Audit 09-28-99
City of Cupertino
Audit Conunittee
Regular Meeting
September 28,1999
1.
CALL TO ORDER
At 8:05 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, Wally Dean, Ben Dixon (Grant Thornton
LLP), Tom Hall, Sandra James, Dorothy Steenfott
Absent: Don Brown, Jennifer Chang, Emily Wagner
3.
APPROVAL OF MINUTES
Wally Dean moved to approve the minutes of the regular meeting of April 22, 1999.
Sandra James seconded and motion carried unanimously with Jennifer Chang, Don
Brown and Emily Wagner absent.
4.
NEW BUSINESS
A.
Audit Status Report
Ben Dixon of Grant Thornton LLP gave a status report on the financial audit. He
stated that there are no issues or improvements to report this year so a
management advisory letter would not be issued. He also stated that a single
audit report was required this year because the City received over $300,000 in
federal funds. A supplemental disclosure regarding the Year 2000 is also
required. Adding the Year 2000 disclosure will give the City an unqualified
opinion.
B.
Finance/HR Conversion
Carol Atwood reported on the current status of the conversion. She stated that she
was clearing all pending items for each of the seven modules. She reported that
there have been problems with the payroll module with respect to leave balances,
but expects this problem to be resolved by the end of October.
C.
Treasurer's Report - July
Carol Atwood reviewed the report with the committee. She stated that a sweep
account has been implemented with Cupertino National Bank and described how
the Treasurer's Report will appear in the future to reflect this change.
September 28, 1999
Audit Committee
Page 2
D.
Prudential Proposal
Carol Atwood reported that the City was approached by Prudential to take us
from a passive to an active portfolio. The committee decided to decline the
proposal.
E.
Miscellaneous Reports
Carol Atwood stated that a redevelopment agency project area is in the process of
being established.
5.
ADJOURNMENT
The meeting was adjourned at 9:00 a.m.