Council Finance Committee/Investment Review Committee
February 28, 2022

CITY OF MOUNTAIN VIEW COUNCIL FINANCE COMMITTEE MINUTES SPECIAL MEETINGMONDAY, NOVEMBER 22, 2021 VIDEO CONFERENCE MEETING WITH NO PHYSICAL MEETING LOCATION 4:00 P.M. 1. CALL TO ORDER Chair Matichak called the meeting to order at 4:03 p.m. 2. ROLL CALL Present: Committee members Sally Lieber, Lucas Ramirez and Chair Lisa Matichak. Absent: None. 3. MINUTES APPROVAL MotionM/S Ramirez/MatichakCarried 3-0Approve the minutes for the Special Meeting of November 25, 2020. 4. ORAL COMMUNICATIONS FROM THE PUBLICNone. 5. UNFINISHED BUSINESSNone. 6. NEW BUSINESS 6.1 ANNUAL FINANCIAL AUDIT RESULTS AND REVIEW OF FISCAL YEAR 2020-21 ANNUAL COMPREHENSIVE FINANCIAL REPORT Finance and Administrative Services Director Jesse Takahashi commented that the City books just recently closedthe auditor, Ben Lau, , will go over some of the highlights and results of the audit, including any findings and/or observations. Mr. Takahashi also mentioned that the underlying requirement to do the audit is based in City Charter Section 11.06, which specifies that an independent Certified Public Accountant firm needs to perform this annual audit function. There is also a consent item on the December 7 Agenda to Council Finance Committee Minutes November 22, 2021Page 2 of 2 formally accept the Annual Comprehensive Financial Report (ACFR). The December 7 Council report will give a bit more detail of the numerical results and looks and comparisons about how the financial numbers were for the General Operating Fund. Ben Lau, Director of MGO, presented the results of the audit, including information required by auditing standards to be communicated to the governing body and any findings and conclusions that may be made. Mr. Lau mentioned this year was an uneventful year. He identified various footnotes and provided additional details for specific footnotes. The Committee then asked questions of the auditor and staff. MGO issued an opinion that they have not identified any material misstatements, and the financial statements were fairly stated as of and for the fiscal year ended June 30, 2021. MotionM/S Ramirez/MatichakCarried 3-0Move to recommend that the City Council adopt the ACFR and related reports. 7. COMMITTEE/STAFF COMMENTS, QUESTIONS, COMMITTEE REPORTS None. 8. ADJOURNMENT The meeting was adjourned at 4:52 p.m. JT/VL/1/FIN 540-11-22-21mn