Audit 02-09-2015 City of Cupertino
Audit Committee Meeting
February 9, 2015
1. CALL TO ORDER
At 4:03pm February 9th.Lisa Taitano called the meeting to order at Cupertino City Hall, 10300
Torre Avenue, Conference Room A
2. ROLL CALL
Community Members Present: Eno Schmidt, Raymond Yin,Angela Chen
City Staff Present: Kristina Alfaro, Lisa Taitano
Council Present: Rod Sinks, Darcy Paul
Guests: Rick Rosenthal and Jennifer Meza(US Bank), on conference call for item A
3. APPROVAL OF MINUTES
Schmidt moved to approve the November 12th meeting minutes, Yin seconded and the motion
passed unanimously.
4. ORAL COMMUNICATIONS—NONE
5. WRITTEN COMMUNICATONS—NONE
6. NEW BUSINESS
A. Retiree Health Trust Annual Performance Report by US Bank
Rick from US Bank presented the 2014 performance report for the Retiree Health Trust
Account and explained possible causes for underperformance. Committee members
asked for a more customized report showing how each asset allocation benchmark
performed with percent portfolio asset allocations, policy guidelines and changes in
fund allocation on one page for ease of understanding and comprehension.
B. New Committee Member Darcy Paul
Council Member, Darcy Paul, was introduced as the Audit Committee's latest member
due to Mark Santoro exiting. Sinks spoke of the depth of knowledge of the committee
and its role with the City.
C. Treasurer's Investment Report for Quarter Ending Dec. 30,2014
Taitano presented the Treasurer's Investment report encompassing portfolio composition,
agency diversification, yield comparison as well as policy compliance. Yin motioned to
approve the report, Chen seconded and the motion passed unanimously.
D. Draft Mid-Year Budget
Alfaro discussed the current draft of the Mid-Year budget with some proposed'Mid-Year
adjustments and Sankey chart. This report will go to council on March 3rd
E. OpenGov Demo
Alfaro also used Opengov.org to give a demonstration on how to see the budget online
with all its transparency.
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F. Staff proposed future meeting dates for Audit Committee: 4/16/15, 5/14/15, 8/20/15,
and 11/5/15
The committee decided to meet next on 4/28 for 3 hours to coincide with the proposed
budget and third quarter budget review. The meeting will start at 3:OOpm. This will
combine the April 16th and May 14th meeting dates into one. Will firm up the scheduled
August and November dates.
7. OLD BUSINESS—None
8. OTHER COMMITTEE UPDATES/REPORTS
None
9. ADJOURNMENT
Meeting was adjourned at 6:27pm
Margin "Se in
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