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File #: 21-1518    Version: 1 Name:
Type: Public Hearing/General Business Status: Agenda Ready
File created: 10/18/2021 In control: Audit Committee
On agenda: 11/30/2021 Final action:
Title: Overview of the Draft City of Santa Clara Audited Annual Comprehensive Financial Report (ACFR) and Audited Silicon Valley Power (SVP) Financial Statements for Fiscal Year Ended June 30, 2021
Attachments: 1. Draft Annual Comprehensive Financial Report (ACFR), 2. Draft Silicon Valley Power (SVP) Financial Statements, 3. Draft Memorandum on Internal Control, 4. POST MEETING MATERIAL, 5. POST MEETING MATERIAL
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REPORT TO AUDIT COMMITTEE

SUBJECT
Title
Overview of the Draft City of Santa Clara Audited Annual Comprehensive Financial Report (ACFR) and Audited Silicon Valley Power (SVP) Financial Statements for Fiscal Year Ended June 30, 2021

Report
BACKGROUND
City Charter Section 1319 requires that an independent certified public accountant (CPA) audit the City's records and accounts on an annual basis. In compliance with the Charter, the City engaged the audit firm of Maze and Associates to perform an independent audit of the City's financial statements.

The ACFR and SVP financial statements present the audited financial information of the City in accordance with Generally Accepted Accounting Principles (GAAP) applicable to government entities. The statements provide the Audit Committee and City Council valuable information for financial oversight as well as providing information to the citizens of Santa Clara.

DISCUSSION
The role of the Audit Committee (Committee) is to provide oversight of the City's financial reporting processes, internal controls, and independent auditors. Amy Meyer, Shareholder, from Maze and Associates will present the audit results to the Committee and provide an overview of the audit. This includes the audit report, financial statement disclosures, internal control related matters and other items.

ENVIRONMENTAL REVIEW
The action being considered does not constitute a "project" within the meaning of the California Environment Quality Act ("CEQA") pursuant to CEQA Guidelines section 15378(a)(4) in that it is a fiscal activity that does not involve any commitment to any specific project which may result in a potential significant impact on the environment.

FISCAL IMPACT
Costs associated with the preparation of this report are included in the City's FY 2020/21 Adopted Operating Budget.

PUBLIC CONTACT
Public contact was made by posting the Audit Committee agenda on the City's official-notice bulletin board outside City Hall Council Chamb...

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