Audit 04-18-02
City of Cupertino
Audit Committee
Regular Meeting
April 18, 2002
1.
CALL TO ORDER
At 4:15 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: Dolly Sandoval
Absent: Michael Chang
3.
APPROVAL OF MINUTES
Enos moved to approve the minutes of the special meeting of Febmary 4,2002. Sandoval
seconded and motion passed unanimously with Chang absent.
4.
NEW BUSINESS
A.
Interim Audit Schedule
Ferrell indicated that the auditors will be doing a random sample of financial files
for the June 2002 audit. She also stated that the auditors will be reviewing the
management letter and make sure that all items noted have been addressed.
B.
Investment Report
Atwood reviewed the Febmary investment report. She indicated that the state
pool is very large and liquid at this time to accommodate the library project. She
also reported that expenditures were 8.6% below normal and that sales tax,
transient occupancy tax and property transfer tax have declined significantly.
5.
ADJOURNMENT
The meeting was adjourned at 4:45 p.m.