Audit 07-10-08City of Cuf�ertino
Audit Committee
Regular Meeting
July 10, 2008
1. CALL TO ORDER
At 4:14 p.m., Carol .Atwood called the meeting to order at Cupertino City Hall,
Conference Room A, 10300 Torre Avenue, Cupertino.
2. ROLL CALL
Community Members: Myoung Kang (4:30 p.m.), Garrett Wade, Stanley Stemkoski
City Council: Orrin Mahoney,
City Staff: Carol Atwood, Dorothy Steenfolt, David Woo
Absent: Gilbert Wong
3. APPROVAL OF MINUTES
Wade moved to approve the minutes of the regular meeting of April 22, 2008. Mahoney
seconded and motion passed unanimously with Kang and Wong absent.
4. ORAL COMMUNICATIONS
None
5. WRITTEN COMMUNICATIONS
None.
6. NEW BUSINESS
A. Interim Audit Accounting Issues
Woo reviewed the auditor's interim audit findings and the City's response. He
noted that appropriate action -was being taken for the items. The Committee
requested that the City review past voided transactions for accuracy.
B. Consider Investment Policy Changes
The Committee reviewed proposed <;hanges to the City's Investment Policy. The
Committee recommended adding additional references under the Internal Control
Section. Staff indicated that the cha�zges would be made for Committee review at
the next meeting.
C. Investment Report/Budget Update
Woo reviewed the May report. He indicated that the portfolio was fairly well
diversified. Atwood reported that City Council approved the 2008 -09 budget in
June and noted that a contingency w�is set aside for possible State takeaways.
July 1 O, 2008 Audit Committee Minutes Page 2
D. Next Meeting Date
Staff suggested that the Comprehensive Annual Financial Report be presented to
Council before the end of the year rather than in January or February. The
Committee concurred to review and release the financial statements earlier than
past practice. It was noted that the Committee would be notified by e -mail of
suggested dates for the next meeting.
E. Other Committee Updates /Report
s
Woo updated the Committee on the retirement trust fund plans. He noted that he
had met with PERS, PARS and will be meeting with ICMA shortly. Proposals
will be brought to the Committee as soon as they are available.
7. ADJOURNMENT
The meeting was adjourned at 5:27 p.m.
Dorotlry Steenf
Recording Secretary