Desk Item.Receive 2022 ACFR
PREPARED BY: Gitta Ungvari
Finance Director
Reviewed by: Town Manager, Assistant Town Manager, and Town Attorney
110 E. Main Street Los Gatos, CA 95030 ● (408) 354-6832
www.losgatosca.gov
TOWN OF LOS GATOS
COUNCIL AGENDA REPORT
MEETING DATE: 12/20/2022 ITEM NO: 7 DESK ITEM
DATE: December 20, 2022
TO: Mayor and Town Council
FROM: Laurel Prevetti, Town Manager
SUBJECT: Annual Comprehensive Financial Report (ACFR):
a. Receive the Annual Comprehensive Financial Report (ACFR) for the Fiscal
Year Ended June 30, 2022, and
b. Adopt a Resolution Confirming June 30, 2022 Fund Balances in
Accordance Fiscal Year 2021/22 Final Audit and Town Council General
Fund Reserve Policy
REMARKS:
Attachment 5 contains public comment received after 11:00 a.m. on Monday December 19,
2022.
In addition, a Councilmember inquired if the Finance Commission meeting held on December
12, 2022 provided Commissioners and the public amble opportunities to discuss the Annual
Comprehensive Financial Report (ACFR). Following is the chronology of the Commission
meeting:
3 mins 10 secs – Liaison Andrews introduces the item and states “similar to last year what we’ll
do is we’ll listen to the proceedings, we’ll listen to the Q&A, and we will then document to the
best of our ability the conversation as it transpired. We will then come back to you on
Thursday showing kinda the recap of the meeting. And then if there are any additional
comments on Thursday, we will capture those and both of these meetings will then be
represented in the staff report that goes to Council on the 20th when they see the ACFR for the
first time.”
3 mins 47 secs – The Town’s auditor Sheldon Chavan provides a presentation of the audit. The
presentation concludes with the following audit results slide:
• No Exceptions in Audit Opinions
• No Material Weaknesses
PAGE 2 OF 3 SUBJECT: Receive 2022 Annual Comprehensive Financial Report DATE: December 20, 2022
• No Disagreements with Management
• No Significant Passed on Adjustments
14 mins 32 sec to 17 mins 17 secs – The Town’s auditor responds to questions from the
Commission. No further questions are directed to the auditor.
17 mins 34 secs to 20 mins 23 secs – Town staff and the auditor respond to Commission
questions. No further questions of staff or the auditor.
20 mins 26 secs - Chair Dickel opens public comment. No public comments received.
20 mins 58 secs to 30 mins 21 secs - Staff provides an assessment of important ACFR elements.
Additional Q&A between the Commission and staff.
30 mins 27 secs to 43 mins 39 secs – Chair Dickel asks staff to respond to written public
comments. Staff provided verbal responses to written public comments and additional
Commission questions.
43 mins 56 secs – Liaison Andrews provides a recap of Commission recommendations to ensure
all Commission items are addressed.
46 mins 01 secs – Staff confirms they will continue to accept Commissioner questions up until
the day of the meeting. (No additional Commissioner questions received to date.)
46 mins 25 secs – Chair Dickel states “I do want to say that it is an impressive document overall,
with a tremendous amount of information.” The Chair further states “The form of the
document is much improved over the form say five years ago, versus the MD&A, pension
disclosures and others.”
47 mins 49 secs – Chair Dickel confirms there are no additional Commissioner questions and
closes the item.
1 hour 06 mins 52 secs - At the conclusion of the Commission meeting, Chair Dickel confirms
that staff has no disagreements with any of the Commission recommendations.
Attachments previously received with the staff report:
1. Draft Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2022.
2. Fund Balance Resolution Establishing June 30, 2022 Fund Balances
3. Independent Auditor Presentation to the Council Finance Commission
4. Public Comment
PAGE 3 OF 3 SUBJECT: Receive 2022 Annual Comprehensive Financial Report DATE: December 20, 2022
Attachment received with this Desk Item:
5. Public Comment