Audit Committee Meeting

MINUTES Audit Committee Meeting Wednesday, April 2, 2025 at 3:00 PM Carnegie Town Hall, 235 West 10th St., Sioux Falls, South Dakota 57104 1. Call To Order Present: Committee Chair David Barranco, Committee Member Rich Merkouris, Committee Member Karla Quarve, Committee Member Eric Walser, Committee Member Doug Reed, Committee Member Ryan Spellerberg Absent: Committee Member Jennifer Sigette Meeting was called to order at 3 p.m. by Audit Committee Chair David Barranco. 2. Approval of Minutes A. Wednesday, December 18, 2024 A motion was made by Committee Member Quarve and seconded by Committee Member Spellerberg to approve the Wednesday, December 18, 2024 Audit Committee Meeting Minutes. Voice vote to approve. 6 Yes: Barranco, Merkouris, Quarve, Walser, Reed, Spellerberg; 0 No: (None). Motion Passed. Due to technical difficulties, a recess was called at 3:04 p.m. The meeting came out of recess at 3:07 p.m. 3. Reports and Updates A. 25-01 Credit Card Processing, Lisa Kretz, CLA Due to technical difficulties, Ryan Lauseng, Internal Auditor, City of Sioux Falls, gave the 25-01 Credit Card Processing audit presentation (presentation attached to the agenda). He gave the background of the City's credit card processing, a comparison to other cities, and an overview of the 2024 credit card sales and fees broken down by department. He also gave the objective and scope of the audit, shared the findings of the audit, recommendations, and spoke on an opportunity for improvement.  Following the presentation, questions asked by the committee were answered by Lauseng. Due to the technical difficulties, a recess was called at 3:19 p.m. The meeting came out of recess at 3:26 p.m. B. External Audit Results: City of Sioux Falls 2024 Financial Statements, Eide Bailly, LLP Brian Stavenger, Engagement Partner, Eide Bailly LLC, presented the external audit results (presentation attached to the agenda) via telecom courtesy of Stacey Nelson, Communication Partner, Eide Bailly LLC. Stavenger spoke on the timeline of the audit and gave details of the audit of the City's financial statements. He also spoke on: the Federal Audit and noted that there were no internal control or compliance findings; the Governance Letter and its purpose and content; and some of the upcoming Governmental Accounting Standards Board (GASB) statements. 4. Committee Member Discussion There was none. 5. Public Comment There was none. 6. Adjournment The meeting was adjourned at 3:52 p.m. Jermery J. Washington, City Clerk