Audit 01-27-00
City of Cupertino
Audit Committee
Regular Meeting
January 27,2000
1.
CALL TO ORDER
At 10:35 a.m., Carol Atwood called the meeting to order in Conference Room A,
Cupertino City Hall, 10300 Torre Avenue.
2.
ROLL CALL
Present at the meeting were Carol Atwood, Don Brown, Tom Hall, Sandra James,
Richard Lowenthal, Dorothy Steenfott, Emily Wagner (10:45 a.m.)
Absent: Jennifer Chang
3.
APPROVAL OF MINUTES
Tom Hall moved to approve the minutes of the regular meeting of September 28, 1999.
Sandra James seconded and motion carried unanimously with Jennifer Chang and Emily
Wagner absent.
4.
NEW BUSINESS
A.
Audit Reports
The financial audit has been completed. Carol stated that the Y2K statement
covers the liability issues for the audit firm should anything have happened on
December 31, 1999.
B.
Auditor RFP
Carol Atwood reported that our contract with Grant Thornton will be expiring and
that we have decided to issue an RFP. She stated that we've worked with Grant
Thornton for five years and that we'd like to receive more consulting services and
a management letter from the auditing firm. The RFP was sent to nine firms and
are due February 29.
C.
Investment Policy
An investment policy must be approved by city council each year. Carol stated
that there are no changes this year and it will be presented to city council in
February.
January 27, 2000
Audit Committee
Page 2
D.
Investment Report
Carol Atwood reported that the City has entered into an agreement with Cupertino
National Bank to provide a sweep account so that funds are transferred to a higher
interest account rather than remaining in the checking account each evening. The
investment portfolio status was also reviewed.
E.
Computer Conversion
All Finance/HR modules have been installed. Weekly conference calls are
occurring until all outstanding issues are resolved.
F.
Future Meeting Dates
The next meeting will be held on April 27 at 10:30 a.m. in Conference Room A.
5.
ADJOURNMENT
The meeting was adjourned at II :44 a.m.