Audit 05-06-2010 4 1
City of Cupertino
Audit Committee
Regular Meeting
May 6, 2010
1. CALL TO ORDER
At 4 :05 p.m. David Woo called the meeting to order at Cupertino City Hall, 10300
Torre Avenue, Conference Room A, Cupertino.
2. ROLL CALL
Community Members Present: Myoung Kang, Stanley Stemkoski (via conference
call), Garrett Wade (via conference call)
City Staff Present: David Woo, Liz Nunez
Council Present: Mark Santoro
Absent: Carol Atwood, Barry Chang
3. APPROVAL OF MINUTES
Santoro moved to approve the minutes of the regular meeting of February 18, 2010.
Kang seconded and the motion passed unanimously.
4. ORAL COMMUNICATIONS - NONE
5. WRITTEN COMMUNICATIONS - NONE
6. NEW BUSINESS
A. Single Audit Report
Woo reviewed report. Stemkoski moved to approve and Garrett seconded and
the motion passed unanimously.
B. Treasurer's Investment Report
Woo reviewed report which was accepted by City Council at the May 4, 2010
meeting.
C. Investment Policy
Woo reviewed in detail the proposed Investment policy. Committee discussed
and decided under the Qualified Brokers/Dealers section, not to decrease the
minimum eligibility criteria and keep the $1 billion in assets and a minimum
of five years in business as shown. Committee requested comparative
statistics from other cities. Kang moved to approve and Santoro seconded the
recommended revisions to the Investment Policy except decreasing the
minimum eligibility criteria from the $1 billion and the motion passed
unanimously.
D. Budget at- a- glance
Committee agreed that this is a very informative document that should be
made available on City's website and distributed with the "Scene."
7. OLD BUSINESS - NONE
8. OTHER COMMITTEE UPDATES/REPORTS - NONE
9. ADJOURNMENT
The meeting was adjourned at 4:25p.m.
Liz
Recording Secretary
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