09-04-2026 Audit Committee - Sep 04, 2026

meeting

Santa Clara Boards and Commissions 26 min 3 speakers 8 agenda items transcribed 17 hours ago official recording ↗

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What are the opening procedures and roll‑call for the Audit Committee meeting?

Unknown 0:02

Okay, so this meeting will be recorded. The Zoom application will notify you that this meeting is being recorded. Please press continue on the Zoom application to stay in the meeting. If you would like to speak on an agenda item or doing public presentation, please raise your hand on the Zoom applications or press star nine on your phone. Please only raise your hand while the item you're seeking to speak on is being presented. Staff will enable speaking at the appropriate time. Go ahead, Kyle.

Albert Gonzalez 0:27

All right. Then we can take a roll call.

Unknown 0:30

All right.

Albert Gonzalez 0:31

Councilman Hardy

Karen Hardy 0:32

there

Albert Gonzalez 0:33

comes over can also know and show all I don't think he's online.

Unknown 0:37

No,

Albert Gonzalez 0:37

yeah. Okay. It's upset and I'm here. And with that we can get the motion to be a consent calendar.

Karen Hardy 0:48

Yes, I'd like to make motion to approve the minutes that are on the consent calendar.

Albert Gonzalez 0:52

No second that. All those who say aye. Aye. Any opposed? Abstentions? No motion carries.

Unknown 0:59

Is there anybody in Mizzou? There's one person. Oh, we should ask for. We don't. All

Albert Gonzalez 1:07

right. So we'll

Unknown 1:09

move on

Karen Hardy 1:10

Unknown 1:10

our

Rafael Mandelman 1:11

item.

Albert Gonzalez 1:14

Is there any two overview of the Santa Clara Stadium Authority fiscal year 2035-2036 annual financial statements, audit results, conditions. By Clinton, Larson, Allen.

Unknown 1:30

I'll say a few words and then I'll turn it over to our auditor. Kenley is acting as the city manager, committee members and chair. What we have before you is the stadium authority financial statements for fiscal year 2526. This year is the first year for Clifton, Larson, and Allen CLA. As you may recall, we've had KPMG on since the inception of

Rafael Mandelman 1:53

the

Unknown 1:54

stadium, went through a process, and CLA was onboarded for this first engagement of financial statements. I wanted to introduce Brianne and Ricky from CLA. They were heavily involved with staff with their financial audit, and I turned it over to them for presentations.

Brianne Weiss 2:16

Do you guys want to go? Okay. Well, thank you very much for having us today. Like you said, my name is Brianne Weiss. I'm a partner at Clifton Larson Allen. And with me is Ricky Heidner, senior. And Ricky did all of the work, all the good things that happened.

How is the consent calendar motion introduced and approved?

Brianne Weiss 2:37

The audit is because of Ricky. All the bad things were because of me, undoubtedly. But we're very happy today to be here to present the results of our audit. So... Thank you. Real quick agenda here. We're going to go through the audit scope and the process, touch a little bit on the opinions and the results, discuss the remaining steps to finalizations for the audit, since it is a draft version in this package, go through some key financial highlights, and then talk a little bit forward-looking about what's coming down the pipeline with some GASB standards. So the audit scope, as you are aware, was an independent auditor's report on the financial statements, an independent auditor's report on the debt compliance.

Brianne Weiss 3:18

That debt compliance opinion is a negative assurance is the way that it's phrased, meaning that we don't say you are compliant. We would just say if something came up that appeared noncompliant, as well as the agreed upon procedures report over the shared stadium expenses. And lastly, there will be a formal governance letter that we will submit to you that will supplement this discussion. The audit process, as you're probably aware, is a risk-based approach. And we do look at all material items. I've identified a couple here that I think are of significance. The first is internal controls. As part of an audit, we're required to test internal control, specifically controls over management override, which is a deemed significant risk in the auditing standards.

Brianne Weiss 4:03

It's not an indication of anything specific at the stadium that's a risk. It just exists at every entity. And what it really means is that No matter how good the internal control structure is and how good your approvals are, if management comes in over the top and does something, it could result in a material misstatement of the financial status. We performed procedures, including reviewing the internal control process, as well as some risk-based approaches to identify any issues like that, and we didn't uncover any.