TO: Chair and Members of the Audit Advisory Committee
FROM: Trang Nguyen, Finance Director
1. Subject
title
Discuss potential changes to the Committee’s meeting schedule.
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2. Summary
Following the Committee's first full audit cycle, staff recommends revisiting the current meeting schedule to better align with the City's financial reporting calendar, annual audit process, and the Committee's advisory responsibilities. Staff is seeking the Committee's recommendation before presenting a proposed meeting schedule to the City Council.
3. Recommended Action
recommendation
Discuss the proposed meeting schedule and provide staff with a recommendation for consideration by the City Council.
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4. Discussion and Background
The Committee's regular meeting schedule and location are established by City Council Resolution No. 11536, adopted on April 9, 2024. The resolution provides for regular meetings on the first Thursday of February and October.
Following the Committee's first year of operation, staff evaluated the annual audit process and the Committee's responsibilities under the Municipal Code. While two meetings have been sufficient to conduct the audit entrance and exit conferences, additional meetings would provide the Committee with opportunities to discuss other matters within its advisory role, including financial reporting, internal controls, implementation of audit recommendations, and other items requested by the City Council or City Manager.
To better align with the City's fiscal year, financial reporting cycle, and annual audit process, staff recommends increasing the Committee's regular meetings from two to four meetings per year. The proposed schedule would provide opportunities to review the Committee's annual workplan, participate in the audit entrance conference, receive the audit results and Annual Comprehensive Financial Report (ACFR), and follow up on audit recommendations and other advisory matters.
To maintain consistency, staff recommends continuing to hold meetings on the first Thursday of the selected months. Based on the availability of public meeting facilities, the following schedules are available for the Committee's consideration:
|
Month |
Recommended Tasks |
|
July |
Review the Committee workplan for the new fiscal year, discuss audit planning, and designate members for the audit entrance meeting. |
|
September |
Review and provide recommendations for the Financial Management Policy and/or other financial policies. |
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February |
Receive the audit results, review the Annual Comprehensive Financial Report, management letter, Agreed-Upon Procedures (if any), and discuss recommendations to the City Council. |
|
May |
Review the implementation status of audit recommendations, discuss financial policies or other advisory items, and identify potential topics for the next fiscal year's workplan. |
Following Committee discussion, staff will prepare a recommendation for City Council consideration to amend Resolution No. 11536, if directed by the Committee.
5. ATTACHMENTS
• Attachment 1 - RES-11536 QUALIFICATIONS FOR CITY BOARDS, COMMITTEES, AND COMMISSIONS - RESCINDS RESOLUTION NO. 11505