Audit 01-17-07
City of Cupertino
Audit Committee
Regular Meeting
January 17, 2007
1. CALL TO ORDER
At 4: 17 p.m., Carol Atwood called the meeting to order at Cupertino City Hall,
Conference Room A, 10300 Torre Avenue, Cupertino.
2. ROLL CALL
Community Members: Myoung Kang, Jim Weber
City Council: Orrin Mahoney
City Staff: Carol Atwood, David Woo
Absent: Dolly Sandoval, Garrett Wade
3. APPROVAL OF MINUTES
Continued to next meeting.
4. ORAL COMMUNICATIONS
None
5. NEW BUSINESS
A. CAFR Presentation
Mark Wong, Maze and Associates, updated the committee on the audit results.
He reported that there were no findings and therefore would not be issuing a
management letter. He indicated that the City is already preparing for GASB 45 -
Retiree Medical and has funded about three years worth. Mark was glad to report
again this year that staff was very helpful and the audit went very smoothly.
Mark also reported that there was one finding during the RDA audit with respect
to time allocation versus time spent. He indicated that this finding has been
corrected.
B. Investment Policy Revisions
Woo discussed three revisions being proposed for the Investment Policy. Kang
requested that the City receive a quote from the auditors regarding the additional
cost for the auditors to audit the Investment Policy compliance. A special meeting
will be held in March to review the proposed quote.
C. Investment Report
Woo reviewed the current investment report.
January 17, 2007
Audit Committee Minutes
Page 2
D. Other Committee Updates/Reports
It was noted that a fee study was underway to review building fees and the budget
process is also now underway. Atwood also noted that negotiations with the two
unions began earlier this year in order to incorporate funding into the budget
during the budget process.
6. OLD BUSINESS
A. Pentamation Upgrade Project
Woo reported that the upgrade process for Finance, HR and Building Departments
was complete.
7. ADJOURNMENT
The meeting was adjourned at 5:20 p.m.