09-22-2025 Audit Committee

meeting

Santa Clara Boards and Commissions 1h 13m 3 speakers 3 agenda items transcribed 2 days ago official recording ↗

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What was the purpose and agenda of the September 22, 2025 Audit Committee meeting?

Ken Lee 0:02

Excellent.

Karen Hardy 0:03

Thank you. Ken Lee, please.

Ken Lee 0:05

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Karen Hardy 0:34

Thank you so much, Kim. All right. Call to order. Roll call. Council Member Gonzalez. Present. Council Member Chappell. Present. Karen Hardy, Chair. All present. Wonderful. Thank you so much. All right. First is public presentations. This is a public meeting. You can say calendar first, Council Member. Oh, that's right. That would help if I could read today. Yes, you're right. Let's do the consent calendar, the action on the audit committee meetings, minutes of June 12th.

Albert Gonzalez 1:08

Move to approve.

Karen Hardy 1:09

Second. Okay. Moved by Council Member Gonzalez, seconded by Council Member Chahal. All in favor? Aye. Thank you. That passes unanimously. Just for the record, we don't have any public comment on that consent calendar, correct? I mean, let me double

Unknown 1:27

check.

Karen Hardy 1:28

Thank you. I do not see anyone from the public in this meeting. Is there anyone online? No, there's nobody online. It's only the

Unknown 1:41

auditors.

Karen Hardy 1:42

Okay. Thank you, Sarah. But it is a public meeting. So we need to ask for that. Thank you so much. We have general business. We have one item. overview of Santa Clara Stadium Authority fiscal year 2024 to 2025 annual financial statements and audit results presentation by KPMG.

Ken Lee 2:06

So I'll, Chair Hardy, I'll start it off. Ken Lee, Stadium Authority Treasurer, and good morning. And first off, I just want to Thank you for just your flexibility and scheduling. This audit is still very fresh and in the works. And so just appreciate your accommodations to meet this morning. We do have tight timelines just based on our lender agreements to get the work before you. So I do have a short presentation and then I'll kick it over to the KPMG just to provide some context of our presentation. Our audit so in your packets, there is a staff presentation will also think marissa's bringing it up as well. So, by way of agenda and so in your packet here there's also. i'll talk about just the audit a little bit the key financial highlights and and sections of the draft financial statements and then we'll kick it over to to KPMG and so on slide three if you can go.

Karen Hardy 3:10

Just for the public or anybody who watches this, all of these presentations were also online.

Ken Lee 3:15

They were posted with the packet. They were made available for the public. Absolutely. Great clarification.

How did the board approve the consent calendar and minutes for the June 12 meeting?

Ken Lee 3:21

So this is an audit of the stadium authorities' financial reports, processes, internal controls, and then shared expenses that we have with Manco. It's an audit that is an independent evaluation. We have KPMG who's been on contract to provide this audit. And their goal during that evaluation is that the financial reports and reporting processes meet a reasonable assurance standard. That means that the statements are accurate, complete. It's not an absolute guarantee that there were no human errors or miscommunications that could lead to a mistake. Through the audit procedures, auditor's determinative controls or processes are in place and KPMG will talk about their findings and talk about their audit in more detail during the presentation.

Ken Lee 4:12

Next slide. Just overview that the stadium authority financial statements are required by our credit agreement. There's a requirement before the audit I think September 29th to provide the opinion letter from the auditor. So that's why we're here before you in audit committee and hopefully upon that KPMG can issue their opinion letter. These are financial statements that cover fiscal year 24-25. So that's April 1st, 24 through March 31st, 25. And we always do a comparative two-year look at that. So you'll see that. And our goal as staff is to achieve an unmodified or clean opinion expressed by the auditors.