Audit 01-20-2011 City of Cupertino
Audit Committee
Regular Meeting
January 20; 2011
1. CALL TO ORDER
At 4:10 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: Stanley Stemkoski, Garrett Wade, Myoung Kang
Council Members Present: Mark Santoro, Barry Chang
City Staff Present: Carol Atwood(at 4:35 p.m.), David Woo
Absent: None
3. APPROVAL OF MINUTES
Community Member Stemkoski moved to approve the minutes of the regular meeting of
November 30, 2010. Community Member Wade seconded and the motion passed
unanimously.
4. ORAL COMMUNICATIONS -NONE
5. WRITTEN COMMUNICATIONS -NONE
6. NEW BUSINESS
A. PARS OPEB Trust Review
Mitch Barker of PARS and Andrew Brown of HighMark Capital reported on the
investment returns, economic forecast, investment mix,trust inflows and
outflows, and trust balance. The Committee requested that the investment return
reports shown at this meeting be given to the Committee at the quarterly meetings.
The Committee also agreed that PARS and HighMark continue to present their six
month reviews to the Committee. After discussing how the first $7 million in trust
contributions was averaged in, Councilmember Santoro indicated that the
averaging of the $2 million to be invested in the next six months was not as
critical. The Committee requested that the time periods showing on the
investment return reports be expanded in the future.
B. Treasurer's Report
Woo reviewed the December 2010 report that contained the City's investment
portfolio. He indicated that the temporary high cash and money market allocation
was due to maturities and tax receipts happening during the holiday. The funds
were reinvested after the holiday. He mentioned that the strategy of investing into
up to one-year Treasuries still remains the same.
7. OLD BUSINESS -NONE
8. OTHER COMMITTEE UPDATES/REPORTS -NONE
9. ADJOURNMENT
The meeting was adjourned at 4:59 p.m. c/l /Y'Z---._
David Woo
Finance Director