11-24-2025 Audit Committee - Nov 24, 2025

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Santa Clara Boards and Commissions 42 min 3 speakers 8 agenda items transcribed 2 days ago official recording ↗

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Why does the meeting begin with recording and participation instructions?

Unknown 0:00

We'll be recorded as soon as we can. Will notify you that this meeting is being recorded. Please press continue on the Zoom application to stay in this meeting. If you would like to speak on an agenda item or during public presentations, please raise your hand on the Zoom application 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. Do you chair?

Karen Hardy 0:28

Absolutely. Thank you so much, Ken. All right, roll call. Um Councilmember Chall.

Unknown 0:35

Listen.

Karen Hardy 0:37

Um council member Gonzalez does not seem to be here yet. We're hoping When he comes in, we'll make a note and um I am here. As much as I'm ever here. Wonderful. Thank you so much for being here. I I know this is the week you wanted to be doing all this. No, it's not. All right, consent calendar. Uh the only action we have on here is the minutes from the last meeting of June twelfth. Um Washington. What's it to approve? I will need to second that. All in favor? Aye. That appears to be unanimous. Wow. Thank you. All right, public presentations. Um we do have the doors open here. Is there anyone online? Would you like to say anything? Um, no one in the public that's online. Okay, because I'm not able to see that and uh there was no one else here.

Karen Hardy 1:34

They all slept in, they knew how much fun this would be. No, I'm teasing. All right, general business, the overview of Santa Clara Stadium Authority Fiscal Year, Annual Finance Statements and Audio Audit Results Presentation. By K P M G and I Oh am I looking oh I'm looking at the wrong I turned two pages. Oh dear. Very

Unknown 2:00

confused.

Karen Hardy 2:02

There we go. Yes. I did. I turned the other one. There

Unknown 2:07

you go.

Karen Hardy 2:08

I told you I haven't had a lot of sleep. I came from Salt Sleep. I went some what I remember doing. Okay, our review of the draft city audited annual comprehensive financial report and audited Silicon Valley Power Report, SVP, and financial statements for fiscal year ending June 30th. That sounds like what I Proped four. Thank you.

Unknown 2:33

Great. Thank you. Thank you, Chair Hardy and committee members. Appreciate uh this afternoon's uh engagement on this item. This is the time of year where we're presenting our annual uh comprehensive financial report. Wanted to take the time to um uh thank Lin Lam and Lin Feng here. They've done uh a lot of the work on the the thick doc dot documents before you and Um Uh the item before you that the committee is scheduled to hear this today and then what our recommendation if if the committee chooses to do so is to forward this to uh the city council on December 9th. Just overview here slide. Um Uh, because of our great staff, we've had 33 years of uh GFOA achievement and excellence for this report. So we we um uh a long time standing here.

Unknown 3:25

Amazon Associates has completed the audit of uh the ACFAR as well as the Silicon Valley Power Financial Statements. Uh it does cover the fiscal year um ending June 30th, 2025.

Who are the members on the roll call and what is the consent calendar about?

Unknown 3:38

And we also do comparative data. Two-year comparison, which includes 23-24. Our goal and every goal in an audit is an unmodified or a clean opinion to be expressed by the auditors, in this case, Mays. And then, of course, just from transparency perspective, these reports will be available on our finance webpage, available for the public to review as part of the potential uh meeting on And then I had to put the council and so Uh with that, I wanted to turn it over. Amy Myers, our uh uh auditor, and she's been before the committee uh many times before and and wanted to turn it over to her um to lead us through uh the discussion point on on today's item.

Karen Hardy 4:23

Okay, great. Let the let the minutes I apologize, Amy, just a second, let the minutes show the council member. Oh Gonzalez has joined us at one oh seven. Thank you for being here.

Amy Myers 4:36

All

Unknown 4:36

right.

Amy Myers 4:37

Is it okay if I share my uh Screen or my are you gonna run the slides?

Unknown 4:41

I was

Amy Myers 4:41

gonna

Unknown 4:42

run the slide, Amy. Okay, that's

Amy Myers 4:43

fine. Okay. All right. Um So welcome everyone. Glad to be here. Um yes, and so we are presenting the draft today. We're we're it's this is hot off the presses, uh, and so we're gonna wrap up a few, just a few audit things, and the report has to go through what we call our second review, and that'll happen uh hopefully this week.