Audit, Financial Planning, and
Budget Subcommittee
MEMBERS
Yasmine-lmani McMorrin, Chair
Dan O'Brien, Member
STAFF
Lisa Soghor, Chief Financial Officer
Special Audit, Financial Planning, and Budget Subcommittee Meeting June 27, 2024 (8:00 AM.)
Louis Armstrong Conference Room, City Hall
CALL TO ORDER AND ROLL CALL
The meeting was called to order at 8:07 AM. with all Members present. oOo
Pledge of Allegiance
Chair McMorrin led the Pledge of Allegiance.
oOo
PUBLIC COMMENT - Items NOT On The Agenda
Chair McMorrin invited public comment.
T'Ana Allen, Deputy City Clerk, indicated no requests to speak had been received. oOo
Receipt of Correspondence
None.
oOo
Order of the Agenda
No changes to the agenda were made.
oOo
ACTION ITEMS
Item A-1
AFPB -ACTION ITEM: DISCUSSION OF THE SELECTION OF LANCE, SOLL &
LUNGHARD, LLP FOR FINANCIAL AUDIT SERVICES AND
RECOMMENDATION TO CITY COUNCIL, IF DESIRED.
Lisa Soghor, Chief Financial Officer, provided a summary and background of the audit services selection process; discussed the six proposals that had been received, of which five vendors were interviewed; how audits were performed pre and post-pandemic; and costs and quality of service of the selected vendor, Lance, Soll, and Lunghard, LLP (LSL).
Discussion ensued between staff and Committee Members regarding the audit process; associated costs; qualifications of the selected vendor compared to other vendors; the City's needs and criteria for audit services; the importance of public trust and transparency; and clarification on the initial three-year term agreement with the ability for renewal of two additional years.
Further discussion ensued between staff and Committee Members regarding best practices and the process moving forward.
Chair McMorrin invited public comment.
T'Ana Allen, Deputy City Clerk, indicated no requests to speak had been received. oOo
ADJOURNMENT
At 8:27 A.M. the Audit, Financial Planning, and Budget Subcommittee adjourned.
0 RO TEMPORE of the Audit, Financial Planning, and Budget Su committee
Culver City, California
APPROVED
ot e Audit, Financial Planning, and Budget Subcommittee Culver City, California