Commissioners Guide to Monitoring & Oversight-Handout - Commissioners' Guide to M&O

Handout - Commissioners' Guide to M&O - MHA Financials

Pdf Summary

The financial report for the Housing Authority of the County of Marin, a component unit of Marin County, comprises financial statements audited for the year ending December 31, 2018. The independent auditor's report, prepared by Harn & Dolan Certified Public Accountants, suggests that the financial statements accurately reflect the entity's financial status according to accepted accounting principles in the United States.

The report includes several key sections:
1. <strong>Financial Statements</strong>: These include the statement of net position, revenues, expenses, changes in net position, and cash flows for its proprietary funds. These documents provide a snapshot of the organization's financial health, indicating total revenue increases, primarily from federal funding, and operating expenses hike due to higher Housing Assistance Payments.

2. <strong>Management's Discussion and Analysis (MD&A)</strong>: This section highlights significant financial data changes between 2017 and 2018. The MD&A reveals a total asset increase driven by higher receivables from HUD and other agencies. The liabilities saw a modest decrease mainly due to reduced net pension liabilities, while the net position showed a modest increase.

3. <strong>Audit Opinion and Other Information</strong>: The auditors believe the financial statements are fairly presented without any material misstatements. The notes and supplementary information aid in understanding the context of financial statements, highlighting changes due to the adoption of GASB Statement No. 75 regarding post-employment benefits.

4. <strong>Additional Reports</strong>: The document includes reports on internal controls and compliance with governmental and federal audit standards. 

Overall, the report underscores the Housing Authority’s fiscal activities, increases in net revenue, and compliance with financial reporting standards, thus providing stakeholders with an essential overview of its operations and financial standing for the year.

Keywords

Housing Authority

Marin County

financial report

audited statements

Harn & Dolan

federal funding

Management's Discussion and Analysis

GASB Statement No. 75

internal controls

compliance standards