DATE: May 25, 2021
TO: Board of Supervisors
SUBMITTED BY: Oscar J. Garcia, CPA
Auditor-Controller/Treasurer-Tax Collector
SUBJECT: Restated Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2020
RECOMMENDED ACTION(S):
TITLE
Receive and file the County of Fresno Restated Comprehensive Annual Financial Report (Financial Report) for the fiscal year ended June 30, 2020.
REPORT
This item is countywide.
ALTERNATIVE ACTION(S):
There is no viable alternative as the restated Financial Report is submitted in compliance with Government Code Sections 25250 and 25253.
FISCAL IMPACT:
There is no fiscal impact associated with this action.
DISCUSSION:
On December 30, 2020, the independent certified public accounting firm of Brown Armstrong issued an unmodified ("clean") opinion on the County's basic financial statements as of and for the fiscal year ended June 30, 2020. The independent auditor's report is located at the beginning of the financial section of the report.
On January 15, 2021, the Audit Committee completed its review and accepted the Financial Report for the fiscal year ended June 30, 2020.
On January 26, 2021, the Financial Report for the fiscal year ended June 30, 2020 was provided for your Board's review in compliance with Government Code Sections 25250 and 25253.
As a result of a subsequent double check by Brown Armstrong's Audit Quality Committee (AQC) and Brown Armstrong's single audit work, which is an audit of federal awards to ensure compliance with the federal program's requirements, started subsequent to December 30, 2020, Brown Armstrong became aware that $64,953,000 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act funding received by the County during fiscal year 2019-20 was not claimed from the County's Disaster Claiming Fund prior to June 30, 2020, according to the procedure described below. Therefore, $64,953,000 of the CARES Act funding did not meet the eligibility requirement for revenue recog...
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