OPENPUBLICA · PUBLIC MEETING RECORD
Record of Proceedings

Belmont Audit Committee Meeting - November 18, 2025 (Transcript Dated Nov 13)

City Council — Tuesday, November 18, 2025
BodyBelmont, California
SessionCity Council
DateTuesday, November 18, 2025
StatusFILED
Video Record
0:00 / 34:22
Transcript — Verbatim
0:02

Hello everyone.

0:04

Today is Thursday, November 13th, 2025 at 3.04 p.m.

0:09

We are here for the audit committee meeting.

0:13

We're gonna start off with a call to order.

0:17

Okay, committee member Jordan here.

0:21

And Pen Meganares?

0:23

Here.

0:26

Thank you.

0:26

All right.

0:27

Moving to public comment.

0:28

Are there any public comments?

0:32

None received.

0:34

All right, moving to item three.

0:36

Are there any agenda amendments?

0:42

Okay, all right.

0:44

Then item four, consent calendar.

0:47

Consent calendar items are considered to be routine and will be enacted by one motion.

0:51

There will be no separate discussions on these items unless a member of the committee or staff request specific items to be removed.

0:59

Any questions?

1:02

Council member Jordan.

1:04

Move approval.

1:05

Second.

1:08

Okay.

1:09

Committee member Jordan.

1:11

Yes.

1:13

Yes.

1:14

All right.

1:17

Sorry.

1:17

Moving to item five A, audit results.

1:21

And this will be led by Director Castaneda.

1:24

All right.

1:25

Thank you.

1:29

I'll make some introductory remarks and then I'll pass it on to Amy Meyer, our audit partner from Mays and Associates.

1:38

So first of all, we come officially completed and got all our reports last Friday.

1:44

So this is really off the press.

1:49

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.

2:03

So really appreciate Amy, your help and Vincent's help as well and your team this cycle.

2:10

So Amy has a presentation for us and we'll go over the details and the results of the audit.

2:15

I just want to quickly highlight our general fund results because you know that's usually the first place I look at.

2:24

So general fund, uh total fund balance.

2:27

This is excluding measure I uh increased from $31 million to $34 million for the fiscal year end of June 30, 2025.

2:38

The unassigned balance or balance that isn't committed or restricted for any purpose, that increased from 30 million to 32.

2:47

Now this is as a mainly helped by our property tax assessed valuation.

2:53

That's all an increase uh by about six percent.

2:58

Uh and by the way, six percent is right around our 10-year average.

3:04

So we're kind of, you know, not above the average, not below the average.

3:09

Um, on top of that, we were able to again contain our expenditures within our final budget amount.

3:15

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.

3:24

And um our comparison cities or neighboring cities are kind of getting their financials finalized too.

3:32

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.

3:50

Uh so with that I'll pass it on to Amy.

3:54

Right, great.

3:55

All right.

3:55

So I've got a short PowerPoint here.

3:58

If I can get it going.

4:05

So you should start it.

4:09

There we go.

4:10

You should see the first slide.

4:12

So, yeah, okay, great.

4:14

All right, and if I you have any questions along the way, uh please just you can stop me.

Discussion Breakdown — Share of Meeting
Fiscal Sustainability█████████████████████████████████████████████88%
Procedural█████9%
Affordable Housing██3%
Summary of Proceedings

Belmont Audit Committee Meeting - November 18, 2025 (Transcript Dated Nov 13)

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.

Consent Calendar

  • The consent calendar was approved unanimously by Committee Members Jordan and Meganares. No items were removed for separate discussion.

Public Comments & Testimony

  • No public comments were received.

Discussion Items

  • Audit Results (Item 5A): Director Castaneda introduced the audit partner Amy Meyer from Mays and Associates. Key financial highlights for fiscal year ending June 30, 2025:
    • General fund total fund balance (excluding Measure I) increased from $31 million to $34 million.
    • Unassigned general fund balance increased from $30 million to $32 million.
    • Property tax assessed valuation increased by approximately 6%, in line with the 10-year average.
    • Expenditures were contained within the final budget.
    • The city received an unmodified (clean) audit opinion on its basic financial statements and Measure I program.
    • Two material audit adjustments were noted (accounts payable accrual timing and capitalization of capital contributions for Silicon Valley Clean Water Authority), but no internal control weaknesses were identified.
    • One other matter was reported: a review of general ledger system access roles found outdated permissions; staff has already provided a remediation plan.
    • The city's net position (governmental and business-type activities) grew from $149 million in FY2021 to $251 million in FY2025.
    • The appropriations limit (Gann limit) continues to be exceeded; the qualified capital outlay balance is $5 million for the city and $10.4 million for the fire protection district.
    • Pension and OPEB liabilities decreased due to higher investment fair values.
  • Draft Audit Committee Report (Item 5B): Director Castaneda presented the draft report recommending the full city council receive the financial reports for FY2025. The committee approved the report for placement on the November 25 council agenda.
  • Financial Policy Update: A memo on financial policy updates (following GFOA best practices, 33% general fund reserve target, budget adoption by June 30) will be attached to the council report.
  • Spring 2026 Meeting Schedule (Item 5C): The next audit committee meeting will be scheduled for April or May 2026 to review the current fiscal year's audit plan.

Key Outcomes

  • Consent Calendar: Approved unanimously.
  • Draft Audit Committee Report: Approved unanimously (motion by Member Jordan, second by Member Meganares). The report will be forwarded to the full city council for the November 25 meeting.
  • Spring 2026 Meeting: Scheduled for April/May 2026, with exact date to be determined later.
  • No other business: The meeting adjourned at 3:38 p.m.

Meeting Transcript

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.

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