2024 Audit Committee accomplishments
My name is Falgoon Desai, a member of the Foster City Audit Committee. I have been asked to prepare and present a report on the Audit Committee’s accomplishments in the calendar year 2024. The other members of the Audit Committee are Bob Buyers, Audie Chang, Vijay Dodd and Rajani Thiagarajan. Please note that with the resignation of prior Committee Chair, Michael Barry, in March 2024, the position was vacant for the entire calendar year. Ms. Thiagarajan was appointed as a new member in January 2025 for a partial term ending December 2025.
Audit Plan Discussion
The Committee began the first regular meeting of the year in April by discussing the audit plan submitted by Badawi & Associates for the fiscal year ending June 2024. This included a review of the scope and objectives of the audit, background of auditors assigned to the audit, as well as the identification of high-risk areas that would require special attention.
Review of Completed Audit
In November 2024, the Committee reviewed the draft audit report and financial statements presented by the Independent Auditors. The report included findings on the City's operating results, financial position, compliance with applicable laws and regulations, and the effectiveness of internal controls. The Committee noted Foster City received a clean audit opinion with no significant findings or material weaknesses and recommended the audit report and financial statements be approved by the City Council. The Committee and Independent Auditors commended the City’s finance team for their diligent work and effective management of the City's financial resources.
Below is a summary of documents reviewed during the calendar year 2024 Financial Matter Finding and Recommendations
Financial Matter Findings and Recommendations
FY 2023-24 Foster City/Estero
Municipal Improvement District
Draft ACFR
None Noted
Measure A Report None Noted
Measure W Report None Noted
FY 2024-25 Appropriations Limit None Noted
Report on Internal Control over
Financial Reporting and on
Compliance and Other Matters
None Noted
Auditor’s Communication with
Those Charged with Governance
None Noted
Mission Statement
The Committee determined the existing mission statement continues to be valid, that is: “To provide insights, advice and support into audit, governance, and other relevant fiscal matters appropriate to the oversight, operational and fiduciary responsibilities of the City Council and the Estero Municipal Improvement District Board of Directors.” Calendar Year 2025 Goals
The goals for 2025 were updated as follows: “The Committee shall continue to seek input and requests for areas of interests to work on from the City Council. In calendar year 2025, the Committee shall review the year’s annual audit process and the City’s draft financial statements for fiscal year ending 2025, and recommend to the City Council if a directed study to be performed by the Independent Auditors ancillary to their audit”.
Conclusion
In conclusion, the Audit Committee had a productive year. .
The Committee continues to express confidence in the Finance team's competency and efforts to manage the City's finances and accounting effectively and transparently and looks forward to continuing its oversight role in the future. I would also like to thank the City's finance team, in particular, Director Nate Cruz and Assistant Director Waqas Hassan, for their support of the Committee’s work on behalf of Foster City.