Audit 01-27-99
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Cupertino
City of Cupertino
CUPERTINO AUDIT COMMITTEE
Regular Adjourned Meeting
January 27, 1999
MINUTES
1.
CALL TO ORDER
Carol Atwood called the meeting to order at 10:10 a.m. in Conference Room A of
Cupertino City Hall, 10300 Torre Avenue.
2.
ROLL CALL
Council members: Sandra James.
City Staff: Don Brown, Carol Atwood
Community Representatives: Tom Hall
Absent: Emily Wagner, Wally Dean and Jennifer Chang
3.
APPROVAL OF MINUTES - Motion by Don Brown, Second by Sandy James,
Approved by all present.
4.
ORAL COMMUNICATIONS - None
5.
NEW BUSINESS
Investment Policy - Carol Atwood reviewed the investment policy noting no
changes this year except for the addition of the following wording in reference to
liquidity: "and provide the City with adequate cash flows to pay its obligations over
the next six months". There was no new legislation that would result in additional
changes to our policy.
FIN/HR Conversion - Carol gave an update on the computer conversion. The
conversion is currently on track with the purchasing and general ledger modules
installed in December.
Investment Review - Carol reviewed the November investment report highlighting
year to date financial trends. She explained that 34% of our balance is in LAIF due
to upcoming cash needs (e.g. Stocklmeir property, etc.). In addition, she will be
contacting CNB to discuss sweep accounts and direct payment of fees (versus
compensating balances).
January 27,1999
Audit Committee
Page 2
6.
ADJOURNMENT
The meeting was adjourned at 10:38 a.m. to April 22, 1999 at 8:00am, Conference
room A.
~A-I ~~
Carol Atwood, Chair
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