AC 10-23-2023 AgendaCITY OF CUPERTINO
AUDIT COMMITTEE
AGENDA
10300 Torre Avenue, City Hall Conference Room A
Monday, October 23, 2023
4:00 PM
Regular Meeting
ROLL CALL
ORDERS OF THE DAY
APPROVAL OF MINUTES
1.Subject: Approve Minutes of Regular Meeting on July 24, 2023
Recommended Action: Approve Minutes of Regular Meeting on July 24, 2023
A - Draft Minutes
POSTPONEMENTS
ORAL COMMUNICATIONS
This portion of the meeting is reserved for persons wishing to address the Committee on any matter
within the jurisdiction of the Committee and not on the agenda. Speakers are limited to three (3)
minutes. In most cases, State law will prohibit the Commission from making any decisions with respect
to a matter not on the agenda.
OLD BUSINESS
NEW BUSINESS
2.Subject: INFORMATIONAL ITEM Receive OPEB & Pension Section 115 Trust
Performance Report for Quarter Ending September 30, 2023
Recommended Action: Receive OPEB & Pension Section 115 Trust Performance Report
for Quarter Ending September 30, 2023
Presenter: PARS and US Bank
4:15(15)
A - OPEB Pension Section 115 Trust Performance Report for Quarter Ending September 30 2023
3.Subject: ACTION ITEM Receive the Treasurer's Investment Report for the Quarter
Ending September 30, 2023
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Audit Committee Agenda October 23, 2023
Recommended Action: Receive the Treasurer's Investment Report for the Quarter
Ending September 30, 2023 and recommend filing with City Council
Presenter: Thomas Leung, Budget Manager, and Chandler Asset Management
4:30(15)
Staff Report
A – Chandler Investment Report September 2023
B – Chandler Custodial Statement September 2023
C – PARS Pension and OPEB Account Statement September 2023
D – LAIF Account Statement September 2023
4.Subject: INFORMATIONAL ITEM Receive the Internal Audit and Fraud, Waste, and
Abuse program update
Recommended Action: Receive the Internal Audit and Fraud, Waste, and Abuse
program update
Presenter: Moss Adams
4:45(15)
A - Cupertino Quarterly Internal Audit Status Report
5.Subject: ACTION ITEM Review the OPEB and Pension Trust Investment Policy
Recommended Action: Review and accept the OPEB and Pension Trust Investment
Policy
Presenter: Jonathan Orozco, Finance Manager, and US Bank
5:00(10)
Staff Report
A - OPEB Trust Investment Policy
B - Pension Trust Investment Policy
6.Subject: INFORMATIONAL ITEM Receive the Budget Format Review
Recommended Action: Receive the Budget Format Review
Presenter: Thomas Leung, Budget Manager
5:10(10)
7.Subject: INFORMATIONAL ITEM Receive the Annual Comprehensive Financial
Report (ACFR) and AUP Update
Recommended Action: Receive the Annual Comprehensive Financial Report (ACFR)
and AUP Update
Presenter: Jonathan Orozco, Finance Manager
5:20(15)
8.Subject: INFORMATIONAL ITEM Consider the Audit Committee 2024 Schedule and
Work Plan
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Audit Committee Agenda October 23, 2023
Recommended Action: Receive Audit Committee 2024 Schedule and Work Plan and
provide direction to staff
Presenter: Jonathan Orozco, Finance Manager
5:35(10)
A - Proposed Audit Committee 2024 Schedule and Work Plan
STAFF AND COMMITTEE REPORTS
COMMITTEEMEMBER ATTENDANCE AT UPCOMING MEETINGS AND EVENTS
FUTURE AGENDA SETTING
ADJOURNMENT
In compliance with the Americans with Disabilities Act (ADA), anyone who is planning to attend this
meeting who is visually or hearing impaired or has any disability that needs special assistance should
call the City Clerk's Office at 408-777-3223, at least 48 hours in advance of the meeting to arrange for
assistance. In addition, upon request, in advance, by a person with a disability, meeting agendas and
writings distributed for the meeting that are public records will be made available in the appropriate
alternative format.
Any writings or documents provided to a majority of the members after publication of the agenda will
be made available for public inspection. Please contact the City Clerk’s Office in City Hall located at
10300 Torre Avenue, Cupertino, California 95014, during normal business hours.
IMPORTANT NOTICE: Please be advised that pursuant to Cupertino Municipal Code section
2.08.100 written communications sent to the Cupertino City Council, Commissioners or City staff
concerning a matter on the agenda are included as supplemental material to the agendized item. These
written communications are accessible to the public through the City’s website and kept in packet
archives. Do not include any personal or private information in written communications to the City
that you do not wish to make public, as written communications are considered public records and will
be made publicly available on the City website.
Members of the public are entitled to address the members concerning any item that is described in the
notice or agenda for this meeting, before or during consideration of that item. If you wish to address the
members on any other item not on the agenda, you may do so during the public comment .
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