HomeMy WebLinkAbout03/17/2005 Meeting Minutes
March 17, 2005
Town of Los Altos Hills
City Council Special Meeting
Thursday,March 17, 2005 5:00 P.M.
Bullis School Multi-Purpose Room, 25890 Fremont Road
1. CALL TO ORDER, ROLL CALL, AND PLEDGE OF ALLEGIANCE
Mayor Mike O'Malley called the Special Meeting of the City Council to order at 5:00
p.m. in the Bullis School Multi-Purpose Room at Town Hall Temporary Offices.
Present: Mayor Mike O'Malley, Mayor Pro Tem Breene Kerr, Councilmember
Craig A.T. Jones, Councilmember Jean Mordo and Councilmember Dean
Warshawsky
Absent: None
Staff: City Manager Maureen Cassingham, Administrative Services Director
Sarah Joiner, Accountant/Office Manager Cindy Higby and City Clerk
• Karen Jost
Committee: Finance and Investment Committee Members Lalla Stark(Chair),Frank
Lloyd and R. Douglas Norby
2. STUDY SESSION WITH THE FINANCE AND INVESTMENT COMMITTEE
AND A.J. MAJOR, VAVRINEK, TRINE,DAY&CO.
2. 1 PRESENTATION OF COMPREHENSIVE ANNUAL FINANCIAL
REPORT FOR FISCAL YEAR 2003-2004
A.J. Major, III, Vavrinek, Trine, Day & Co., LLP introduced himself and spoke briefly
about his company and their obligations and duties as the Town auditors. He reviewed
the Comprehensive Annual Financial Report (CAFR) for the year ended June 30, 2004
with Council and the Committee and noted that based upon their audit, there was a
reasonable basis for an unqualified opinion that the Town's financial statements for the
year ended June 30, 2004 were fairly presented in conformity with generally accepted
accounting principles. The auditor's letter was included in the financial section of the
report. Major summarized the three components of the report that included: the
introduction, financial section and statistical section. He explained that the introduction
and statistical sections were not required but provided excellent background information.
Major extended congratulations to Administrative Services Director Sarah Joiner and
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Accountant/Office Manager Cindy Higby for the recognition and awards they had
received from the California Society of Municipal Finance Officers and the Government
Finance Officers Association of the United States and Canada for the CAFR.
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March 17,2005
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Major reviewed his management letter dated December 28, 2004. He explained that the
letter was only for the purpose of recommendations and did not include their observations
on the many strong features in the system of internal controls employed by the Town of
Los Altos Hills.
2.2 PRESENTATION ON GASB-34
Major described the new reporting model that had been required by the Government
Accounting Standards Board and had been implemented in conjunction with the previous
reporting model in this year's report. Statement 34 was similar to statements that were
used in the private business sector financial reporting with features that included a full
accrual reporting method that identified all Town assets including infrastructure and an
expanded fund financial statement report that with a reconciliation that tied the traditional
fund financial statements to the Town wide statements.
Major concluded his presentation by thanking everyone for the opportunity to review his
findings and his opinion that the Town was in good healthy financial condition with net
asset reserves at the highest level of the twelve cities that he had reviewed.
3. PRESENTATIONS FROM THE FLOOR
• None
4. ADJOURNMENT
PASSED BY CONSENSUS: To adjourn the City Council Special Meeting at 5:55 p.m.
Respectfully submitted,
Karen J st,
City Clerk
The minutes of the March 17, 2005 Special City Council meeting were approved as
presented at the April 7, 2005 Regular City Council meeting.
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City Council Special Meeting Minutes
March 17,2005