Audit 04-28-2015City of Cupertino
Audit Committee Meeting Minutes
April 28, 2015
1. CALL TO ORDER
At 3 ;03pm April 28t11 , Lisa Taitano called the meeting to order at Cupertino City Hall, 10300
Torre Avenue, EOC
2. ROLL CALL
Community Members Present: Eno Schmidt, Raymond Yin, Angela Chen
City Staff Present: Kristina Alfaro, Lisa Taitano
Council Present: Darcy Paul
Council Absent: Rod Sinks
Guests: Mitch Barker (PARS) and Jennifer Meza (US Bank), on conference call with Rick
Rosenthal (US Bank) for item D
3. APPROVALOFMINUTES
Schmidt moved to approve the February 9th meeting minutes, correcting the date on item 6C to
12/30/14. Yin seconded and the motion passed unanimously.
4. ORAL COMMUNICATIONS -NONE
5. WRITTEN COMMUNICATONS -NONE
6. NEW BUSINESS
A. Treasurer's Investment Report
Taitano presented the Treasurer's Investment report and to the committee. The report
had been approved at the last meeting on 2/9/15.
B. Proposed Budget FY 2015-16 report update
Alfaro reviewed the highlights of the Proposed FY 2015-16 budget. She discussed
budget projections and assumptions.
C. Third Quarter Financial report update
Alfaro explained that we are on track and will be providing a Sankey chart as part of the
Third Quarter Financial Report.
D. 5:00 call with PARS regarding Retiree Health Trust
Rick from US Bank presented the 2014 performance report for the Retiree Health Trust
Account and provided an account summary as of March 31, 2015. Mitch from PARS
said he would provide Lisa with a copy of a private letter rule.
E. Firm up next Audit Committee meeting dates
The committee decided to meet next on 11/5/15 and will cancel the 8/20/15 meeting.
7. ·OLD BUSINESS -None
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8. OTHER COMMITTEE UPDATES/REPORTS
None
9. ADJOURNMENT
Meeting was adjourned at 6:01pm
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