AUDIT, BUDGET AND FINANCE COMMITTEE MEETING September 12, 2002 MINUTES OF THE MEETING ATTENDEES: Commissioners: Patricia Scates, Chair Frank Kiang (excused) John Protopappas Staff: Lance Bateman John Glover Patti Heilbron Jim Allen John Betterton Oliviér Flewellen Doug Waring Dan Westerlin Visitors: Members of Port Financing Team: Darlene DeRose, Montague DeRose and Associates Sara Lee, Goldman Sachs Sanjiv Handa, East Bay News Service Agenda: 1. Audited Financial Statements 2. Finance Division Debriefing 3. Discussion and Approval of 2002 Series N Refunding Bonds The meeting was called to order at 12:05 P.M. Audit Financial Statements Oliviér Flewellen, Controller presented the new format for Financial Statements for fiscal Year 2002 as required under Government Accounting Standards Boards Statement #34 (GASB 34). Flewellen reviewed the existing formats and the principal differences between those and the new requirements. The Committee inquired as to the reason for the accounting changes. Flewellen reported that the principal reason is to make the financial statements more understandable for the reader and the Government Accounting Standards Board requires it for all local government agencies. Flewellen reported that for fiscal year 2002, the audit fieldwork by the external auditors is complete. Flewellen further stated that she anticipated that the Un-audited Financial Statements for fiscal year 2002, in ...