COUNCIL FINANCE COMMITTEE
MINUTES
SPECIAL MEETING –WEDNESDAY, NOVEMBER 30, 2022
VIDEO CONFERENCE MEETING WITH NO PHYSICAL MEETING LOCATION 11:00 A.M.
1. CALL TO ORDER
Chair Lieber called the Special Meeting to order at 11:00 a.m.
2. ROLL CALL
Present: Committee members Lisa Matichak, Lucas Ramirez, and Chair Sally Lieber.
Absent: None.
3. MINUTES APPROVAL
Motion—M/S Ramirez/Matichak—Carried 3 -0—To approve the minutes for the Special Meeting of February 28, 2022.
4. ORAL COMMUNICATIONS FROM THE PUBLIC—None.
5. UNFINISHED BUSINESS—None.
6. NEW BUSINESS
6.1 ANNUAL FINANCIAL AUDIT RESULTS AND REVIEW OF FISCAL YEAR 2021-22 ANNUAL
COMPREHENSIVE FINANCIAL REPORT
Finance and Administrative Services Director Jesse Takahashi introduced Mr. Benjamin Lau , who is the Assurance Partner at the audit firm Macias Gini & O’Connell, LLC (MGO), which completed their annual financial audit on the C ity’s books and went over 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 C harter Section 11.06, which specifies that an independent Certified Public Accountant firm needs to perform this annual audit function. MGO has been the external auditor for the C ity for the last seven years.
There is a consent item that is scheduled for December 13 agenda, which will formally Council Finance Committee Minutes
November 30, 2022
accept the Annual Comprehensive Financial Report; otherwise known as ACFR. The Report has a detailed analysis of the actual financial results as well as a comparison of the budget fo r the General Operating Funds. The General Operation funds finished Fiscal Year 2022 with a $17.5 million operating balance.
Mr. Lau 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 also indicated the C ity’s implementation of the new accounting standard GASB Statement No.87 (Leases). He identified various footnotes and provided additional details for specific footnotes. The Committee then asked questions from 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, 2022.
Motion: M/S Ramirez/Matichak—Carried 3-0—Move 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 11:52 a.m.
These Minutes are hereby submitted for
approval by ____________, Recording Secretary.
Approved on __________.
VL/4/FIN
540-11-30-22mn