Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit topic
No spam. Unsubscribe anytime.
Pension board accepts Malden & Jenkins audit showing plan near fully funded
Summary
Auditors reported an unmodified opinion for the 2025 financial statements, no control findings, total assets just over $362 million and an actuarial funded ratio near 98%; the board voted unanimously to accept the audit report.
Daniel Anderson, audit partner at Malden & Jenkins, presented the board with the 2025 audited financial statements and related communications. Anderson said the audit was performed in accordance with generally accepted auditing standards and government auditing standards and resulted in an unmodified (clean) opinion; the compliance-testing portion of the audit returned no findings or recommendations.
The auditors reported the plan ended the 2025 fiscal year with just over $362,000,000 in total assets and a net increase in net position of nearly $30,000,000 from contributions and investment income. Anderson noted the plan’s funded ratio was about 98% on the actuary’s basis and explained sensitivity to the assumed investment return: a 1-percentage-point change in assumptions materially affects the net pension asset/liability position.
A trustee moved to accept the audit report; the motion was seconded and carried on a unanimous roll-call vote with Chair Beatty, Vice Chair Ross Nagel, Secretary-Treasurer Griggs, Trustee Jody Hudgins and Trustee Grant Hudgins voting yes.
The board recorded no follow-up recommendations from the auditors at the meeting.
