Audit 01-09-96
8!m
Cupertino
City of Cupertino
CUPERTINO AUDIT COMMITfEE
Regular Adjourned Meeting
January 9, 1996
MINUTES
1.
CALL TO ORDER
Carol Atwood called the meeting to order at 10: 17 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, Administrative
Services Director Carol Atwood, City Manager Don Brown and Accountant Jesse
Takahashi.. Members Absent: Community Representative Tom Hall.
4.
APPROVAL OF MINUTES December 11,1995
Motion by Sorensen; Second by Brown; Approved by all present.
5.
ORAL COMMUNICATIONS
None
6.
NEW BUSINESS
a.
Kuni Yoshioka, our audit partner at Grant Thornton, LLP, was present to review the 1994-
95 audit with the committee. Kuni addressed the audit as far as problems encountered (staff
turnover, prior period adjustments, investment rollforwards) and strengths (new Cupertino
staff, client documentation of adjustments, completeness of the draft CAFR). He felt that
next years audit will be easier for all. Kuni then discussed the SAS#61 letter, an overview of
the financial report, the single audit finding and the management letter comments. The
committee asked questions as appropriate.
Mr. Yoshioka will address the full City Council on 1/16196 to provide an overview of the
audit and answer any additional questions.
b.
Carol Atwood reviewed two new senate bills that affect our investments, SB 564 and SB
866. She then discussed the revised investment policy and how it has been changed to
conform with the new legislation. The committee suggested that the proposed investment
policy be sent to the auditors for their information and input.
Changes to the format of the monthly investment reports were also discussed for compliance
with the new laws.
January 9, 1996
Cupertino Audit Committee
Page 2
c.
Items for the next meeting:
Budget Process - Calendar & Format Discussion
Sales & Use Tax Audit Update
ADJOURNMENT
At 11:15am the committee concurred to adjourn to April 1, 1996 at 7:30am, Conference room A.
~~{
Carol Atwood
Chair
c: Iwinw onl\a edit \ruin ut<s. doc