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HomeMy WebLinkAbout101921 Summary of ActionsDocuSign Envelope ID: 3F42A9EB-9F8A-4A10-A54F-OE4A368BD5C8 Tuesday, October 19, 2021 9:00 a.m. APPROVED b3 OCT 19 2021 DANVILLE TOWN COUNCIL FINANCE COMMITTEE AGENDA TELECONFERENCE ONLY See instructions below CORONAVIRUS DISEASE (COVID-19) ADVISORY AND MEETING PROCEDURE On September 16, 2021, the Governor signed AB 361, extending Brown Act amendments through December 31, 2023, allowing legislative bodies to meet via teleconference during a proclaimed state of emergency by the Governor as a precaution to protect the health and safety of staff, officials, and the general public. As required by AB 361, the Danville Town Council has made findings that it is necessary to continue with remote meetings and adopted Resolution No. 59-2021 on October 5, 2021, approving the continued use of teleconferencing for public meetings of Town legislative bodies for the subsequent 30 days. Members will be participating via teleconference. As such, there will be no physical location for members of the public to participate in this meeting. The Town of Danville encourages citizens to participate in public meetings. Members of the public can watch or listen to meetings via the web -video communication platform Zoom. Agendas are posted on the Town website: ht s:/ /www.danviRe.ca.gov/agendas. You may submit written comments 211!y. You can have your comments read into the record by the Finance Director/Treasurer by sending an email to 1ha@danville.ca.gov prior to 4:00 p.m. on the day of the meeting. You must include your name and the agenda item number in the email. Comments should not exceed three (3) minutes. If you have questions, contact Lani Ha, Finance Director/ Treasurer, at 925-314-3358 or Hia@d,-uzville.ca.gov„ prior to 4:00 p.m. on the day of the meeting. DocuSign Envelope ID: 3F42A9EB-9F8A-4A10-A54F-OE4A3688D5C8 DANVILLE TOWN COUNCIL FINANCE COMMITTEE AGENDA OCTOBER 19, 2021 Page 2 To access the Finance Committee meeting: Zoom: ht s: us02web.zoom.us 86225108698 Webinar ID: 862 2510 8698 For audio access to the meeting by telephone, use dial -in information below: US: (669)900-6833 or (346)248-7799 or (253)215-8782 or (312)626-6799 or (929)205-6099 or(301)715-8592 Webinar ID: 862 2510 8698 Please note that telephone access to the meeting is recommended for audit. To supplement a PC, Mac, tablet or device without audio, you may also join by phone at the telephone numbers listed above. AGENDA 1. CALL TO ORDER 2. PUBLIC COMMENT - At this time, members of the public may address the Committee about a subject which is not listed on the agenda. Comments should not exceed three (3) minutes. 3. ACTION ITEMS - Members of the public may provide input on any of the following items listed on the agenda. Comments should not exceed three (3) minutes. 3.1 Consider approving the recommended use of preliminary FY 2020-21 year end available General Fund fund balance (L. Ha). 3.2 Consider authorizing execution of contract extension with The Pun Group for auditing services for FYs 2021-22 and 2022-23 (L. Ha). 4. ADJOURNMENT DocuSign Envelope ID: 3F42A9EB-9F8A-4A10-A54F-OE4A3688D5C8 DANVILLE TOWN COUNCIL FINANCE COMMITTEE AGENDA OCTOBER 19, 2021 Page 3 CERTIFICATION I hereby certify that the foregoing agenda was posted at the Danville Town Offices and the Danville website at www.danville.ca.g©v, in the Town of Danville 24 hours in advance. ❑ocvSl ntG by: 71735A3f04G942F Marie Sunseri, City Clerk In compliance with the Americans with Disabilities Act, the Town of Danville will provide special assistance for disabled citizens. If you need special assistance to participate in this meeting, please contact the City Clerk (925) 314- 3388. Notification 48 hours prior to the meeting will enable the Town to make reasonable arrangements to ensure accessibility to this meeting. [28CFR 35.102-35.104 ADA Title II] APPROVED �y fFw4 fi& Gv?vA!, TOWN OF DANVILLE GENERAL FUND BALANCE ANALYSIS AS OF JUNE 30, 2021 Presented to Finance Committee on 10/19/21 TOTAL PRE -AUDIT FUND BALANCE AT 6/30/21 Adjust for unrealized market value reported per GASB 31 requirement FUND BALANCE without UNREALIZED MARKET value Less Reserves/Designations Against Fund Balance for: Operating Reserve Receivable from CDA Compensated Absences/Personnel Reserved for Debt Service Contingency Encumbrances COVID Reserved 115 Hartz Ave - proceeds of asset sale & rental 500 La Gonda Way rental Reward Fund Total Reserves/Designations Against Fund Balance CURRENT UNRESERVED/UNDESIGNATED FUND BALANCE AT 6/30/21 Less funds recommended to be designated Reserved for Special Election OCT 19 202P-1 June 30, 2021 June 30, 2020 $ 34,535,719 $ 26,574,948 $ (1,050,668) $ (714,200) $ 33,485,051 $ 25,860,748 $ 12,309,768 $ 12,309,768 $ 5,059,401 $ 6,159,401 $ 1,195, 339 $ 1,195, 339 $ 809,518 $ 815,484 $ 348,446 $ 516,446 $ 907,310 $ 443,012 $ 3,392,641 $ 253,904 $ 108,745 $ 1,112,509 $ 409,912 $ 10,000 $ 10,000 $ 25,398,836$ 21, 968,107 $ 8,086,215 $ 3,892,641 Contingency $ - $ 250,000 RECOMMENDED UNRESERVED/UNDESIGNATED FUND BALANCE AT 6/30/21 $ 8,086,215 $ 3,642,641 TOWN OF DANVILLE FUND BALANCE OPTIONS June 30, 2021 CIP - General Purpose 6,100,000 250,000 Operating Reserve 1,500,000 Contingency 486,215 COVID Reserve Fund 0 3,392,641 Optional Use of Recommended Available Fund Balance at 6/30/21 8,086,215 3,642,641 PP OVE ow r `021 FINANCE COMMITTEE MEMORANDUM Cover 4-e-& TO: Mayor and Town Council October 19, 2021 SUBJECT: Authorize a Contract Extension with the Pun Group for auditing services for FY 2021/22 and 2022/23 BACKGROUND The Town staff is currently in the process of scheduling for final audit for FY 20/21 and is planning to work with the Town's independent auditors, the Pun Group, to complete the audits and prepare the annual Comprehensive Annual Financial Report (CAFR) for FY 2020/21. Funding to complete the CAFR was appropriated as part of the 2021/22 Operating Budget. However, Finance Committee authorization is necessary in order to execute a contract extension with the Pun Group. DISCUSSION The Town has been contracting with the Pun Group for audit services since FY 2012/13. The State Controller's Office has established guidelines for how local government agencies must perform their annual audits. While there are no requirements that dictate the frequency with which local agencies must change or rotate independent auditing firms, the State Controller requires that the engagement (managing) partner in charge of the audit must be rotated a minimum of every six years, for a minimum of at least one year. The current management partner assigned to the Town was most recently rotated in FY 2018/19, and was overseeing his first Town CAFR. The Pun Groups practice has been to rotate the staff assigned to performing the technical work needed to complete the CAFR each year, in order to ensure that fresh eyes are viewing the Towns financials. Prior to engaging the Pun Group in 2012/13, the Town used a total of four different firms (Caporicci and Larsen, Markum, Maze and Associates and Parodi and Cropper). For FY 2020/21, auditing costs for the Pun Group estimated to total $45,900.00 with no Single Audit services. For FY 2021/22 Single Audit services may be required, depending on expenditures spent on Capital Improvement Projects that involve federal grant. It is recommended that the Finance Committee authorize the approval of contracts not to exceed $49,500 per fiscal year with the Pun Group for audit services for FY 2021/2022 and FY 2022/23. This expense amount is consistent with the budgeted amount shown in the yearly budget. Prepared by: dacf 4� Lani Ha Finance Manager/ Treasurer Approved by: J .s ph Calabrigo n Manager Finance Committee 2 October 19, 2021