2022-06-01 AUDIT COMMITTEE MINUTESAudit Committee Meeting June 1, 2022
CITY OF PEARLAND, TEXAS
AUDIT COMMITTEE MEETING MINUTES
JUNE 1, 2022
The Audit Committee of the City Council of Pearland, Texas convened in a meeting on
June 1, 2022, held via videoconference. The following represents the actions taken in
the order they occurred during the meeting.
Mayor Cole called the meeting to order at 3:02 P.M.
The following were present: Mayor J. Kevin Cole, Mayor Pro-Tem Tony Carbone, and
Councilmember Jeffrey Barry.
Others present were City Manager Clay Pearson, Assistant City Secretary Ron Fraser
Deputy Director of Finance Kristen Woolley Comptroller Karen Krenek, and City Secretary
Leslie Crittenden.
1. APPROVAL OF MINUTES
Minutes from the April 20, 2022 Audit Committee Meeting were approved.
2. DISCUSSION – PROPOSED COMPREHENSIVE FINANCIAL POLICY UPDATES
a. Update and consistent terms
b. Enterprise capital reserves
c. PEDC reserves
d. Structured Debt – Enterprise Funds
e. Other
The following revisions were discussed at the audit committee meeting.
a. Page 8: Added additional language to include the minimum aggregate reserve
balance of both Water/Sewer operating and debt service.
b. Page 9: Updated PEDC fund balance requirements from "shall" to "may" to reflect
the board's current decision to not maintain a reserve fund balance.
c. Page 15: Updated language from "will" to "may" for issuing structured principal in
regard to managing the property tax rate.
The following portions were taken to City Council on June 27, 2022 for recommended
adoption.
Audit Committee Meeting June 1, 2022
3. OPEN COMMENTS
None.
4. NEXT QUARTERLY MEETING
The next meeting will be held virtually in the fall of 2022 once the auditors are scheduled
to be on site.
7. ADJOURNMENT
The meeting adjourned at 3:36 p.m. on June 1, 2022
Minutes approved as submitted and/or corrected this 5th day of October 2022.
Frances Aguilar, TRMC, MMC
City Secretary