HomeMy WebLinkAboutAC 12-01-2025 Minutes
MINUTES
AUDIT COMMITTEE
Monday, December 1, 2025
At 1:00 p.m. Chair Eno Schmidt called the regular Audit Committee meeting to order at the
Quinlan Conference Room, 10185 North Stelling Road and via teleconference.
ROLL CALL
Present: Chair Eno Schmidt, Vice Mayor Kitty Moore, Council Member Sheila Mohan (arrived at
1:01 p.m.), and Committee Member William Wong. Absent: Vice Chair Hanyan Wu.
APPROVAL OF MINUTES
1. Subject: Approve Minutes of Regular Meeting on October 27, 2025
Recommended Action: 1. Approve Minutes of Regular Meeting on October 27, 2025
Mohan (1:01 p.m.)
Chair Schmidt opened the public comment period, and seeing no one, closed the public
comment period.
MOTION: Moore moved and Schmidt seconded to approve the minutes of the regular
meeting on October 27, 2025. The motion carried with the following vote: Ayes: Moore,
Schmidt, Wong. Noes: None. Abstain: None. Absent: Mohan, Wu.
POSTPONEMENTS – None.
ORAL COMMUNICATIONS –
OLD BUSINESS – None.
NEW BUSINESS
2. Subject: ACTION ITEM Receive OPEB & Pension Section 115 Trust Performance Report
for Quarter Ending September 30, 2025 and forward to City Council
Recommended Action: Receive OPEB & Pension Section 115 Trust Performance Report
for Quarter Ending September 30, 2025 and forward to City Council
Presenter: PARS and US Bank
PARS and US Bank gave a presentation.
Audit Committee Minutes December 1, 2025
US Bank representative Dennis Mullins gave a presentation.
Committee members asked questions, which staff and the presenters responded to.
Item was deferred due to incorrect noticing for the item.
Chair Schmidt opened the public comment period, and seeing no one closed the public
comment period.
3. Subject: ACTION ITEM Receive the FY 2024-25 Annual Comprehensive Financial Report (ACFR)
and Supplemental Reports and forward to City Council
Recommended Action: Receive the FY 2024-25 Annual Comprehensive Financial
Report (ACFR) and Supplemental Reports and forward to City Council
Presenter: Jonathan Orozco, Finance Manager and The Pun Group
1:45(30)
Pun Group representative Sophia Kuo gave a presentation.
Committee members asked questions which staff and the presenter responded to.
Chair Schmidt opened the public comment period, and seeing no one, closed the public
comment period.
Committee Members made comments.
4. Subject: INFORMATIONAL ITEM Receive the proposed Audit Committee 2026
Schedule and Workplan
Recommended Action: Receive the proposed Audit Committee 2026 Schedule and
Workplan
Presenter: Jonathan Orozco, Finance Manager
2:15(10)
Finance Manager Jonathan Orozco gave a presentation.
Committee Members asked questions, which staff responded to.
Committee Members made the following recommendations:
1:30:45
• Add the OPEB and Pension Trust Performance Report to the Consent Calendar.
Audit Committee Minutes December 1, 2025
•Include the Quarterly Treasurer’s Investment Report on the Consent Calendar, with meeting
discussion focused on key items rather than a full review of the report.
•Prioritize additional meeting time for the Audit Work Program and Internal Audit Program.
•Streamline Audit Committee meetings to focus on core audit responsibilities.
•Direct staff to consult with the City Attorney regarding the Audit Committee’s role in
reviewing reserve-related policies, including whether amendments to the Municipal Code
would be required, and report back to the Committee.
•Obtain an independent, third-party review as part of the Annual Review of the City
Investment Policy.
Chair Schmidt opened the public comment period, and seeing no one, closed the public comment
period.
STAFF AND COMMITTEE REPORTS – None.
COMMITTEEMEMBER ATTENDANCE AT UPCOMING MEETINGS AND EVENTS – None.
FUTURE AGENDA SETTING – None.
ADJOURNMENT – None.
At 2:52 p.m. Chair Schmidt adjourned the regular Audit Committee Meeting. Minutes
prepared by:
Lindsay Nelson, Administrative Assistant