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Vice -Chairperson Sarmiento would like staff to present simple basic path to take <br />with limited funds. Possibly a display of traveling monuments from artists in Mexico, <br />in certain area would be a good intro to placemaking for community. <br />4. Update on Fiscal Year 2014-2015 Audit (Strategic Plan No. 4, 1c) — (FMSA) <br />Francisco Gutierrez, Executive Director, stated FY 2014-15 Comprehensive Annual <br />Financial Report (CAFR) has been completed. He available for any questions or <br />additional information needed from this complicated report. This report shows the <br />City's current position. <br />Sergio Vidal, Assistant Director of Finance, provided power point presentation with <br />audit results, financial statement results, and pension/OPEB (Other Post <br />Employment Benefits) liabilities. <br />Kathy Lai, CPA from Macias Gini O'Connell, provided power point presentation on <br />audit responsibilities, deliverables, and required communications. Unmodified audit <br />opinion is best opinion, there were no findings. New change for investments is <br />Super National Coupon which City may consider for next report, currently not <br />applicable. Single audit on federal grants (CDBG, Section 8, Housing Opportunity, <br />Workforce Investment, & Homeland Security) to be completed by January 2016. <br />With regard to pensions, Council should encourage management team to work with <br />actuaries to assure City management assumptions are used on estimates in <br />reports. Upcoming accounting and auditing standards were also reviewed and <br />discussed. <br />Chairperson Martinez thankful for all the hard work and is looking for long term <br />stability for City. Internal and external controls very important; keep process in <br />place to continue improvements. Audit reports help educate so sound decisions <br />can be made. Vice -chair Sarmiento would also like us to scrutinize effectively and <br />be careful and judicious in the way we review. <br />Executive Director Francisco Gutierrez appreciates comments and reviews them <br />regularly with staff. <br />ITEMS MOVED TO NEXT COMMITTEE MEETING <br />None <br />PUBLIC COMMENTS: <br />None <br />December 14, 2015 1 Finance, Economic Development, & Technology Minutes <br />