Audit 04-09-09City of Cupertino
Audit Committee
Regular 1vleeting
April 9., 2009
1. CALL TO ORDER
At 4:11 p.m. Carol Atwood called the meeting to order at Cupertino City Hall, 10300
Torre Avenue, Conference Room A, Cupertino.
2. ROLL CALL
Community Members Present: Myoun~; Kang, Stan Stemkoski,
City Staff Present: Carol Atwood, David Woo
Council Present: Mark Santoro, Gilbert Wong
Absent: Garrett Wade
3. APPROVAL OF MINUTES
Wong moved to approve the minutes ~~f the regular meeting of December 9, 2008.
Stemkoski seconded and the motion passed unanimously with Wade absent.
4. ORAL COMMUNICATIONS
None.
5. WRITTEN COMMUNICATIONS
None.
6. NEW BUSINESS
A. Audit Status
Woo reported that the auditors would begin the first phase of the audit in May
and return in September to finish the field work. He also noted that
Blackberry Farm would be reviewed during the interim audit in May to review
planned procedures for the reopening of the park.
B. Budget Update and Investment 1::eport
Atwood updated the Committee on the 2009-10 budget status. She noted that
there was a $1.9 million shortfall and that the departments were submitting
conservative, zero based budget:;. Woo reported on current budget trends.
C. OPEB -Retiree Medical Trust Fund
Atwood reported that the City was waiting for a more stable financial situation
before establishing the retiree medical trust fund. Discussion followed
regarding the pros and cons oi~ moving forward with the trust at this time
rather than later.
April 9, 2009 Audit Committee Minutes Page 2
D. Future Meeting Dates
Wong reported that he was not able to attend on the second Thursday of
the month. The Committee co~icurred to meet on the third Thursday of
January, April, July, and October at 4:00 p.m.
E. Other Committee Updates/Reports
Atwood reported that the budget study session would be held on May 27.
11. ADJOURNMENT
The meeting was adjourned at 5:10 p.m.
.~
Dorothy Stee ott
Recor~iing Secretary