Audit 10-23-97
City of Cupertino
CUPERTINO AUDIT COMMITTEE
Regular Adjourned Meeting
October 23, 1997
MINUTES
. .,.." City of
Cupertino
1.
CALL TO ORDER
Carol Atwood called the meeting to order at 8:07 a.m. in Conference Room A of Cupertino
City Hall, 10300 Torre Avenue.
2.
ROLL CALL
Councihnembers: Lauralee Sorensen
City Staff: Don Brown, Carol Atwood and Jennifer Chang
Community Representatives: Tom Hall
Absent: John Bautista and Emily Wagner
3.
APPROVAL OF MINUTES April 30, 1997
Motion by Lauralee Sorensen; Second by Tom Hall. Approved by all present.
4.
ORAL COMMUNICATIONS
None
5.
NEW BUSINESS
Jennifer Chang was introduced as the newest member of the audit committee. Jennifer is
the City's new accountant and comes to us from Palo Alto.
Carol gave a review of the 1996-97 audit. The auditors performed their final fieldwork
from September 15th to October 10th. There will be no management (internal control) letter
issued this year and no audit adjustments were proposed. In addition, the City did not need
a single audit for 1996-97 as we received less than $300,000 in federal grant funding. The
committee reviewed three passed management letter comments in the areas of stale dated
checks, AlP backup documentation and the deposit liability account.
Carol reviewed the 1996-97 year end results as compared to midyear budget projections for
the General Fund and all Enterprise Funds. The General Fund has an additional $1.5M
over budget projections due to increased sales tax ($400K), property tax ($830K) and
savings on the Sheriff contract ($300K). All Enterprise funds came in at or better than
budget projections.
Page 2
Our next meeting will be on Thursday, January 22,1998. Agenda items include:
Sales tax update;
. Status of passed management letter comments
ADJOURNMENT
At 8:46 am the committee adjourned to January 22,1998 at 8:00am, Conference room A.
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Carol Atwood, Chair
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