HomeMy Public PortalAboutAudit Standing Committee - Minutes - 2017-02-17AUDIT STANDING COMMITTEE MEETING
SPECIAL MEETING
TEMPLE CITY, CALIFORNIA
FEBRUARY 17, 2017
1. CALL TO ORDER
Chairperson, Mayor Yu called the Audit Standing Committee meeting to order at
1:00 P.M.
2. ROLL CALL
PRESENT: Mayor Yu
Councilmember Chavez
ABSENT: None
ALSO PRESENT: City of Temple City:
Bryan Cook, City Manager
Tracey Hause, Administrative Services Director
Lee Ma, Accountant
3. PUBLIC COMMENTS — None
4. CONSENT CALENDAR —The minutes for the December 9, 2016, were approved.
5. NEW BUSINESS —
A. Accounting Procedures — Administrative Services Director Hause presented
an update on the revised quarterly and year end accounting procedures to ensure
best practices.
Action: Committee reviewed recommendations from staff and gave direction to
continue with improvement efforts.
B. Consideration of Regularly Scheduled Meetings of the Audit Standing
Committee — Historically the Audit Standing Committee has been meeting on an
as needed basis, noticing meetings as a Special Meeting. Administrative
Services Director Hause suggested the since Audit Standing Committee is a
Standing Committee consideration of setting regular meeting dates is
recommended.
Action: The Audit Standing Committee set regular quarterly meetings for the
fourth Friday of the month, beginning with May 26, 2017, at 2:00 p.m.
Audit Standing Committee
February 17, 2017
Page 2 of 2
C. Request for Proposal (RFP) for Actuarial for Other Post -Employment Benefits
(OPEB) — The City must implement GASB 75, Reporting of Other Post -
Employment Benefits in the Comprehensive Annual Financial Report (CAFR) by
June 30, 2018. An actuarial is required. Administrative Services Director Hause
recommended that the City consider an early implementation, i.e., June 30, 2017
and requested direction to issue an RFP for these services.
Action: The Audit Committee directed staff to request proposals for an
actuarial for early implementation of GASB 75, Reporting of Other Post -
Employment Benefits.
6. OTHER UPDATES FROM THE ADMINISTRATIVE SERVICES - None
7. PUBLIC COMMENTS — None
8. SCHEDULE NEXT MEETING DATE — May 26, 2017 at 2:00 p.m.
9. ADJOURNMENT
Audit Standing Committee Meeting was adjourned at 1:35 p.m.
ATTEST:
Tracey L. Ha se, Administrative Services Director