HomeMy WebLinkAboutItem 6a. FY 2023-24 Financial Statements
Whale Rock Commission Report
Whale Rock Commission Meeting – May 8, 2025
Agenda Item 6 – FY 2023-24 Financial Statements
FROM: Aaron Floyd, Utilities Director
PREPARED BY: Mychal Boerman, Utilities Deputy Director – Water
Tavy Garcia – Senior Accountant
SUBJECT: FY 2023-24 Financial Statements
RECOMMENDATION
Receive and file Fiscal Year 2023-24 Whale Rock Financial Statements
DISCUSSION
Summary
Each year the City receives an independent audit of the Whale Rock Commission’s
financial statements. This audit provides an opinion as to whether the financial
statements are prepared, in all material respects, in accordance with accounting
principles generally accepted in the United States of America. For the 2023-24 fiscal
year, the auditors have issued a “clean” opinion, meaning that the financial
statements are presented fairly in all material respects.
The Management’s Discussion and Analysis section includes financial and
operational highlights for the fiscal year and summary information on the
Commission’s financial position at year end.
As in prior years, the auditors have also provided a report on the internal controls
over financial reporting and, consistent with the findings for the City’s Annual
Comprehensive Financial Report, identified two areas of improvement, with one
being a material weakness related to journal entry posting, and the other being a
significant deficiency related to payroll module implementation. These findings, along
with the City’s responses are incorporated into the last section of the audited financial
statements (pages 37-40). The City’s finance department will work to correct these
two issues over the next year.
The Whale Rock Commission 2023-24 Financial Statements, as well as the auditor’s
reports, are provided in the attachment section of this report.
ENVIRONMENTAL REVIEW
The California Environmental Quality Act does not apply to the recommended action,
because the action does not constitute a “Project” under CEQA Guidelines Sec.
15278.
Page 117 of 141
FISCAL IMPACT
The proposed action would not result in fiscal impacts to the Whale Rock Commission
member agencies.
ALTERNATIVES
The commission could choose to request modifications to the financial statements if
an error is identified with the statements included in Attachment A.
ATTACHMENT
A – 2023-24 Whale Rock Commission Financial Statements
Page 118 of 141