Independent auditors issue clean opinions for Jacksonville Beach pension plans

Megan Camp, director in the audit department of Pervvis Gra Company, told trustees the audits of the fiscal year ended Sept. 30, 2024, resulted in unmodified opinions on the financial statements for the General, Police and Firefighters pension plans. "We were able to issue unmodified opinions on the financial statements," Camp said, directing trustees to the auditor's report and required supplementary information in their bound copies.

Camp said there were no audit difficulties, no disagreements with management and no corrected or uncorrected misstatements identified. She highlighted that investment returns were a primary driver of year-over-year increases in net position across plans and walked trustees through where key exhibits appear in the bound reports.

The boards moved to accept the auditor's communications and financial statements; recorded roll-call approvals followed. Trustees also received a separate governance communication inserted into the bound packet covering responsibilities and disclosures.

Why it matters: The auditor's unmodified opinions signal that the financial statements fairly present the plans' financial position under generally accepted accounting principles and that no material misstatements were found during the examination. The reports will be part of public record and are used to support employer invoicing derived from the actuarial valuations.

What happens next: The trustee boards will use the audited statements as part of the supporting documentation for the actuarial valuation and funding discussions; staff will distribute the final reports and the separate communications to plan stakeholders.