Audit 04-01-96
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Cupertino
City of Cupertino
CUPERTINO AUDIT COMMITI'EE
Regular Adjourned Meeting
April I, 1996
MINUTES
1.
CALL TO ORDER
Carol Atwood called the meeting to order at 7:38 a.m. in Conference Room A of Cupertino
City Hall, 10300 Torre Avenue.
2.
ROLL CALL
Members Present: Council members Lauralee Sorensen and John Bautista, City Manager
Don Brown, Administrative Services Director Carol Atwood, and Accountant Jesse
Takahashi. Members Absent: Community Representative Tom Hall.
3.
APPROVAL OF MINUTES January 9, 1996
Motion by Sorensen; Second by Brown; Approved by all present.
4.
ORAL COMMUNICATIONS
None
5.
NEW BUSINESS
Lauralee Sorensen proposed adding an investment banker, a citizen and a local
businessperson to the existing committee. Don Brown felt that the committee was
adequately and efficiently staffed, but agreed to adding a new member that could bring
additional expertise to the committee in the area of investments. Carol Atwood was asked
to recommend several candidates at the next meeting in the area of investment banking or
financial planning.
Carol Atwood noted that we have contracted with Cupertino National Bank for custodial
services for the City's current investment portfolio to conform with SB 866. All outstanding
securities will be transferred from the existing brokerage houses and place under the custody
of Cupertino National at an annual cost of approximately $4,000. The City has contacted
our consultant for state mandate reimbursement costs to see if we can claim this additional
expense as a result of the bill.
The committee reviewed the following additional items:
. February Treasurer's and Budget Report;
. The 1996/97 budget process - the project is proceeding on time and will be reviewed
with City Council at a worksession the last week in May; and
. The FinanceIHR computer conversion - City wide needs assessment is complete. The
conversion is scheduled to start mid-May and be finalized on July I, 1997.
Items for the next meeting:
. Overview of the 1996/97 Budget;
. Overview of the 1996/97 proposed program changes;
. Nominees for audit committee membership.
ADJOURNMENT
At 8:55 am the committee concurred to adjourn to May 20, 1996 at 7:30am, Conference room A.
~~
Carol Atwood, Chair
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