# April 16, 2026 - Finance and Audit Commission

The City of Menlo Park Finance and Audit Commission met on April 16, 2026. The Commission reviewed the fiscal year 2024–25 single audit and the independent report on the fiscal year 2025–26 appropriations limit. Staff reported approximately $3.13 million in federal expenditures and compliance in all material respects with requirements for the city’s major federal programs. Auditors found no material weaknesses but identified one significant deficiency involving the allocation of investment interest income; staff said corrective actions are underway and described work to strengthen internal controls. The Commission unanimously recommended that City Council receive the audit reports.

The Commission also reviewed the December 31, 2025 investment portfolio report and unanimously recommended that City Council receive it. Staff reported total pooled cash of approximately $245 million and described a bank sweep account introduced in February, with deposits distributed among participating banks and currently earning about 3.4%–3.6%. The Commission discussed cash allocation and fund balances. It also discussed the commission’s work plan and community awareness of the city’s projected structural deficit, but took no action on that discussion. No procurement activity, contract awards, or purchasing decisions were identified.

**Jurisdictions:** sled
**Published:** April 16, 2026

### Sources
- [April 16, 2026 - Finance and Audit Commission](https://www.youtube.com/watch?v=Yt7a6Jw2OUo) - CityofMenloPark