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Board adopts Malden & Jenkins audit after unmodified opinion; plan net position just under $180 million
Summary
Auditor Malden & Jenkins presented an unmodified opinion on the Firefighters Pension Plan financial statements; trustees voted 5-0 to adopt the fiscal-year statements showing net position of just under $180 million and no audit findings or adjustments.
The Sarasota City Firefighters Pension Plan Board of Trustees adopted the auditor’s financial statements for the fiscal year ended Sept. 30, 2024, after Malden & Jenkins presented an audit opinion described as unmodified and noted no compliance findings.
Daniel, the auditor who presented the firm’s discussion and analysis, summarized the audit work and conclusions, saying, "We have issued an unmodified opinion, which is the highest form of assurance that we can render." He told trustees the firm performed financial and compliance audit procedures, found no corrected or uncorrected misstatements and encountered no significant difficulties in working with management.
Key findings and figures: - Opinion and compliance: Daniel reported an unmodified audit opinion and no compliance findings in the "yellow book" compliance testing of internal controls and plan-document compliance. - Net position and activity: Daniel said "the plan did end with over $180,000,000 in investment and total assets, offset by about $1,400,000 in liabilities to end up with just under $180,000,000 as your final net position restricted for those pension benefits." He also detailed a $1.5 million increase in net position for the year, with contributions and investment income offsetting benefits paid. - Estimates and assumptions: The auditor highlighted significant estimates, including fair-value testing of investments and actuarial assumptions used to determine required employer contributions; he noted the plan used a 6.5% investment rate of return assumption in certain disclosures.
Vote and motion: Chair Hartley entertained a motion to adopt Malden & Jenkins’ financial statements. A trustee moved, another seconded, and the board approved the motion on a roll-call vote recorded in the minutes as, "That motion passes 5 0." The board thanked the auditors and administration for timely work and the absence of reported deficiencies.
What comes next: Trustees accepted the audit and will file the required statements and post any items required by statute. The auditors offered to return in person for follow-up or deeper review if the board requests.
