HomeMy WebLinkAbout2022-05-17 Finance Committee Summary MinutesFINANCE COMMITTEE
SUMMARY MINUTES
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Special Meeting
May 17, 2022
The Finance Committee of the City of Palo Alto met on this date in virtual
teleconference at 5:32 P.M.
Present: DuBois (Chair), Burt, Kou
Absent: Filseth
Oral Communications
None
Agenda Items
1. Approval of the Macias Gini & O’Connell’s Single Audit Report for the
Year Ended June 30, 2021
Kyle O'Rourke, City Auditor, reported that on January 11, 2022, the Palo Alto
(City) Council approved the annual financial audit reports. Staff seeks
approval of the single audit report for the year ended June 30, 2021.
Benjamin Lau, MGO disclosed two audit opinions in the Independent Auditor’s
Report are on internal control over financial reporting and on compliance and
other matters in accordance with Government Auditing Standards (GAS), and
on the City’s compliance and internal control. The report also includes the
City’s Schedule of Expenditures of Federal Awards (SEFA). $14.2 million of
federal awards were expanded by the City during fiscal year (FY) 2021. The
Highway Planning and Construction Program and Coronavirus Relief Fund were
two major federal programs selected by external auditors for testing. The
Financial Statements and Federal Awards were not found to have significant
deficiencies or non-compliances, and all opinions were unmodified. SEFA was
fairly stated in relation to the basic Financial Statements.
Mr. O’Rourke remarked that the audit produced clean results, as in previous
years.
Chair DuBois asked why the audit is referred to as a single audit.
SUMMARY MINUTES
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(Sp.) Finance Committee Meeting
Summary Minutes: 05/17/2022
Mr. Lau explained that in the past, there were multiple reports and agencies
requesting audits. As a result, the Federal Reserve Board decided to conduct
a single audit covering all federal rewards.
MOTION: Chair DuBois moved, seconded by Vice Mayor Kou to approve and
forward to Council for consent the Macias Gini & O’Connell Single Audit Report
MOTION PASSED: 3-0
Future Meetings and Agendas
Kiely Nose, Director of Administrative Services reported that the next Finance
Committee meeting is scheduled for May 24, 2022, regarding the budget wrap-up.
Additionally, there will be a meeting to review OPEB reports and the Planning and
Development Services Fee Study on June 7, 2022.
Adjournment: The meeting was adjourned at 5:40 P.M.