HomeMy WebLinkAbout01/28/2008 B A K E R S F I E L D
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Ken Weir, Chair
John W. Stinson,Wisistant City Manager Sue Benham
For: Alan Tandy, City Manager Irma Carson
Rick Kirkwood, Management Assistant
AGENDA SUMMARY REPORT
REGULAR MEETING OF THE BUDGET
AND FINANCE COMMITTEE
Monday, January 28, 2008 — 12:00 p.m.
City Manager's Conference Room — Suite 201
City Hall, 1501 Truxtun Avenue, Bakersfield, CA
The meeting was called to order at 12:07:26 PM
1. ROLL CALL
Committee members present: Councilmember Ken Weir, Chair
Councilmember Irma Carson
Committee members absent: Councilmember Sue Benham
Staff present: Alan Tandy, City Manager; John W. Stinson, Assistant City
Manager; Rhonda Smiley, Assistant to the City Manager; Rick Kirkwood,
Management Assistant; Steven Teglia, Administrative Ananlyst III; Raul Rojas,
Public Works Director; Sandra Jimenez, Assistant Finance Director; Joshua
Rubnick, Deputy City Attorney; Steve Womack, General Manager — Rabobank
Arena; Georgina Lorenzi, Assistant to the Public Works Director
Others present: Eric Xin, Brown Armstrong CPA's; James Geluso, Bakersfield
Californian
2. ADOPT OCTOBER 25, 2007 AGENDA SUMMARY REPORT
Adopted as submitted.
3. PUBLIC STATEMENTS
None.
AGENDA SUMMARY REPORT Page 2
BUDGET AND FINANCE COMMITTEE MEETING
Monday, January 28, 2008
4. NEW BUSINESS
A. Discussion and Committee Recommendation regarding Amending and
Adopting the 2008 Committee Meeting Schedule — Stinson
Committee members adopted the schedule as submitted, with the
understanding that meeting dates may be amended should scheduling
conflicts arise.
B. Audit Reports — Nelson Smilth
Backup materials for the Committee meeting, including financial reports,
were distributed to the Honorable Mayor and City Council at the January
16, 2008 Council Meeting. Due to the size of the documents, copies will
be available for public review at the Finance Department and the City
Manager's Office. Staff provided copies for review at the Committee
meeting.
• Comprehensive Annual Financial Report (CAFR) for the fiscal year
ended June 30, 2007.
• Independent Auditors Report — Single Audit Report — Schedule of
Federal Expenditures for the City of Bakersfield for the fiscal year ended
June 30, 2007.
• Independent Auditors Report — Compliance with Contractual
Requirements relative to the Bakersfield Subregional Wastewater
Management Plan for the year ended June 30, 2007.
• Independent Auditors report on Appropriations Limit Worksheet (GANN
Limit) of the City of Bakersfield for Fiscal year ended June 30, 2007.
• Independent Auditors Report — Rabobank Arena, Theater, Convention
Center, Bakersfield Ice Sports Center & Brighthouse Networks
Amphitheatre for the fiscal year ended June 30, 2007.
Assistant Finance Director Sandra Jimenez provided an overview of the
Brown Armstrong audit. There were no reported financial findings and the
single audit went well. There was one finding in the budget report for the
Technical Advisory Committee for Waste Water and one finding in the
Transportation Development Act Funds. Staff will follow audit
recommendations for next year.
Eric Xin of Brown Armstrong CPA's presented the new requirements for
auditing standards for the next fiscal year, as well as overview of the audit
process and risk assessments. Mr. Xin also discussed the improved
processes and the Governmental Accounting Standards Board (GASB).
AGENDA SUMMARY REPORT Page 3
BUDGET AND FINANCE COMMITTEE MEETING
Monday, January 28, 2008
Committee member Irma Carson made a motion to present the audit
reports to the City Council for approval. Committee chair Ken Weir
seconded the motion.
C. Acceptance of 2005-06 Transportation Development Act Funds Financial
Statements — Nelson Smith
The financial statements summarize fiscal activity for the Bikeway and
Pedestrian Fund, and the Public Transit Fund accounts, used to construct
facilities that specifically benefit pedestrians and/or bicyclists. The audit
firm of Brown Armstrong made one finding and recommendation regarding
expenditures.
Committee members motioned to forward the statements to City Council
for approval.
5. COMMITTEE COMMENTS
None.
6. ADJOURNMENT
The meeting adjourned at 12:18:13 P.M.
cc: Honorable Mayor and City Council
S:\Council Committees\2007\07 Budget&Finance\October 25 Special Meeting\October 25 Agenda Summary.doc