrective actions from auditors and did not schedule further audit-related hearings at this meeting.
