Note: The user-provided meeting date is November 18, 2025, but the transcript states "Thursday, November 13th, 2025 at 3:04 p.m." This summary uses the provided date per instructions, but notes the discrepancy.
The Audit Committee met to review the city's fiscal year 2025 audit results, approve the draft audit committee report, and discuss the spring 2026 meeting schedule. The meeting lasted from approximately 3:04 p.m. to 3:38 p.m.
Hello everyone. Today is Thursday, November 13th, 2025 at 3.04 p.m. We are here for the audit committee meeting. We're gonna start off with a call to order. Okay, committee member Jordan here. And Pen Meganares? Here. Thank you. All right. Moving to public comment. Are there any public comments? None received. All right, moving to item three. Are there any agenda amendments? Okay, all right. Then item four, consent calendar. Consent calendar items are considered to be routine and will be enacted by one motion. There will be no separate discussions on these items unless a member of the committee or staff request specific items to be removed. Any questions? Council member Jordan. Move approval. Second. Okay. Committee member Jordan. Yes. Yes. All right. Sorry. Moving to item five A, audit results. And this will be led by Director Castaneda. All right. Thank you. I'll make some introductory remarks and then I'll pass it on to Amy Meyer, our audit partner from Mays and Associates. So first of all, we come officially completed and got all our reports last Friday. So this is really off the press. And just really want to say a big thank you to Amy and her team at Mays for another successful audit and for her guidance to our team, especially to our new accounting manager, Mike. So really appreciate Amy, your help and Vincent's help as well and your team this cycle. So Amy has a presentation for us and we'll go over the details and the results of the audit. I just want to quickly highlight our general fund results because you know that's usually the first place I look at. So general fund, uh total fund balance. This is excluding measure I uh increased from $31 million to $34 million for the fiscal year end of June 30, 2025. The unassigned balance or balance that isn't committed or restricted for any purpose, that increased from 30 million to 32. Now this is as a mainly helped by our property tax assessed valuation. That's all an increase uh by about six percent. Uh and by the way, six percent is right around our 10-year average. So we're kind of, you know, not above the average, not below the average. Um, on top of that, we were able to again contain our expenditures within our final budget amount. So overall, we saw that you know we were able to build to our fund balance just a little bit, building a little bit uh year over year. And um our comparison cities or neighboring cities are kind of getting their financials finalized too. And so um we will uh uh gather those information updates um uh council on the general fund comparison uh between us and the other cities uh in uh for sure during the mid year review.