The Joint Exercise of Powers Act of the California Government Code Title 1, Division 7, Chapter 5, requires an annual audit of joint powers authorities and preparation of a report. The Rocklin Public Financing Authority (Authority) is a joint powers authority established by an agreement between the City of Rocklin and the former Rocklin Redevelopment Agency.
The Authority is governed by a Board consisting of members of the City Council. Oversight responsibility, the ability to conduct independent financial affairs, issue debt instruments, approve budgets, and otherwise influence operations and account for fiscal matters is exercised by the Authority’s governing board. The Authority is a blended component unit of the City for financial reporting purposes; and this basic financial statement's report reflects the assets, liabilities, fund balances/net position, revenues, and expenditures/expenses of the Authority only.
The audit was performed by Chavan & Associates LLP and the Basic Financial Statements of the Rocklin Public Financing Authority for the year ended June 30, 2019, have been prepared.
Chavan & Associates, LLP has issued an unqualified (“clean”) auditor’s opinion.
A representative of Chavan & Associates LLP, will be present at the Council meeting to answer any questions.