b'INDEPENDENT AUDITORS REPORTU.S. BANK TOWER633 WEST 5TH STREET, SUITE 2600 LOS ANGELES, CA 90071 ___________________________________________________________________________________________________________________(213) 736-6664 TELEPHONE (213) 736-6692 FAX www.simpsonllp.com SIMPSON & SIMPSONCERTIFIED PUBLIC ACCOUNTANTSFOUNDING PARTNERSBRAINARD C. SIMPSON, CPAMELBAW. SIMPSON, CPAINDEPENDENT AUDITORS REPORT To the Board of Fire and Police Pension Commissioners Los Angeles Fire and Police Pension System Opinions We have audited the accompanying financial statements of the Pension Plan and Health Subsidy Plan, administeredbytheLosAngelesFireandPolicePensionSystem(theSystem),whichcomprisethe statements of fiduciary net position as of June 30, 2024 and 2023, and the related statements of changes in fiduciary net position for the years then ended, and the related notes to the basic financial statements for each plan as listed in the table of contents.Inouropinion,thefinancialstatementsreferredtoabovepresentfairly,inallmaterialrespects,the respective fiduciary net position of the Pension Plan and Health Subsidy Plan, as of June 30, 2024 and 2023, and the respective changes in fiduciary net position for the years then ended in accordance with accounting standards generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America(GAAS)andthestandardsapplicabletofinancialauditscontainedinGovernmentAuditing Standards, issued by the Comptroller General of the United States.Our responsibilities under those standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the System, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Responsibilities of Management for the Financial Statements Managementisresponsibleforthepreparationandfairpresentationofthefinancialstatementsin accordance with accounting principles generally accepted in the United States of America, and for 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. In preparing the financial statements, management is required to evaluate whether there are conditions or events considered in the aggregate, that raise substantial doubt about the Systems ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. 1 18 LAFPP ANNUAL REPORT 2024'