Audit 01-21-10City of Cupertino
Audit Committee
Regul:~r Meeting
January 21, 201 O
1. CALL TO ORDER
At 4:12 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: Myoung Kang, Stan Stemkoski, Garrett Wade
City Staff Present: David Woo
Council Present: Barry Chang (4:28 p.m.), Mark Santoro
3. APPROVAL OF MINUTES
Wade moved to approve the minutes of the regular meeting of November 19, 2009.
Stemkoski seconded and the motion -passed unanimously with Chang absent.
4. ORAL COMMUNICATIONS
None.
5. WRITTEN COMMUNICATIONS
None.
6. NEW BUSINESS
A. Audit Services Request for Proposal Results
Woo reported that five proposals had been received and that staff rejected one
due to the firm's lack of experience with city governmental audits. The
committee reviewed an overview of the top four remaining firms and
concurred to eliminate one of the firms due to its Southern California location.
Myoung and Wade agreed to form an ad hoc committee to conduct final
interviews of the remaining t]u-ee firms.
The Committee concurred to hold a special meeting on February 18 at 4:00
p.m. to receive the ad hoc committee's recommendation for an audit firm.
B. Treasurer's Investment Report and Budget Adjustments
Atwood discussed the recent mid-year budget adjustment approved by City
Council. Woo also provided an overview of the revenue picture.
January 21, 2010 Audit Committee Minutes Page 2
7. OLD BUSINESS
A. OPEB
Woo provided an update for th~~ Committee and explained the differences
between the PARS and PERS. Responses from references were also
reviewed. Stemkoski moved to place a trust for retiree medical obligations in
PARS. Kang seconded and motion passed unanimously.
8. OTHER COMMITTEE UPDATES/REPORTS
None.
9. ADJOURNMENT
The meeting was adjourned at 5:36 p.m.
/C\
D othy Steen o `
Recording Secretary