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File #: 22-306    Version: 1 Name:
Type: Consent Calendar Status: Agenda Ready
File created: 2/14/2022 In control: Council and Authorities Concurrent Meeting
On agenda: 3/22/2022 Final action: 3/22/2022
Title: Action on the Single Audit Report for Fiscal Year 2020-21
Attachments: 1. Single Audit Report June 30, 2021, 2. Single Audit Current Year Finding - Corrective Action Plan, 3. Summary Schedule of Prior Audit Findings
Action on the Single Audit Report for Fiscal Year 2020-21

Enhance Community Engagement and Transparency

The City's annual financial statement audit also includes the federally mandated "Single Audit" which is designed to meet the special reporting requirements of federal granting agencies, specifically Office of Management and Budget (OMB) Uniform Guidance 2.CFR.200 - Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (formerly OMB A-133).The standards governing Single Audit engagements require that agencies expending more than $750,000 in federal monies in a fiscal year have an independent audit not only on the fair presentation of the financial statements, but also on internal controls for compliance with the administrative requirements of federal awards. The Single Audit was performed by the City's financial statement auditor, Maze & Associates. The Single Audit report is attached.

City staff and Maze & Associates met with the City Council Audit Committee on March 14, 2022. Present were Committee members Watanabe, Jain, and Park. During the Committee meeting, Maze & Associates gave a presentation about the audit process and scope of work, as well as the auditor's opinion. City staff and Maze & Associates answered questions from Committee members.

The Audit Committee unanimously accepted the Single Audit Report presented at the Committee meeting and recommended that the City Council note and file the reports at the March 22, 2022 Council meeting. After the Council meeting, the Single Audit Report will be published on the City's website.

Based on their audit, Maze & Associates issued an unmodified opinion with regard to the fair presentation of the financial statements and that the City is in compliance with internal control over financial reporting. For Fiscal Year 2020-21, Maze & Associates identified three major programs to aud...

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