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Commissioners Guide to Monitoring & Oversight
Handout - Commissioners' Guide to M&o - MHA Financ ...
Handout - Commissioners' Guide to M&o - MHA Financials
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Pdf Summary
The document is a financial report of the Housing Authority of the County of Marin for the year ended December 31, 2018. It includes audited financial statements and related notes, a management discussion and analysis, and additional supplementary information.<br /><br />The Independent Auditors' Report, provided by Harn & Dolan, discusses the responsibility of management to prepare financial statements in alignment with U.S. accounting principles and addresses the auditors' responsibility to express an opinion based on a risk-assessed audit process. The auditors have confirmed their belief that the financial evidence obtained is sufficient for providing appropriate opinions, stating that the financial statements fairly present the financial position of the Housing Authority as of December 31, 2018.<br /><br />The financial statements include the Statement of Net Position, which details assets, liabilities, deferred inflows and outflows, and net position. As of the specified date, total assets were approximately $42.1 million, with an increase of about $1.3 million from the previous year. Current assets increased by around 21%, primarily due to increased receivables from HUD and other agencies. Capital assets net of depreciation were about $20.5 million, showing a decrease due to depreciation.<br /><br />Liabilities decreased by approximately $432,701, with significant changes in net pension liabilities and post-employment benefit obligations impacting the overall liability and deferred items. Net position at year-end was just over $25.7 million.<br /><br />The Change in Net Position shows a substantial increase in total revenues by $7.2 million, largely driven by federal grants, compared to an increase in total expenses of $6.1 million, mainly due to housing assistance payments. This resulted in a gain in net position prior to a GASB 75 adjustment, which deals with postemployment benefits other than pensions.<br /><br />The supplementary sections include a schedule of expenditures of federal awards, financial data schedules, and a statement of completed capital projects. These are intended for additional analysis and are not considered a part of the core financial statements but are essential for comprehensive financial reporting.
Keywords
Housing Authority
Marin County
financial report
audited financial statements
management discussion
independent auditors
net position
federal grants
capital assets
postemployment benefits
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