Audit 05-07-03
City of Cupertino
Audit Committee
Regular Meeting
May 7,2003
1.
CALL TO ORDER
At 3:41 p.m., Carol Atwood called the meeting to order in Conference Room A,
Cupertino City Hall, 10300 Torre Avenue.
2.
ROLL CALL
Community Members: Gillian Enos, Tom Hall
City Staff: Carol Atwood, Carol Ferrell, Dorothy Steenfott
City Council: Michael Chang, Dolly Sandoval
3.
APPROVAL OF MINUTES
Chang moved to approve the minutes of the regular meeting of January 23, 2003. Hall
seconded and motion passed unanimously.
4.
NEW BUSINESS
A.
Investment Report
Carol Ferrell updated the committee on the March budget report. Carol Atwood
also reported that the investment portfolio would be declining as the library
project proceeds. The committee requested that a presentation regarding library
expenditures be done. Carol Atwood agreed to invite Terry Greene to the next
meeting.
B.
Additional Post Employment Benefits (OPEB)
Carol Ferrell reported that an RFP would be issued for an actuarial study to
detennine the city's liability. She stated that post employment benefits are
reported in the financial statements.
C.
Approval of Audit Services for FY 2003-04
Carol Ferrell reported that the auditors would be preparing a single audit (city,
redevelopment agency and TDA) and State Controllers Report for fiscal year
2003-04. It was suggested that the auditors perform a sales tax audit in addition to
the regular audit services. The committee requested that quotes for the sales tax
audit be obtained and brought back to the committee for approval at the next
meeting.
D.
Other Committee Updates/Reports
Carol Atwood stated that the budget study session would be held on May 27.
May 7, 2003
Audit Committee
Page 2
5.
ADJOURNMENT
The meeting was adjourned at 4:30 p.m.