pages: PensionBoard/2015-04-27.pdf, 2
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PensionBoard | 2015-04-27 | 2 | City of Alameda Minutes of the Regular Meeting of the Pension Board - Monday, April 27, 2015 Page 2 said that this is redundant reporting since the same information is in the City's Comprehensive Annual Financial Report (CAFR) and as such, is still subject to normal full audit testing. This proposal is to eliminate the external audit and the separate end of year financial report and save the City $10,000. Chair Herrera Spencer would like this issue to be on the agenda for the next meeting so the Board can review and give feedback before deciding and so the public can be notified. Since we are talking about not having a separate external audit, it has to be reflected formally because it is a significant change. Member Kovacs asked the Finance Department to provide a report to the Board stating what the Ordinance says, what we have been doing and what we are proposing to do. Chair Herrera Spencer would like to see a copy of the last external audit attached to the report because that is what is being eliminated in the future. Member Kovacs asked if the CAFR includes the required information as a separate section so the Board could readily locate it. Acting Financial Services Manager Farmer stated that it is under the "Trust & Agency" section. He said the City is duplicating efforts. The City changed auditors and this new firm questioned if the separate report is needed. The Pension Ordinance specifically says there is a report due and that the report should be presented to Council at the end of the fiscal year and we have been complying by providing a separate report. The auditors are recommending that we comply with this requirement through the CAFR versus a separate report. Chair Herrera Spencer asked if auditors are working now, and was informed that they would be back in June and then in September for the final audit. Acting Financial Services Manager Farmer replied that the next Pension Board meeting will be in July, and the Board can make a decision at that time in time for the final audit. Member Kovacs asked Finance staff to provide the Board with both the last Pension Plan audit report and the corresponding CAFR page, so the Board can see what we are giving up and what we are getting. Chair Herrera Spencer asked for the $10,000 cost reduction information to be provided in writing. Member Soderlund asked if this had to go to Council. Acting Financial Services Manager Farmer advised that Council needs to approve if funding goes up but not when it goes down. However, the Board can make an official recommendation. Member Soderlund asked if recommendation to stop the end of year separate report, is agreed on at the July meeting, if that is enough time to cancel $10,000 for this year. Finance Director Adair said it should be enough time, that this is a part of the City's CAFR contract so the report has to be done anyway. The $10,000 is to issue the separate report. | PensionBoard/2015-04-27.pdf |