Louisville Housing Authority Agenda and Packet 2014 09 30

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Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Louisville Housing Authority as of December 31, 2013, and the results of its activities and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Effect of Adopting New Accounting Standard and Merger with the Louisville Housing Authority As discussed in Note 1, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 69, Government Combinations and Disposals of Government Operations (Statement) in January 2013. The statement is effective for periods beginning after December 15, 2013; however, early implementation is encouraged. The Authority elected to early implement the statement for the year ended December 31, 2012. The Statement establishes accounting and financial reporting standards related to government combinations and disposals of governmental operations. As discussed in Note 7, in 2012, the Louisville Housing Authority began a merger with the Boulder County Housing Authority (the continuing government). During 2012, four of the properties were transferred over to Boulder County Housing Authority. During 2013, the remaining properties of Louisville Housing Authority and East Street Limited Partnership were transferred over to Boulder County Housing Authority. The Authority accounted for the merger in accordance with GASB No. 69. In accordance with GASB No. 69, the beginning net position of Louisville Housing Authority results from removing the carrying values of the assets, deferred outflows of resources, liabilities, and deferred inflows of resources of the properties transferred to Boulder County Housing Authority. Our opinion is not modified with respect to that matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis and budgetary comparison information on pages 4 through 12 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of American, which consisted of inquires of management about the methods or preparing the information and comparing the information for consistency with management's responses to our inquires, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively compromise the Louisville Housing Authority financial statements. The accompanying supplementary schedules on pages 24 and 25 are presented for purposes of additional analysis and are not a required part of the basic financial statements. The Financial Data Schedules (FDS) are presented for purposes of additional analysis as required by Housing and Urban Development Real Estate Assessment Center (REAC), and are not required as part of the financial statements. 2 12