Audit 04-21-2011 City of Cupertino
Audit Committee
Regular Meeting Minutes
April 21, 2011
1. CALL TO ORDER
At 4:12 p.m. David Woo called the meeting to order at Cupertino City Hall, 10300 Tone
Avenue, Conference Room A.
2. ROLL CALL
Community Members Present: Stanley Stemkoski, Garrett Wade
Council Members Present: Mark Santoro
City Staff Present: David Woo
Absent: Barry Chang, Myoung Kang, Carol Atwood
3. APPROVAL OF MINUTES
Woo indicated a typographical correction in the adjournment section. Community
Member Wade moved to approve the minutes of the regular meeting of January 20, 2011,
with the correction. Community Member Stemkoski seconded and the motion passed
unanimously.
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 March 2011. Woo
reported that staff in March started to invest in Treasuries with up to two-year
maturities and will eventually begin to ladder investment up to three years.
Regarding the OPEB trust, Santoro asked for more information on the HighMark
five-year return results which appear to be below the results of others. Woo
reported that$700,000 was deposited in the trust for the past quarter with another
$700,000 going in next week and $600,000 by June 30, 2011. For the General
Fund budget report, Santoro suggested that year-to-date budget versus actual
trends on overall revenues be reported.
B. Investment Policy
The Committee did the annual review of the May 3, 2011 policy that will go to
the City Council. Woo indicated that the only changes in the policy are revisions
that are needed to make the document consistent throughout with the current
quarterly reporting frequency. The Committee indicated no problems with the
changes.
C. Single Audit Report
The Committee looked at the June 30, 2010 report. Woo reported that there were
no findings related to federal grants.
7. OLD BUSINESS -NONE
8. OTHER COMMITTEE UPDATES/REPORTS -NONE
9. ADJOURNMENT
The meeting was adjourned at 4:35 p.m.
David Woo
Finance Director