Attachment 3 - Auditor Presentation Finance CommissionTown of Los
Gatos
JUNE 30, 2022 AUDIT
RESULTS
ATTACHMENT 3
Standards and
Responsibilities
A.GAAS
B.GAGAS
C.Objective
a)Express an Opinion on F.S.
D.Responsibilities
a)Reasonable Assurance
b)Risk Based
c)Materiality
d)Internal Controls
Annual Comprehensive Financial Report (ACFR)
IntroductorySection 1
•Letter of Transmittal
•Elected Officials
•Organizational Chart
FinancialSection 2
•Auditor’s Opinion
•MD&A
•Financial Statements and Notes
•Required Supplementary Information
•Supplementary Information
StatisticaSection 3
•Fiscal
•Historical
•Demographic Information
Statement of Net Position
$(50,000,000)
$-
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
Statement of Net Position
2022 2021
Government Wide Revenues
$(5,000,000)
$-
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
Charges for
Services
Operating
Grants and
Contributions
Capital Grants
and
Contributions
Property
Taxes
Sales Taxes Franchise
Taxes
Other Taxes Motor Vehicle
in Lieu
Investment
Earnings
Miscellaneous
Government Wide Revenue
2022 2021
Pensions
Misc Safety Total
Deferred outflows of resources 3,663,900$ 6,934,592$ 10,598,492$
Deferred inflows of resources 10,235,294$ 11,897,661$ 22,132,955$
Net pension liabilities 10,723,589$ 16,762,598$ 27,486,187$
Pension expense (credit)(2,782,619)$ (385,739)$ (3,168,358)$
Defined Benefit Plans
Leases Receivable GASB 87
Lease Deferred Inflows Prior Period
Description Receivable of Resources Adjustment
Initial Net Present Value 2,692,765$ 2,692,765$ -$
Accumulated Amortization - (1,333,252) 1,333,252
Other adjustments - 1,717 (1,717)
Principal Payments (644,136) - (644,136)
Beginning Balances 7/1/2021 2,048,629 1,361,230 687,399
Current Amortization - (204,818) -
Valuation Expense (133,807) - -
Current Principal Payments (88,405) - -
Ending Balances 6/30/2022 1,826,417$ 1,156,412$ 687,399$
Governmental Funds 331,696$ 327,100$ -$
Internal Service Funds 1,494,721 829,312 687,399
Total 1,826,417$ 1,156,412$ 687,399$
Audit Results
No Exceptions in Audit Opinions
No Material Weaknesses
No Disagreements with Management
No Significant Passed on Adjustments