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Financial Audits Contained in Government Auditing Standards, Issued by the Comptroller General of the United States

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Financial Audits Contained in Government Auditing Standards, Issued by the Comptroller General of the United States Report No. 2021-054 November 2020 STATE OF FLORIDA STATE BOARD OF ADMINISTRATION LOCAL GOVERNMENT SURPLUS FUNDS TRUST FUND (FLORIDA PRIME) (An External Investment Pool) For the Fiscal Years Ended June 30, 2020, and June 30, 2019 Audit Financial Sherrill F. Norman, CPA Auditor General Board of Trustees and Executive Director of the State Board of Administration The State Board of Administration’s Board of Trustees is composed of the Governor, as Chair, the Chief Financial Officer, and the Attorney General. The Trustees delegate administrative and investment authority to an appointed Executive Director. Mr. Ashbel Williams served as Executive Director during the audit period. The Auditor General conducts audits of governmental entities to provide the Legislature, Florida’s citizens, public entity management, and other stakeholders unbiased, timely, and relevant information for use in promoting government accountability and stewardship and improving government operations. The team leader was Toni Waterman, CPA, and the audit was supervised by Ryan Marlar, CPA. Please address inquiries regarding this report to Joshua T. Barrett, CPA, Audit Manager, by e-mail at [email protected] or by telephone at (850) 412-2804. This report and other reports prepared by the Auditor General are available at: FLAuditor.gov Printed copies of our reports may be requested by contacting us at: State of Florida Auditor General Claude Pepper Building, Suite G74 · 111 West Madison Street · Tallahassee, FL 32399-1450 · (850) 412-2722 STATE BOARD OF ADMINISTRATION LOCAL GOVERNMENT SURPLUS FUNDS TRUST FUND (FLORIDA PRIME) TABLE OF CONTENTS Page No. SUMMARY ........................................................................................................................................... i INDEPENDENT AUDITOR’S REPORT ................................................................................................ 1 MANAGEMENT’S DISCUSSION AND ANALYSIS .............................................................................. 4 BASIC FINANCIAL STATEMENTS ...................................................................................................... 8 Statements of Net Position ............................................................................................................... 8 Statements of Changes in Net Position ........................................................................................... 9 Notes to Financial Statements ......................................................................................................... 10 I. Summary of Significant Accounting Policies .......................................................................... 10 II. Deposits and Investments ...................................................................................................... 13 INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS ................................................ 25 SUMMARY SUMMARY OF REPORT ON FINANCIAL STATEMENTS Our audit disclosed that the basic financial statements prepared by the State Board of Administration (SBA) present fairly, in all material respects, the net position of the Local Government Surplus Funds Trust Fund (Florida PRIME) and the changes in net position thereof in accordance with prescribed financial reporting standards. SUMMARY OF REPORT ON INTERNAL CONTROL AND COMPLIANCE Our audit did not disclose any deficiencies in internal control over Florida PRIME’s financial reporting that we consider to be material weaknesses. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards issued by the Comptroller General of the United States. AUDIT OBJECTIVES AND SCOPE Our audit objectives were to determine whether the SBA had: Presented Florida PRIME’s basic financial statements in accordance with generally accepted accounting principles; Established and implemented internal control over financial reporting and compliance with requirements that could have a direct and material effect on the financial statements; Complied with the various provisions of laws, rules, regulations, contracts, Florida PRIME’s investment policy, and other guidelines that are material to the financial statements. The scope of this audit included an examination of Florida PRIME’s basic financial statements as of and for the fiscal years ended June 30, 2020, and June 30, 2019. We obtained an understanding of the SBA’s environment, including its internal control, and assessed the risk of material misstatement necessary to plan the audit of the basic financial statements. We also examined various transactions to determine whether they were executed, in both manner and substance, in accordance with governing provisions of laws, rules, regulations, contracts, and Florida PRIME’s investment policy. AUDIT METHODOLOGY We conducted our audit in accordance with auditing standards generally accepted in the United States of America and applicable standards contained in Government Auditing Standards issued by the Comptroller General of the United States. Report No. 2021-054 November 2020 Page i AUDITOR GENERAL STATE OF FLORIDA Claude Denson Pepper Building, Suite G74 Sherrill F. Norman, CPA 111 West Madison Street Phone: (850) 412-2722 Auditor General Tallahassee, Florida 32399-1450 Fax: (850) 488-6975 The President of the Senate, the Speaker of the House of Representatives, and the Legislative Auditing Committee INDEPENDENT AUDITOR’S REPORT Report on the Financial Statements We have audited the accompanying financial statements of the State Board of Administration (SBA) Local Government Surplus Funds Trust Fund (Florida PRIME), as of and for the fiscal years ended June 30, 2020, and June 30, 2019, and the related notes to the financial statements, which collectively comprise Florida PRIME’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant Report No. 2021-054 November 2020 Page 1 accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above, present fairly, in all material respects, the respective financial position of Florida PRIME as of June 30, 2020, and June 30, 2019, and the respective changes in financial position for the years then ended in accordance with accounting principles generally accepted in the United States of America. Emphasis of Matter As discussed in Note I.A., the financial statements present only Florida PRIME and do not purport to, and do not, present fairly the financial position of the State of Florida as of June 30, 2020, and June 30, 2019, or the changes in its financial position for the years then ended in accordance with accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that MANAGEMENT’S DISCUSSION AND ANALYSIS on pages 4 through 7 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
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