>> finance committee november 3, 2015, >> >> >>supervisor john avalos: good morning today is november 3, 2015. election day. welcome to the finance committee of the transportation authority. my name is john avalos, the chair of the committee. joined to my right by commissioner jane kim and left malia cohen. our clerk is steve stamos. the meeting is broadcast by steve smith and jennifer lowe. thank you for your service and broadcasting. are there any announcements? city clerk: no announcements.

>> roll call. city clerk: commissioner avalos, present, commissioner campos, absent, commissioner cohen, present, commissioner kim, present, commissioner mar, mar absent. we have a quorum. >>supervisor john avalos: if you can call our consent calendar. >> these items are considered routine. staff of prepared to present if desired and maybe removed. >>supervisor john avalos: colleagues, any comments on our consent calendar. hearing none. any member of the public would like to comment. seeing none come forward, we have a motion to move these items forward. >> second. >> motion from commissioner kim, second by commissioner cohen and we'll take that with a roll call vote. city clerk: commissioner avalos, aye, commissioner campos, absent,

commissioner cohen, yes, commissioner kim, aye, mar absent. the consent calendar is approved. >> great. we'll go on to item no. 5. >> item 5 recommending and accepting the audit report. this is an action item . >>supervisor john avalos: we have a presentation. >> good morning from finance administration. what i have before you today is the results from the fiscal year 14-15 annual fiscal audit. we have had a challenging time. we have procured new auditors and indicated how well we did with implementation. i have before you here available to walk you through the report and answer any questions and afterwards i will come back an answer any

questions you may have. >> my name is amad, i'm the partner in charge of the audit. what you have here is the financial report of sfcta. we as your department auditors are to issue the financial statements because you receive funding you are required to undergo an audit for ab 133 which requires your auditor to oh pine on the compliance requirements with respect to further grants. we issue opinion on these financial statements and as part of issuing these opinions on the fair presentation of the financial statements, we audit these balances are reported to you on the financial statement. we confirm to external sources and we make sure these numbers are reported to the financial statements are

fairly stated. i'm pleased to know that we have issued the clean opinion on the financial statements. as part of the audit we also look at your internal controls in the manner you process receipts and contracting. and at the back of the audit you are going to see an opinion with the compliance of the federal laws and regulations and they relate to the project which is funded by cal trans by highway planning and construction. i'm also pleased to let you know that under no exception with respect to the compliance with weaknesses with respect to the internal control. we are your new auditors this year and it's a new transition for us and sfcts staff. this year is the year of implementation gas 68 which requires recognition of pension liability on the financial statements. the liability is measured as your proportionate

share with calpers because sfcts participates with calpers on the pension liabilities. you are going to see quite a bit of some revisions. the numbers are not that significant when it comes to the pension liabilities. although cta is and the payroll expenses and the number of total expenses they have is not as significant as you would see in the city or the county. the impact was not very significant in a financial statement. it's a reporting requirement , not a funding requirement. these amounts are paid through the annual contributions that sf cta provides through calpers. again, this is a transition year. i do want to thank the finance department for making this a smooth transition. we were able to complete the financial statements on time. i believe the financial statements are sent to the city and county of san

francisco who uses these financial statements as a component within the financial statement. they report on these financial statements. i want to thank sfcts staff. we have no difficulties in the performance of the audit, although it's a transition year we were able to complete it with no exceptions. with that, i will be happy to take any questions. >>supervisor john avalos: thank you for your work with the audit. there is no questions now. i appreciate how the audit came out and no deficiencies and sound financing. so appreciate that, thank you. >> thank you. >> i would just like to mention this item went before cac october 28th and there was a motion for adoption of this report. in terms of the budgets fiscal impacts there were no cost for fiscal year 14-15. that's good to hear , with that. i'm here to answer any

questions. i would like to thank the finance staff for their quickness on the audit. lily yu and my staff who spent many hours putting this together. one of the key reasons we were able to finish so quickly was because of the new enter price this committee approved for us. we appreciate that as well. lastly , i would like to thank our new auditors. it was a new year. we had to get to know each other and it was a great audit and came out quickly and super clean audit. with that, i would like to recommend to approve this audit. >>supervisor john avalos: okay. very good. thank you. we'll open this item up for public comment. is there any additional public comment? seeing none, public comment is closed. the motion to approve? >> so move. >> motion from commissioner campos and

second by commissioner cohen. enthusiastically seconded by commissioner cohen. [ laughter ] we'll have a roll call vote. city clerk: commissioner avalos, aye, campos, aye, cohen aye, commissioner kim, aye, commissioner mar, aye, the item passes. >>supervisor john avalos: very good. let's go on to our next item. item 6, introduction of new items. informational item. >>supervisor john avalos: colleagues introduction of new item, none. next public comment. is there any additional public comment? seeing none, public comment is closed. >> item 7. public comment. >>supervisor john avalos: is there any additional public comment? seeing none, public comment is closed. we'll go to the last item. item 8. adjournment. >> happy election day. we are adjourned. >> >>

>> >> good afternoon welcome to the san francisco transportation authority personnel committee meeting i'm supervisor wiener the chair of the committee to my right is supervisor katie tang your vice chair and to my left is madam chair rosales. >> mr. clerk, any announcements?

>> >> the roll call is now done move to item 2. >> roll call. >> you want want to do roll call. >> commissioner avalos supervisor tang supervisor wiener. >> we have quorum okay. >> technical 2. >> approval of the minutes of december 2, 2014, an action item any, any changes to the minutes from almost a i don't know any public comment on item 2 seeing none, public comment is closed. and i guess call the roll >> commissioner avalos supervisor tang supervisor wiener the minutes are approved item 3. >> recommend a program ends york clarification and any clarifying two positions an action item. >> ms. wong deputy director for the