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HomeMy WebLinkAboutHaynie & Co Board Presentation 10.2025 2up<Any extra information that doesn’t match agenda but needs to be on section break slide> Town of Estes Park Audit Presentation to the Audit Committee For The Year Ending December 31, 2024 October 1, 2025 •Engagement team •Audit procedures •Required communications •Audit Adjustments •Appendices Agenda <Any extra information that doesn’t match agenda but needs to be on section break slide> ENGAGEMENT Ty Holman, CPA, tyh@hayniecpas.com 303-995-4970 Audit Partner Abbey Irvine, CPA, abbeyi@hayniecpas.com 970-443-0936 Audit Manager <Any extra information that doesn’t match agenda but needs to be on section break slide> AUDIT PROCEDURES -We issued an unmodified audit opinion on the 2024 financial statements effective September 29, 2025. -The audit opinion covers the governmental activities, the business type activities, each major fund, all non-major funds, the discretely presented component units, and the related notes to the financials -We conducted our audit in accordance with United States Generally Accepted Auditing Standards. The objective of our audit was to obtain reasonable, not absolute, assurance about whether the financial statements are free from material misstatement. -The Town has two discretely presented component units the Estes Park Housing Authority. Engagement status •Government-Wide Financial Statements (27-29) •Governmental Fund Financial Statements (30 and 32) •New non major funds related to the 1% sales tax extension •Enterprise Fund Financial Statements (34 and 25) •Accounting Policies (Note 1) •Capital assets (Note 4) •Long-Term Debt (Note 5) •Budget to actuals (pages 90-92 and 97-106, 107-109) •No funds over budget in 2024 Highlights of the Report <Any extra information that doesn’t match agenda but needs to be on section break slide> REQUIRED COMMUNICATIONS •GASB 101, Compensated Absences, was adopted effective January 1, 2024. •Restated Balances related to adoption of Standard. Selection of, or changes in, accounting policies or their application Evaluation of Accounting estimates •Based on our review of the Town’s critical accounting estimates, we considered the following Estimates as part of our procedures: •Depreciable lives •Compensated Absence use of sick time •Pension and OPEB liability •Self Insurance claims payable •Discount rates used to measure SBITAs liability Disagreements with management •We encountered no disagreements with management about matters that, individually or in the aggregate, could be significant to •The District’s interim financial information •Our audit procedures Difficulties encountered in performing the audit •Audit report was delayed related to timing of EPHA audited financials. •We are not aware of any consultations management had with other accountants about significant review or accounting matters. Management consultation with other accountants Management representation •Management provided a signed representation letter prior to issuance of the final report. Other matters •Required supplementary information – no opinion and no assurance •Other supplementary information – in-relation-to opinion Single Audit •Performed in 2024 for one major program – •Water and Waste Disposal Systems for Rural Communities grant, from the USDA, for the Prospect Mountain Project. •No findings to report related to compliance or internal control over the program. <Any extra information that doesn’t match agenda but needs to be on section break slide> Audit Adjustments •These are also referred to as audit adjustments •Standard audit adjustments provided to adjust Pension and OPEB amounts on the financials statements •Town provided adjustments (10) •Significant Deficiency Reported over Internal Control Corrected and Uncorrected Misstatements Any additional information needed for sub-section break slide Upcoming GASB Pronouncements Pronouncement Status Date Issued Effective Date (fiscal years beginning after) Statement No. 102: Certain Risk Disclosures This Statement requires a government to assess whether a concentration or constraint makes the primary government reporting unit or other reporting units that report a liability for revenue debt vulnerable to the risk of a substantial impact. Additionally, this Statement requires a government to assess whether an event or events associated with a concentration or constraint that could cause the substantial impact have occurred, have begun to occur, or are more likely than not to begin to occur within 12 months of the date the financial statements are issued. Final 12/1/2023 6/15/2024 Statement No. 103: Financial Reporting Model Improvements The objective of this Statement is to improve key components of the financial reporting model to enhance its effectiveness in providing information that is essential for decision making and assessing a government’s accountability. This Statement also addresses certain application issues. Final 4/1/2024 6/15/2025 Statement No. 104: Disclosure of Certain Capital Assets State and local governments are required to provide detailed information about capital assets in notes to financial statements. Statement No. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments, requires certain information regarding capital assets to be presented by major class. The objective of this Statement is to provide users of government financial statements with essential information about certain types of capital assets. Final 9/1/2024 6/15/2025 QUESTIONS AND ANSWERS THANK YOU! HaynieCPAs.com