Silicon Valley Clean Energy
Audit Committee Meeting
Tuesday, March 3, 2026
2:00 p.m.
Silicon Valley Clean Energy Office
333 W El Camino Real, Suite 330
Sunnyvale, CA
City of Gilroy City Hall
7351 Rosanna Street
Gilroy, CA 95020
MEETING MINUTES
Call to Order
Chair Mekechuk called the meeting to order at 2:01 p.m.
Roll Call
Present:
Chair Bryan Mekechuk, City of Monte Sereno
Director George Tyson, Town of Los Altos Hills
Committee Member Harjot Sangha, City of Gilroy (participated remotely) Committee Member Jessie Kim, City of Los Altos
Absent:
None
Public Comment on Matters Not Listed on the Agenda
No speakers.
Consent Calendar
Chair Mekechuk opened Public Comment.
No speakers.
Chair Mekechuk closed Public Comment.
MOTION: Director Tyson moved and Committee member Sangha seconded the motion to approve the Consent Calendar.
The motion carried unanimously by verbal roll call vote. 1) Approve Minutes of the October 6, 2025, Executive Committee Meeting Prior to the Chief Financial Officer (CFO) report, Director Tyson noted he would need to excuse himself from the meeting temporarily at 3:25 p.m.
Docusign Envelope ID: 7F0A5B9A-6FAF-8F4F-8111-E4E69BBCB7EB Regular Calendar
2) CFO Report (Discussion)
CFO Amrit Singh provided a report which included an update on the development of a policy relating to GASB 96, which would involve setting a threshold based on capitalization, and the intent to bring that policy to the Finance and Administration Committee in May.
Chair Mekechuk opened Public Comment.
Campbell City Council member Terry Hines provided introductory comments and shared he would be serving as SVCE’s Alternate Director representing Campbell; Alternate Director Hines expressed his interest in joining the committee.
Chair Mekechuk closed Public Comment.
3) Overview of Committee Function (Discussion)
CFO Singh presented an overview of the Audit Committee including review of the primary in-house finance functions, services provided by Maher Accountancy, the purpose of the committee, completion of the financial audit, Information Technology (IT) audits, and meeting timing.
Chair Mekechuk opened Public Comment.
No speakers.
Chair Mekechuk closed Public Comment.
4) Elect Chair and Vice Chair of the 2026 SVCE Audit Committee (Action) Andrea Pizano, Board Clerk, introduced the item and reviewed the process for selecting a Chair and Vice Chair of the Audit Committee.
Chair Mekechuk announced his interest in serving as Chair of the Audit Committee, and shared his intent to resign from the committee (due to his membership on the Finance and Administration Committee) following the completion of the September 2025 financial audit.
Chief Executive Officer (CEO) Monica Padilla clarified that a new Chair would need to be selected once Director Mekechuk resigns from the committee.
MOTION: Director Mekechuk moved and Committee member Sangha seconded the motion to nominate Bryan Mekechuk to serve as Chair of the 2026 Audit Committee until such time they resign.
The motion carried unanimously by roll call vote.
Chair Mekechuk requested interest in the Vice Chair role.
Committee member Sangha expressed interest in serving as the Vice Chair.
MOTION: Committee member Sangha moved and Chair Mekechuk seconded the motion to nominate Harjot Sangha to serve as Vice Chair of the 2026 Audit Committee.
Chair Mekechuk opened Public Comment.
No speakers.
Chair Mekechuk closed Public Comment.
Docusign Envelope ID: 7F0A5B9A-6FAF-8F4F-8111-E4E69BBCB7EB The motion carried unanimously by roll call vote.
5) Receive Financial Audit Report from Sorren CPAs, P.C. and Recommend the SVCE Board of Directors Accept the Audit Findings (Action)
Kellin Gilbert, lead Audit Partner with Sorren CPAs, P.C., presented information on SVCE’s financial audit including the results of the current year audit which was an unmodified opinion and no significant deficiencies or material weakness in internal controls. Mr. Gilbert reviewed introductions to Sorren staff, information on the merger from Pisenti & Brinker to Sorren CPAs P.C., results of the current year audit, roles and responsibilities for management and the auditor, information on the risk assessment for the year ended September 30, 2025, and review of required Board communications.
Staff and Mr. Gilbert responded to questions and comments from committee members on the GASB 62 rate stabilization fund, materiality for the financial audit and level of materiality in solar customer reimbursements, areas for improvement, if investments purchased and held are tested against SVCE’s Investment Policy, CCA clients that Sorren services and how many of those clients Mr. Gilbert serves as an Audit Partner, and how long Mr. Gilbert has served as Audit Partner for SVCE.
Chair Mekechuk opened Public Comment.
Alternate Director Hines inquired about SVCE’s customer discount and requested clarification on how to best explain this discount to constituents.
Terry McCarthy inquired how internal control is documented, when the documentation was put together, and if the controls for Maher Accountancy are also reviewed. Mr. McCarthy asked a follow-up question on how many of Sorren’s clients also worked with Maher Accountancy.
Staff, Committee member Tyson, and Mr. Gilbert provided brief responses to public comment questions.
Chair Mekechuk closed Public Comment.
Chair Mekechuk asked Director Tyson, 2025 SVCE Board Chair, the following:
• If he reviewed the audited financial statements and notes (affirmative); • If there was anything that he was aware of in Closed Session at SVCE that would indicate that there could be a contingent liability or a debt liability that was not disclosed in the financial statements or the notes (Director Tyson was not aware of anything); and
• If there was anything in the MDNA that is inaccurate or inappropriate (there was not).
Chair Mekechuk provided closing comments supporting the financial audit results.
MOTION: Vice Chair Sangha moved and Committee member Kim seconded the motion to recommend that the Silicon Valley Clean Energy Board of Directors approve the audited financial statements for the year ended September 30, 2025.
The motion carried unanimously by roll call vote.
6) Recommend Approval to Change SVCE’s Fiscal Year Period from October to September to a Calendar Year Period, Effective January 1, 2027, and Other Necessary Changes to Allow for the Implementation of the New Fiscal Year (Action)
Docusign Envelope ID: 7F0A5B9A-6FAF-8F4F-8111-E4E69BBCB7EB CFO Singh presented a request for the Committee’s support to recommend changing the fiscal period to a calendar year, commencing January 1, 2027 and ending December 31, 2027.
Staff responded to committee member questions on if the year-over-year comparison will remain clear in the finance statement for next year, and the proposed fiscal year period in comparison to other CCAs.
Chair Mekechuk opened Public Comment.
Terry McCarthy inquired if there were any lender requirements or other regulatory requirements to have financial statements issued within a certain period of time after year end.
CFO Singh provided a brief response.
Chair Mekechuk closed Public Comment.
MOTION: Director Tyson moved and Vice Chair Sangha seconded the motion to recommend that the SVCE Board of Directors approve:
1. Changing SVCE’s fiscal period to a Calendar Year (January 1 to December 31), beginning January 1, 2027
2. Establishing an interim 3-month stub fiscal period, starting October 1, 2026, and ending December 31, 2026, and adopting a schedule to approve the stub period budget at the September 2026 Board meeting
3. Authorizing a combined two-period audit covering the 3-month sub-period, along with the first audit of the new fiscal year
The motion carried unanimously by roll call vote.
7) Information Technology and Cybersecurity Assessment Update (Discussion) Nik Zanotto, Director of Operations, and Brett Sirianni, Information Security Manager, presented an overview of current cybersecurity posture, an update on security incidents (zero since the last meeting), and an update on Information Technology (IT) department changes.
Staff responded to a question on phishing training for staff.
Chair Mekechuk opened Public Comment.
No speakers.
Chair Mekechuk closed Public Comment.
Committee/Staff Remarks
Director Tyson thanked Chair Mekechuk for running a crisp meeting.
Adjournment
Chair Mekechuk adjourned the meeting at 3:24 p.m.
ATTEST:
_____________________________
Andrea Pizano, Board Secretary
Docusign Envelope ID: 7F0A5B9A-6FAF-8F4F-8111-E4E69BBCB7EB