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Biennial audit finds Placer County Flood Control District in healthy financial condition
Summary
A privately contracted biennial audit covering fiscal years through June 30, 2024, found no instances of noncompliance or material internal-control weaknesses; the report shows the District’s net position at $7,347,536 and a General Fund balance of $1,036,959.
The District’s biennial financial audit for the two-year period ending June 30, 2024, found no reportable instances of noncompliance or material weaknesses in internal control, the District’s manager reported at the March 9 Board meeting.
Brad Brewer summarized results prepared by the auditing firm LSL and stated the audit was conducted in accordance with Government Auditing Standards. Audit highlights in the meeting materials showed the District’s assets exceeded liabilities by $7,347,536 (net position) and the General Fund had an ending fund balance of $1,036,959 at the close of the fiscal year. For the two-year period, total program and general revenues were $2,425,076 and program expenses were $2,332,095.
Brewer said revenues rose compared with the prior two-year period due to use of federal grant funds for the FEMA CTP4 floodplain mapping project and increased charges for development-review services to member agencies. District operating expenditures also increased because of higher professional and FEMA CTP4 engineering support costs. Copies of the complete auditor’s report are available from District staff upon request.
