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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.