Audit 01-25-01
City of Cupertino
Audit Committee
Regular Meeting
January 25,2001
1.
CALL TO ORDER
At 4:14 p.m., Carol Atwood called the meeting to order in Conference Room A,
Cupertino City Hall, 10300 Torre Avenue.
2.
ROLLCALL
Community Members: Tom Hall, Emily Wagner
City Staff: Carol Atwood, Dave Knapp, Dorothy Steenfott
Guest: Cory Biggs, Maze & Associates
Absent: Sandra James, Richard Lowenthal
3.
APPROVAL OF MINUTES
Tom Hall moved to approve the minutes of the regular meeting of October 25, 2000.
David Knapp seconded and motion carried unanimously with Sandra James and Richard
Lowenthal absent.
4.
NEW BUSINESS
A.
Financial Statements
Cory Biggs discussed the various aspects of the audit. He stated that areas
needing correction have already been corrected or had steps in place to make the
appropriate correction. He reviewed the management letter and informed the
committee that the City received a clean opinion.
B.
Investment Policy
Carol Atwood stated that there were three changes to the policy and that it would
be going to City Council on February 5.
C.
Investment Report
Carol Atwood reported that the November sales tax appeared low due to posting
problems between Wells Fargo and Cupertino NatiC'nal Bank. The bank has
subsequently corrected this issue.
D.
Debt Issuance
The committee viewed a powerpoint presentation by Emily Wagner regarding the
different debt issuance options available.
January 25, 2001
Audit Committee
Page 2
5.
ADJOURNMENT
The meeting was adjourned at 6:00 p.m.