CITY OF BELMONT
AUDIT COMMITTEE MINUTES
October 8, 2008
Committee Members Present: Mayor Lieberman, Treasurer Violet
Committee Members Absent: Vice Mayor Dickenson
Staff Present: City Manager Crist, Finance Director Fil, Deputy Director Tu, Deputy Director Lazzari, Administrative Assistant Flores
Others Present: Principal Biggs (Invited), Financial Advisor de Russy
The meeting was called to order at 2:11 PM.
Hearing no oral communication/public comment and no agenda amendments, the Committee moved on to approve the minutes.
Moved by Committee Member Lieberman, seconded by Committee Member Violet, by unanimous voice vote, the May 12th minutes were approved.
Introducing the next agenda item, Deputy Director Tu briefly reviewed the FY 08 Comprehensive Annual Financial Report (CAFR) and informed the Committee that it was published last week.
Next, Cory Biggs of Maze and Associates gave a comprehensive presentation on the FY 08 audit. He reported on two compliance findings under the Redevelopment Agency (RDA), including the statement of indebtedness, which was filed late, and the monitoring of housing units. He assured the Committee that both had no effect on financial data. He also noted that a Housing Specialist has now been hired by the City to monitor this data and ensure that future reports are submitted on time.
Mr. Biggs continued on to report that Measure A was analyzed and found to be in compliance. He noted that there were no issues with the net revenue calculations and that the audit closed early this year, which was a first for Belmont. Principal Biggs reported that there were only nine closing adjustments this year, compared to last year’s eighteen.
Principal Biggs recognized that City staff was responsive and both sides did a good job on the audit. He especially thanked Deputy Director Tu for her dedication and the long hours spent to make the audit a successful one. Director Fil agreed, and Committee Member Lieberman made a motion to recognize Ms. Tu for her commitment. The motion was seconded by Committee Member Violet. Committee Member Lieberman noted that he would work with the City Manager on the well-deserved recognition. Deputy Director Tu noted that many staff members contributed and she appreciated the team effort.
Discussion ensued on Internal Control/ Management Issues and Principal Biggs noted that no significant deficiencies were found, stating that the overall report was outstanding.
Director Fil recommended moving the Fraud and Internal Control discussion to the next Audit Meeting in January in the interests of time.
The Committee moved on to the next order of business, Annual Selection of Chair and Vice Chair.
On a motion by Committee Member Lieberman, seconded by Committee Member Violet, the Committee appointed Committee Member Violet to Chair the Audit Committee for 2009 and postpone selection of the Vice Chair to the next meeting in January.
Director Fil stated the next Audit Meeting will be held on January 10th and that, among the topics discussed will be planning for audit renewal.
Moved by Chair Violet, seconded by Committee Member Lieberman, by unanimous voice vote the meeting was adjourned at 3:55 PM.
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