Audit 04-22-99
City of Cupertino
Audit Committee
Regular Meeting
April 22, 1999
1.
CALL TO ORDER
At 8: I 0 a.m. Carol Atwood called the meeting to order in Conference Room A of
Cupertino City Hall, 10300 Torre Avenue, Cupertino.
2.
ROLL CALL
Council members present: Wally Dean, Sandra James
City staff present: Carol Atwood, Don Brown
Absent: Jennifer Chang, Tom Hall, Emily Wagner
3.
APPROVAL OF MINUTES
Sandra James moved to approve the minutes of January 27, 1999. Don Brown seconded
and motion carried unanimously with Chang, Hall, and Wagner absent.
4.
NEW BUSINESS
A.
Cupertino National Bank - Fees and Sweep Account
Carol Atwood discussed the new arrangement with Cupertino National Bank to a)
pay actual fees instead of keeping a compensating balance; and b) sweep the
account each night for investment in a money market consisting of short-term
treasuries.
It is estimated that this arrangement will produce approximately $36,000 in
additional interest income each year.
B.
Investment Policy Revision
The City will now be required to forward the second and fourth quarterly
investment reports to the California Debt and Investment Advisory Commission.
Finance/HR Computer Conversion Status
c.
The computer conversion is on track with payroll/HR starting this month.
D.
Other
The committee reviewed the February 1999 treasurers report. There is a higher
than usual LAIF balance due to the upcoming cash needs to purchase the
Stocklmeir property.
Interim audit work has been scheduled for May 17-21. This is the fifth year for
our current auditors. The committee felt we should go through the bid process in
January and evaluate other audit firms in addition to Grant Thornton.
5.
ADJOURNMENT
The meeting was adjourned at 8:30 a.m.
~ Ú;/v~
Carol Atwood
Director of Administrative Services