To: Board of Supervisors
From: Anna Roth, Health Services Director
Report Title: West Contra Costa Healthcare District Annual Audits
☒Recommendation of the County Administrator ☐ Recommendation of Board Committee
RECOMMENDATIONS:
Acting as the Governing Board of the West Contra Costa Healthcare District,
ACCEPT the West Contra Costa Healthcare District annual 2023-24 Financial audit completed by JWT & Associates; and
ACCEPT the West Contra Costa Healthcare District (WCCHD) annual 2023-24 Successor Retirement Plan audit completed by JWT & Associates.
FISCAL IMPACT:
There is no fiscal impact for this action.
BACKGROUND:
The District is required to have an annual Financial Audit of its business activities and an audit of the Successor Retirement Plan to meet the regulatory requirements of the outstanding bonds. The audit found no issues as indicated below:
1. The annual District financial audit was completed by JWT & Associates. The audit had no adverse findings and concluded “In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the business-type activities and fiduciary activities of the District, as of June 30, 2024 and 2023, and the changes in financial position and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America”.
2. The annual 2023-24 Successor Retirement Plan audit was completed by JWT & Associates. The audit noted “In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of June 30, 2024 and 2023, and the changes in its net assets available for benefits for the years then ended, in accordance with accounting principles generally accepted in the United States of America”. The audit further indicated that “Based on current actuarially determined Plan liabilities and anticipated estimated earnings, distributions and expenses, the Plan is expected to be able to fund all participant liabilities”.
CONSEQUENCE OF NEGATIVE ACTION:
If this action is not approved, regulatory requirements of the outstanding bonds to conduct an annual Financial Audit of business activities and an audit of the Successor Retirement Plan will not be fulfilled.