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Record of Proceedings

Belmont Audit Committee Meeting – April 21, 2025: FY 2024-25 Audit Plan Presentation

City CouncilMonday, April 21, 2025
BodyBelmont, California
SessionCity Council
DateMonday, April 21, 2025
StatusFILED
Video Record
0:00 / 25:13

Transcript — Verbatim
0:06

Okay, I give a meeting on November 18th.

0:10

So my question is do I approve consent even though I wasn't here?

0:14

Yeah.

0:14

Okay.

0:15

All in favor.

0:17

Unless we have questions about it five other business.

0:29

All right.

0:29

And we have our nice uh audit partner, Amy Myers.

0:35

And then she will walk this through the uh fiscal year of 2024-25 audit plan.

0:40

Thank you, Amy.

0:41

Great.

0:42

Thank you, everybody.

0:43

Good morning.

0:44

All right.

0:45

I will share my screen now.

0:46

I'm trying to preemptively.

0:48

And I if as you all know, the screen kind of gets weird when you um when you share.

0:53

So if you have any questions along the way, please, you know, scream yell if I can't see you.

0:58

Just let me know because I'll uh I'll dig in here.

1:02

Let's see.

1:05

Okay.

1:06

I think there we go.

1:09

Maybe see it.

1:13

There we go.

1:13

Now you should see it better.

1:14

Okay.

1:15

Great.

1:15

Not that we subdue.

1:18

Yep.

1:19

Okay.

1:19

I know everything seems a little delayed, but I think we're we're all going to catch up.

1:22

It's Monday morning.

1:23

We're all a little delayed today, right?

1:26

Yes.

1:27

Too much Easter candy yesterday, maybe.

1:31

Let's see.

1:32

All right.

1:33

So uh so yes.

1:34

So the purpose of this meeting, um, I know I know uh I think both of you have been through it.

1:39

Is that correct?

1:39

If I remember I'm recognizing the faces.

1:43

Kathy is actually our new council member.

1:46

Then she has not.

1:47

Okay.

1:48

So I'll go over a little bit of the background of the why.

1:50

Okay.

1:51

So audit standards.

1:52

Um, so the city's audit is conducted in accordance with general audit standards generally accept in the United States, as well as government auditing standards, which you would think it would be like, of course, government auditing standards, but oddly, uh city or municipal audits aren't always required to be audited under what's called government auditing standards or the yellow book audit.

2:13

That's when compliance is involved, when there's compliance requirements involved, such as single audit, which is federal award programs, transportation development act programs, uh, and your measure programs.

2:23

There's there's compliance involved, and so that turns your whole city audit into what we call a yellow book audit.

2:29

So the the um generally accepted auditing standards are what dictate what we do as part of the audit, and that's where, as part of that, we're required to discuss the audit process with you as your your the term for you as a group is those charged with governance.

2:46

That's so we're required to make certain communications to those charged with governance, both at the planning phase, which is where we are now, and then also at the end to go over the audit results, which is is what happens in the fall.

2:58

So uh the topics that we're required to discuss include our responsibility as well as uh the city or managements and your responsibility, planned audit scope, group audit considerations, audit timing, management representations, and then fraud considerations.

3:14

So just to go over what we audit.

3:17

So we audit the city as a whole.

3:19

That's um the results of that audit are included in the annual comprehensive financial report or the ACFER.

3:25

Then also the measure I financial statements, and then as I mentioned, compliance testing.

3:30

So there's compliance testing and reports for the measure A and W programs, federal award programs, the single audit when the city expends more than 750,000 in any one year across all federal programs.

3:42

So the city didn't require a single audit.

3:44

So I'm gonna say along the way today, you know, if if required, if required, if required, because it just depends on at the end of you know, at June 30, whether you've spent a cumulative of 750,000 or more.

Discussion Breakdown — Share of Meeting
Fiscal Sustainability█████████████████████████████████████████████82%
Procedural██████████18%
Summary of Proceedings

Belmont Audit Committee Meeting – April 21, 2025

The Belmont Audit Committee met on Monday, April 21, 2025 at 10:00 AM in Conference Room #360 at City Hall to approve consent calendar items and receive a presentation on the FY 2024-25 Audit Plan from Maze & Associates.

Consent Calendar

  • Unanimously approved the draft minutes of the November 18, 2024 Audit Committee meeting.

Discussion Items

  • FY 2024-25 Audit Plan (Informational): Amy Myers, Principal at Maze & Associates, presented the audit plan for the fiscal year ending June 30, 2025. Highlights included:
    • The audit will be conducted under Government Auditing Standards (Yellow Book) due to compliance requirements for Measure I, federal awards, etc.
    • Audit scope covers the city's annual comprehensive financial report (ACFR), Measure I financial statements, and compliance testing for Measure A & W, federal programs (single audit if applicable, threshold $750,000), Transportation Development Act programs.
    • Interim fieldwork has begun (March/April) and will wrap up soon; year-end fieldwork scheduled for weeks of September 8 and 15, 2025.
    • The audit provides reasonable, not absolute, assurance; samples test 10% of transactions for smaller populations.
    • Fraud considerations require testing journal entries and assessing management override of internal controls.
    • The city's financial statements include group audit considerations for Samateo Consolidated Fire Department and Silicon Valley Clean Water Authority.
    • Staff requested assistance with financial statement preparation, but the city staff retain ultimate responsibility.
  • Meeting Calendar (Staff Update): The committee noted upcoming meetings: June (date TBD) to review the FY 2025-26 Proposed Budget; and October/November (TBD) to review the FY 2024-25 audit results.

Key Outcomes

  • No formal votes were taken beyond consent calendar approval.
  • The audit plan was informational only; no action required.
  • Future meeting dates to be determined.

Meeting Transcript

Okay, I give a meeting on November 18th. So my question is do I approve consent even though I wasn't here? Yeah. Okay. All in favor. Unless we have questions about it five other business. All right. And we have our nice uh audit partner, Amy Myers. And then she will walk this through the uh fiscal year of 2024-25 audit plan. Thank you, Amy. Great. Thank you, everybody. Good morning. All right. I will share my screen now. I'm trying to preemptively. And I if as you all know, the screen kind of gets weird when you um when you share. So if you have any questions along the way, please, you know, scream yell if I can't see you. Just let me know because I'll uh I'll dig in here. Let's see. Okay. I think there we go. Maybe see it. There we go. Now you should see it better. Okay. Great. Not that we subdue. Yep. Okay. I know everything seems a little delayed, but I think we're we're all going to catch up. It's Monday morning. We're all a little delayed today, right? Yes. Too much Easter candy yesterday, maybe. Let's see. All right. So uh so yes. So the purpose of this meeting, um, I know I know uh I think both of you have been through it. Is that correct? If I remember I'm recognizing the faces. Kathy is actually our new council member. Then she has not. Okay. So I'll go over a little bit of the background of the why. Okay. So audit standards. Um, so the city's audit is conducted in accordance with general audit standards generally accept in the United States, as well as government auditing standards, which you would think it would be like, of course, government auditing standards, but oddly, uh city or municipal audits aren't always required to be audited under what's called government auditing standards or the yellow book audit. That's when compliance is involved, when there's compliance requirements involved, such as single audit, which is federal award programs, transportation development act programs, uh, and your measure programs. There's there's compliance involved, and so that turns your whole city audit into what we call a yellow book audit.

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