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Village of Palmetto Bay, Florida <br />April 28, 2021 <br />Page 2 <br /> <br /> <br /> <br />The restatement of the opening balances as of October 1, 2019 of net position <br />(Governmental Activities) and fund balance (General Fund) as discussed in Note 2 to the <br />financial statements. The restatement of opening balances was related to a correction of the <br />recognition of grant revenue that should have been accounted for and reported in the prior <br />fiscal year in the amount of $890,248. <br /> <br />The financial statement disclosures are neutral, consistent, and clear. <br /> <br />Difficulties Encountered in Performing the Audit <br /> <br />We encountered no significant difficulties in dealing with management in performing and completing our <br />audit. <br /> <br />Corrected and Uncorrected Misstatements <br /> <br />Professional standards require us to accumulate all known and likely misstatements identified during the <br />audit, other than those that are clearly trivial, and communicate them to the appropriate level of <br />management. Management has corrected all such misstatements. In addition, one of the misstatements <br />detected as a result of audit procedures and corrected by management was considered material and resulted <br />in a restatement of prior period, as noted above (refer to Note 2 of the financial statements). <br /> <br />Disagreements with Management <br /> <br />For purposes of this letter, a disagreement with management is a financial accounting, reporting, or <br />auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial <br />statements or the auditors’ report. We are pleased to report that no such disagreements arose during the <br />course of our audit. <br /> <br />Management Representations <br /> <br />We have requested certain representations from management that are included in the management <br />representation letter dated April 28, 2021. <br /> <br />Management Consultations with Other Independent Accountants <br /> <br />In some cases, management may decide to consult with other accountants about auditing and accounting <br />matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves application <br />of an accounting principle to the Village’s financial statements or a determination of the type of auditors’ <br />opinion that may be expressed on those statements, our professional standards require the consulting <br />accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, <br />there were no such consultations with other accountants. <br /> <br /> FOR PROPOSAL PURPOSES ONLY - DO NOT DISTRIBUTE