Audit 08-17-2011 City of Cupertino
Audit Committee
Regular Meeting Minutes
August 17, 2011
1. CALL TO ORDER
At 4:05 p.m. David Woo called the meeting to order at Cupertino City Hall, 10300 Torre
Avenue, Emergency Operations Center.
2. ROLL CALL
Community Members Present: Stanley Stemkoski, Garrett Wade
Council Members Present: Mark Santoro, Barry Chang (arrived 4:15)
City Staff Present: David Woo, Carol Atwood
Absent: Myoung Kang
3. APPROVAL OF MINUTES
Community Member Wade moved to approve the minutes of the regular meeting of April
21, 2011. Community Member Stemkoski seconded and the motion passed unanimously
with Councilmember Chang abstaining.
4. ORAL COMMUNICATIONS -NONE
5. WRITTEN COMMUNICATIONS -NONE
6. NEW BUSINESS
A. Treasurer's Investment Report & OPEB Trust Review
The Committee reviewed the reports for the quarter ending June 2011. Woo
discussed Treasury investment directions, OPEB trust market values at June 30
and August 15 and trust portfolio changes after the recent stock market drop.
B. RDA Briefing
Woo reported on recent actions by staff and the City Council related to
ordinances to continue the RDA and actions to allow payments for existing
obligations of the RDA.
C. Annual Audit Status
Ben Lau of Macias Gini & O'Connell distributed the plan for the fiscal year
2010/11 audit and the relevant accounting changes. He briefly described the
possible findings for this year's audit.
D. Budget Briefing
Atwood and Woo talked about General Fund expenditure/revenue trends, major
capital projects, and reserve balances.
7. OLD BUSINESS-NONE
8. OTHER COMMITTEE UPDATES/REPORTS -NONE
9. ADJOURNMENT
The meeting was adjourned at 4:43 p.m.~
David Woo
Finance Director
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