Audit 10-16-01
City of Cupertino
Audit Committee
Regular Meeting
October 16,2001
1.
CALL TO ORDER
At 8:07 a.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: Sandra James, Richard Lowenthal
Guest: Cory Biggs, Maze and Associates
3.
APPROVAL OF MINUTES
Tom Hall moved to approve the minutes of the regular meeting of July 24,2001. Richard
Lowenthal seconded and motion passed unanimously.
4.
NEW BUSINESS
A.
Introduction of Finance Manager
Carol Atwood introduced Carol Ferrell as the new Finance Manager. Carol
Ferrell gave a brief overview of her work with the Cities of Palo Alto and Los
Altos Hills.
B.
Audit Update
Cory Biggs discussed the completion of the annual audit. He stated that he
expected to have a draft document completed in the next week and that there were
only minor adjustments needed.
C.
Investment Report
Carol Atwood reviewed the portfolio and stated that the city's average yield is
5.28%. She also stated that the portfolio needs to be "liquid" at this time to
handle any disasters, the library and economic concerns.
Carol Ferrell reviewed the General Fund budget report and stated that she will be
monitoring the motor vehicle in-lieu fees closely.
October 16, 2001
Audit Committee
Page 2
D.
Library Finance Update
Carol Atwood stated that the city plans to refinance and issue five million with
payments till 2030 rather than issuing $10 million in debt. She also stated that the
city plans to place a measure on the March ballot to extend the utility tax.
E.
Other
Carol Atwood reported that the redevelopment process is on hold due to the Bay
Area Legal Aid lawsuit and The Jacobs Group and Teachers Annuity cannot agree
on the development of Vall co.
5.
ADJOURNMENT
The meeting was adjourned at 8:40 a.m.