AGENDA ADJOURNED JOINT CITY COUNCIL AND REDEVELOPMENT AGENCY MEETING CITY HALL COUNCIL CHAMBERS 520 J Street Los Banos, California

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1 AGENDA ADJOURNED JOINT CITY COUNCIL AND REDEVELOPMENT AGENCY MEETING CITY HALL COUNCIL CHAMBERS 520 J Street Los Banos, California DECEMBER 7,2010 Ifyou require special assistance to attend or participate in this meeting, please call the City Clerk's (209) at least 48 hours prior to the meeting. The City of Los Banos complies with the Americans with Disabilities Act (ADA) of * * * * * * * ** * * * * * * * Si requiere asistencia especial para atender 0 participar en esta junta por favor liame a la of/gina de la Secretaria de la ciudad al (209) a 10 menos de 48 horas previas de la junta. La Cuidad de Los Banos cumple con la Acta de Americanos con Deshabilidad (ADA) de Any writings or documents provided to a majority of the City Council / Redevelopment Agency regarding any item on this agenda will be made available for public inspection at the meeting and in the City Clerk's office located at City Hall, 520 J Street, Los Banos, Califorma during normal business hours. In addition, such writings and documents may be posted on the City's website at * ************ Cualquier escritura 0 los documentos proporcionaron a una mayoria de la City Council / Redevelopment Agency con respecto a cualquier articulo en este orden del dia sera hecho disponible para la inspecci6n publica en la reuni6n y en la oficina del City Clerk del City Hall, 520 J Street, Los Banos, California durante horas de oficina normales. Ademas, tales escrituras y los documentos pueden ser anunciados en el website de la Ciudad en 1. CALL TO ORDER. 4:30 PM 2. PLEDGE OF ALLEGIANCE. 3. ROLL CALL: (City Council and Redevelopment Agency Board Members) Faria _, Silveira _, Sousa _, Stone _, Mayor Villalta _ 4. CONSIDERATION OF APPROVAL OF AGENDA. Los Banos City Council/Redevelopment Agency Agenda - December 7,2010 Page 1 of 2

2 5. PUBLIC FORUM. (Members of the public may address the City Council! Redevelopment Agency Members on any item of public interest that is within the jurisdiction of the City Council! Redevelopment Agency; includes agenda and nonagenda items. No action will be taken on non-agenda items. Speakers are limited to a five (5) minute presentation. Detailed guidelines are posted on the Council Chamber informational table.) 6. COUNCIL WORKSHOP TO REVIEW THE FINANCIAL REPORTS FOR FISCAL YEAR AND THE CURRENT FINANCIAL STATUS. 7. ADJOURNMENT. Los Banos City Council/Redevelopment Agency Agenda - December 7, 2010 Page 2 of 2

3 ~'.,;,, LOS Banos,,~ Al lite Crossroads of Cali/ofilia ~p Agenda Staff Report TO: FROM: DATE: Mayor & City Council Members Martha Brazil, City Treasurer~ November 23, 2010 SUBJECT: Workshop to Review the Financial Reports for Fiscal Year ADJOURNED MEETING: December 7,2010 at 4:30 p.m., City Council Chambers TYPE OF REPORT: Informational Item Recommendation: Informational only, for Council's review Background: The City's financial statements for the year ending June 30, 2009 have been audited by the City's independent auditing firm, Maze and Associates. They have also audited the component unit financial statements of the governmental activities and each major fund of the Redevelopment Agency. Their work was completed in accordance with Generally Accepted Auditing Standards issued by the Controller of the United States. The goal of the independent audit is to provide reasonable assurance that the financial statements of the City are reliable and free of material misstatements. The Memorandum on Internal Control and Required Communications is the auditor's method of communicating controls or procedures where opportunities for improvement have been identified. The City is also required to undergo an annual single audit in compliance with provisions of the Office of Management and Budget Circular A-133. The Federal Government requires that any local agency receiving or expending $500,000 or more in combined federal grant funds is subject to a separate audit on those programs and a separate Single Audit Report is issued. This threshold amount occurred in fiscal year ; therefore a separate report was issued.

4 The Government Accounting Standards Board's (GASB) Statement No. 45 requires that the City account for and report their costs and obligations related to post employment health care and other non-pension benefits (OPEB). An actuarial study was done by Total Compensation System, Inc. as of July 1, 2010 in order for the City to comply with the GASB 45 standards. Discussion: Brent Kuhn of Vavrinek, Trine, Day & Co., LLP (VTD) will review key points of each report and answer any questions. An outline is provided on the main points he will be going over tonight with all of us. Fiscal Impact: None. Reviewed by: Attachments: Workshop Outline Basic Financial Statements Redevelopment Agency Financial Statements Single Audit Report Memorandum on Internal Control & Required Communications Actuarial Study of Retiree Health Liabilities

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