OPENPUBLICA · PUBLIC MEETING RECORD
Record of Proceedings

Mountain View CFC Meeting – January 27, 2026: Review of FY2024–2025 Annual Financial Audit

City Council — Tuesday, January 27, 2026
BodyMountain View, California
SessionCity Council
DateTuesday, January 27, 2026
StatusFILED
Video Record
0:00 / 22:15
Transcript — Verbatim
0:00

today's december 2nd 2025 this and um this will be a hybrid meeting allowing the public to comment

0:07

in person and virtually and instructions for addressing the committee virtually can be found

0:11

on the agenda we'll start with roll call and it looks like all committee members are present um

0:18

the first item is item um 3.1 to approve the review and approve the minutes of the may 8th

0:25

2025 CFC meeting.

0:29

Those are in our packets.

0:31

And does anyone have any questions or changes to the minutes before we ask the public?

0:41

Does anyone member of the public online wish to address this on the minutes?

0:46

Looks like not.

0:48

For motions in order to approve the May 2025 CFC meeting minutes.

0:52

Perfect.

0:53

We have a motion by committee member Ramirez, seconded by Vice Mayor Ramos.

0:59

All in favor say aye.

1:01

Aye.

1:02

Aye.

1:03

That carries unanimously.

1:05

We'll move on to oral communications from the public on non-agenda items.

1:09

Would any member of the public join us virtually or in person like to write a comment on any item that is not on today's agenda?

1:17

If so, please click the raise hand button in Zoom.

1:20

In-person attendees can raise their hand to be followed upon.

1:22

we'll take in-person speakers first.

1:24

It looks like we don't have any.

1:26

Are there any speakers online for this?

1:29

No.

1:30

So we'll close oral communications

1:31

and non-agenda items and move on

1:33

to our discussion and action items

1:35

of which there's one today.

1:38

Item 5.1 is the annual financial audit results

1:41

and review of the fiscal year 2024

1:43

and 2025 annual comprehensive financial report.

1:47

So our Chinese administrative services director

1:51

Derek Rampone will make brief remarks before the presentation by the city auditor who's with us as well.

1:57

Thank you, Chair Clark.

1:58

Derek Rampone, your Finance and Administrative Services Director.

2:02

I've got Grace Zang, the Assistant Finance and Administrative Services Director, and Helen, the accounting manager with me as well.

2:09

And so we also have Ahmed Badawi from Badawi & Associates who will speak shortly, kind of walk through a quick presentation with the committee.

2:17

It really was a successful audit, I would say.

2:21

The ACFER has been issued in draft form.

2:24

And so we'll be looking to go to council on the 16th of December for acceptance.

2:30

We were issued, once again, an unmodified opinion, which is the cleanest opinion and best opinion possible.

2:37

And so really just wanted to acknowledge that it's a real clean audit.

2:42

and ACFER looks good

2:44

and they wanted to thank the accounting team

2:46

for putting it all together.

2:47

They do a lot of work between July and now

2:50

on getting it all together

2:51

and working with the auditor

2:52

and answering a lot of questions.

2:54

So with that,

2:56

I think Ahmed will kind of take over

2:57

and that's a quick presentation

2:59

that he'll probably share.

3:00

I did provide hard copies too

3:02

so you can follow along.

3:04

Everybody, Ahmed, when you are.

3:06

All right.

3:07

Well, thank you.

3:08

Good morning.

3:09

And thank you for inviting me to the meeting.

Discussion Breakdown — Share of Meeting
Finance And Investments█████████████████████████████████████████████85%
Procedural████████15%
Summary of Proceedings

Mountain View CFC Meeting – January 27, 2026: Review of FY2024–2025 Annual Financial Audit

Note on date discrepancy: The user-specified meeting date is January 27, 2026, but the transcript indicates the meeting occurred on December 2, 2025. This summary uses the provided date as instructed, while acknowledging the transcript’s conflicting timestamp.

This meeting of the City of Mountain View Council Finance Committee (CFC) focused on the presentation of the annual financial audit results and the review of the Fiscal Year 2024–2025 Annual Comprehensive Financial Report (ACFR). The audit received an unmodified (clean) opinion, and the committee voted unanimously to recommend City Council acceptance of the report.

Consent Calendar

  • The committee approved the minutes of the May 8, 2025 CFC meeting by a unanimous voice vote (motion by Committee Member Ramirez, seconded by Vice Mayor Ramos).

Public Comments & Testimony

  • No members of the public spoke during oral communications on non-agenda items or on any discussion item.

Discussion Items

  • Annual Audit Results (Item 5.1): Finance Director Derek Rampone introduced the audit presentation, noting that the ACFR had been issued in draft form with an unmodified opinion—the cleanest possible opinion. He thanked the accounting team for their work.
  • Ahmed Badawi of Badawi & Associates presented the audit results. Key points included:
    • The firm has 25 years of experience exclusively with government clients, with 65 current government audit clients (44 cities) and 30 employees; no lawsuits or disciplinary actions; peer review received the highest grade.
    • Audit deliverables: opinion on ACFR basic financial statements, Shoreline Regional Park Community report, single audit of federal grants, agreed‑upon procedures on GANN limit and Silicon Shores lease calculation.
    • Audit methodology: planning, interim, year‑end, and reporting phases.
    • Primary audit risks (standard for any audit): management override of controls (no incidents found), leases (high dollar amount), revenue and receivables (confirmation reliance), and accounting estimates.
    • The audit report will be issued with an unmodified opinion.
    • New accounting standards coming: GASB 103 and GASB 104.
    • No material weaknesses in internal control, no unadjusted differences, and no difficulties during the audit.
  • Equipment Replacement Fund (ERF) Discussion: Committee Member Ramirez asked follow‑up questions about the ERF. Staff reported:
    • Budgeted $11.7 million for ERF spending in FY2024–2025; actual spending was $12.5 million ($6.2 million cash outlay, $6.3 million in purchase orders for large vehicles).
    • The ERF target is 25% of total equipment replacement cost.
    • Total replacement cost estimated at $60 million (excluding cost escalation for electric vehicles, which are anticipated to be 25–30% more expensive).
    • Current ERF balance at fiscal year end: $21.2 million, approximately $6.2 million above the $15 million target.
    • The next fiscal year’s budget pauses the ERF contribution (~$1.4 million), which should reduce the excess to about $3.5 million.
  • Staff acknowledged that electric vehicle costs may require a future reset of the target or additional contributions.

Key Outcomes

  • Motion and Vote: Committee Member Ramirez moved to recommend that the City Council accept the audit and related reports. Vice Mayor Ramos seconded. The motion passed unanimously (all in favor, none opposed).
  • Staff and Auditor Thanks: Chair Clark and City management thanked staff (Derek Rampone, Grace Zang, Helen) and the audit team for a clean, smooth audit.
  • Future IRC Meeting: Staff confirmed they are working with Chandler to schedule an Investment Review Committee meeting in mid‑2026 to bring back recommendations on the investment policy.
  • Committee Adjourned at 8:59 a.m.

Meeting Transcript

today's december 2nd 2025 this and um this will be a hybrid meeting allowing the public to comment in person and virtually and instructions for addressing the committee virtually can be found on the agenda we'll start with roll call and it looks like all committee members are present um the first item is item um 3.1 to approve the review and approve the minutes of the may 8th 2025 CFC meeting. Those are in our packets. And does anyone have any questions or changes to the minutes before we ask the public? Does anyone member of the public online wish to address this on the minutes? Looks like not. For motions in order to approve the May 2025 CFC meeting minutes. Perfect. We have a motion by committee member Ramirez, seconded by Vice Mayor Ramos. All in favor say aye. Aye. Aye. That carries unanimously. We'll move on to oral communications from the public on non-agenda items. Would any member of the public join us virtually or in person like to write a comment on any item that is not on today's agenda? If so, please click the raise hand button in Zoom. In-person attendees can raise their hand to be followed upon. we'll take in-person speakers first. It looks like we don't have any. Are there any speakers online for this? No. So we'll close oral communications and non-agenda items and move on to our discussion and action items of which there's one today. Item 5.1 is the annual financial audit results and review of the fiscal year 2024 and 2025 annual comprehensive financial report. So our Chinese administrative services director Derek Rampone will make brief remarks before the presentation by the city auditor who's with us as well. Thank you, Chair Clark. Derek Rampone, your Finance and Administrative Services Director. I've got Grace Zang, the Assistant Finance and Administrative Services Director, and Helen, the accounting manager with me as well. And so we also have Ahmed Badawi from Badawi & Associates who will speak shortly, kind of walk through a quick presentation with the committee. It really was a successful audit, I would say. The ACFER has been issued in draft form. And so we'll be looking to go to council on the 16th of December for acceptance. We were issued, once again, an unmodified opinion, which is the cleanest opinion and best opinion possible. And so really just wanted to acknowledge that it's a real clean audit. and ACFER looks good and they wanted to thank the accounting team for putting it all together. They do a lot of work between July and now on getting it all together and working with the auditor and answering a lot of questions. So with that,

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