HomeMy Public PortalAboutAudit Standing Committee - Minutes - 2014-12-05
AUDIT STANDING COMMITTEE MEETING
TEMPLE CITY, CALIFORNIA
DECEMBER 5, 2014
1. CALL TO ORDER
Chairperson Steve Curran called the Audit Standing Committee meeting to order at
9:00 a.m.
2. ROLL CALL
PRESENT: Steve Curran
Councilmember – Yu
Mayor Pro-Tem Chavez
ABSENT: None
ALSO PRESENT: City of Temple City:
Bryan Cook, City Manager
Tracey Hause, Administrative Services Director
Lee Ma, Accountant
Vasquez & Company:
Peggy McBride, Engagement Partner
Mark Siegfried, Audit Manager
3. PUBLIC COMMENTS – None
4. CONSENT CALENDAR
A. APPROVAL OF MINUTES
The Audit Standing Committee is requested to review and approve the
Minutes of the September 5 and October 31, 2014, Audit Standing Committee
Meeting.
Action: Approved and filed.
5. NEW BUSINESS
A. Review of the final Draft Comprehensive Annual Financial Report (CAFR) for
the period ended June 30, 2014.
Partner Peggy McBride reviewed and highlighted elements of the final draft of
the Comprehensive Annual Financial Report (CAFR), including the increase
Audit Standing Committee Minutes
December 5, 2014
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in the City’s net financial position and future reporting requirements of the
City’s net pension liability. The status of the deliverables and Management’s
Response to the Findings and Comments was also discussed (Attachment
“A”).
The Audit Standing Committee (Committee) had a few questions of which
staff and Ms. McBride responded to.
The Committee directed staff to schedule another meeting for December 9,
2014 at 8:00 a.m. providing additional time for the Committee members to
review the CAFR.
6. OTHER UPDATES FROM THE ADMINISTRATIVE SERVICES
Administrate Services Director Hause inquired about how the Committee would like
to forward their recommendation to receive and file the CAFR to the City Council,
i.e., should there be a formal correspondence from the Committee that would be
included with the Staff Report or would a verbal presentation at the December 16,
2014 be sufficient. Ms. Hause indicated she had drafted the staff report and
included in the background section the activities of the Committee over the last few
months. Discussion ensued and the Committee asked to review the Staff Report
that had been drafted but thought that a short verbal report given by Chairperson
Curran at the December 16, 2014, City Council meeting would be sufficient. Ms.
Hause indicated she would forward the Committee members a copy of the drafted
Staff Report.
7. PUBLIC COMMENTS – None
8. SCHEDULE NEXT MEETING DATE
December 9, 2014, 8:00 a.m.
9. ADJOURNMENT
Audit Standing Committee Meeting was adjourned at 9:40 a.m.
ATTEST:
_____________
Tracey L. Hause, Administrative Services Director