Silicon Valley Clean Energy
Audit Committee Meeting
Thursday, February 16, 2023
12:30 p.m.
Pursuant to State of California Gov’t Code Section 54953 (e) the meeting was conducted via teleconference.
MEETING MINUTES
Call to Order
Chair Mekechuk called the meeting to order at 12:36 p.m.
Roll Call
Present:
Bryan Mekechuk, Monte Sereno
Sheila Mohan, Cupertino
Harjot Sangha, Gilroy
Absent:
Sergio Lopez, Campbell
Murali Srinivasan, Sunnyvale
All present committee members participated via teleconference.
Public Comment on Matters Not Listed on the Agenda
No speakers.
Consent Calendar
MOTION: Director Mohan moved and Committee member Sangha seconded the motion to approve the Consent Calendar.
Chair Mekechuk opened public comment.
No speakers.
Chair Mekechuk closed public comment.
The motion carried unanimously by verbal roll call vote with Directors Lopez and Srinivasan absent. 1a) Approve Minutes of the September 30, 2022, Audit Committee Meeting 1b) Direction to Staff to Poll Committee Members for Next Meeting Date Regular Calendar
DocuSign Envelope ID: 61077750-9F1F-4C50-8628-627158CE5E9F 2) Welcome and Audit Committee Overview (Discussion)
Amrit Singh, CFO and Director of Administrative Services, provided a presentation to the committee on an overview of the Audit Committee role, which included the purpose of the Committee, the completion of the financial audit, information on the various IT audits, and timing of future meetings. Chair Mekechuk provided additional introductory information on the Audit Committee.
Staff responded to committee member questions regarding the role of using an outside accounting firm (Maher Accountancy); Mike Maher of Maher Accountancy provided information regarding his work with SVCE and experience with other CCAs.
Chair Mekechuk opened public comment.
No speakers.
Chair Mekechuk closed public comment.
3) Selection of 2023 SVCE Audit Committee Chair and Vice Chair (Action) Board Clerk Andrea Pizano introduced the item.
Chair Mekechuk volunteered to serve as Chair of the 2023 Audit Committee.
Chair Mekechuk opened public comment.
No speakers.
Chair Mekechuk closed public comment.
MOTION: Director Mohan moved and Committee member Sangha seconded the motion to appoint Director Bryan Mekechuk as Chair of the 2023 Audit Committee.
The motion carried by verbal roll call vote with Directors Lopez and Srinivasan absent.
Chair Mekechuk opened the floor for nominations for the role of Vice Chair of the 2023 Audit Committee.
MOTION: Committee member Sangha moved and Chair Mekechuk seconded the motion to appoint Director Sheila Mohan as Vice Chair of the 2023 Audit Committee.
The motion carried by verbal roll call vote with Directors Lopez and Srinivasan absent. 4) Receive Financial Audit Report from Pisenti & Brinker, LLP and Recommend the SVCE Board of Directors Accept the Audit Findings (Action)
Kellin Gilbert, lead Audit Partner from Pisenti & Brinker LLP, provided a presentation to the committee with an update of the current year audit with an expected unmodified opinion and no significant deficiencies in internal controls. Mr. Gilbert outlined the following:
• Roles and responsibilities of management and the auditor for the audit of the years ended September 30, 2022 and 2021 financial statements;
• Identified the audit is risk-based and reviewed the risk assessment procedures; • Significant areas of focus in the audit procedures;
• Reviewed audit procedures for the Single Audit, which was new for FY 22, due to expending over $750,000 of federal funds; and
DocuSign Envelope ID: 61077750-9F1F-4C50-8628-627158CE5E9F • Required Board Communications.
Mr. Gilbert and staff responded to questions from committee members regarding the Government Accounting Standards Board (GASB) statement #87, the Independent Auditor’s Report and other items that were not provided in draft form given they are audit opinions.
Chair Mekechuk requested the auditor contact SVCE immediately if there would be any changes in the opinions before being signed off.
Chair Mekechuk opened public comment.
No speakers.
Chair Mekechuk closed public comment.
MOTION: Vice Chair Mohan moved and Committee member Sangha seconded the motion to accept the Audit Report and recommend the SVCE Board of Directors receive and accept the Financial Audit Report from Pisenti & Brinker, LLP.
The motion carried by verbal roll call vote with Directors Lopez and Srinivasan absent. 5) IT and Automated Meter Infrastructure (AMI) Audit Update (Discussion) Kevin Armstrong, Deputy Director of Administrative Services, and Nik Zanotto, Manager of Technology and Administrative Services, provided an IT/Cybersecurity assessment update which included information on the various audits SVCE regularly engages in, cybersecurity progress and improvements in 2021 and 2022, review of the 2022 Security Assessment scorecard, the investment in training and tools to help maintain staff competency, and an overview of the upcoming six months to complete several major remediations.
Chair Mekechuk opened public comment.
No speakers.
Chair Mekechuk closed public comment.
Committee/Staff Remarks
CFO Singh noted the committee meets twice a year: once to approve the audit around the current time, and in the September timeframe to kick-off the audit.
Adjournment
Chair Mekechuk adjourned the meeting at 1:48 p.m.
ATTEST:
_____________________________
Andrea Pizano, Board Secretary
DocuSign Envelope ID: 61077750-9F1F-4C50-8628-627158CE5E9F