Audit 11-10-2011 City of Cupertino
Audit Committee
Regular Meeting Minutes
November 10, 2011
1. CALL TO ORDER
At 4:07 p.m. David Woo called the meeting to order at Cupertino City Hall, 10300 Torre
Avenue, Conference Room C.
2. ROLL CALL
Community Members Present: Stanley Stemkoski
Council Members Present: Mark Santoro., Barry Chang
City Staff Present: David Woo, Carol Atwood(arrived 4:20)
Absent: Myoung Kang, Garrett Wade
3. APPROVAL OF MINUTES
Councilmember Santoro requested that the Treasurer's Investment and Budget Reports be
reviewed by the Audit Committee prior to acceptance by the City Council. Community
Member Stemkoski moved to approve the minutes of the regular meeting of August 17,
2011. Councilmember Chang seconded and the motion passed unanimously.
4. ORAL COMMUNICATIONS -NONE
5. WRITTEN COMMUNICATIONS -NONE
6. NEW BUSINESS
A. 2010-11 Financial Reports
Woo reported on financial highlights from the Comprehensive Annual Financial Report
(CAFR) and the Development Impact Fee report. Macias Gini & Connell's Benjamin Lau
reported on his audit firm's findings and recommendations, new accounting treatments,
disclosures, and audit opinion regarding the CAFR, Redevelopment Agency report,
Report to the City Council, Gann Appropriations Limit report, and Investment Policy
compliance report.
Santoro requested and received additional information on expenditure variances and
pension obligations. Stemkoski asked for and received clarification on the information
technology findings and the timetable for management actions.
B. Treasurer's Investment and Budget Report
Woo reviewed the OPEB trust report that was not accepted by the City Council at their
most recent meeting. He indicated that he is working with the trust investment manager to
come up with a report at the next Committee meeting that presents more understandable
and useful information. The Committee provided input to city staff as to the format and
information needed.
7. OLD BUSINESS -NONE
S. OTHER COMMITTEE UPDATES/REPORTS-NONE
City of Cupertino
Audit Committee
Regular Meeting Minutes
November 10, 2011
9. ADJOURNMENT
The meeting was adjourned at 5:26 p.m.
David Woo
Finance Director