Audit 02-27-95
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Cupertino
City of Cupertino
CUPERTINO AUDIT COMMITTEE
Special Meeting
February 27, 1995
MINUTES
1.
CALL TO ORDER
Carol Atwood called the meeting to order at 7:34 a.m. in Conference Room A of Cupertino
City Hall, 10300 Torre Avenue.
2.
PLEDGE OF ALLEGIANCE
3.
ROLL CALL
Members Present: Council members Lauralee Sorensen and John Bautista; Community
Representative Tom Hall; Administrative Services Director Carol Atwood; and City
Manager Don Brown.
5.
ORAL COMMUNICATIONS
None.
6.
NEW BUSINESS
Carol Atwood discussed a revised format for the Treasurer/Budget Report as recommended
by John Bautista and Lauralee Sorensen. The investment section will remain the same. The
budget section will be modified as follows:
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A summary trend analysis by fund including prior year (PY) actual, current year
(CY) budget, PY year-to-date, CY year-to-date, percent of budget and trend
explanations will be added. The format will tie to the annual F/S for the General
Fund with a three line summary for all other funds.
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Discussion followed on each report. Tom Hall suggested that the City budget on a
monthly basis for comparison purposes. It was agreed that the current analysis
should identify any problems without incurring the additional time and cost of
monthly budgets.
Several modifications will be done to the draft report and it will be presented to the full City
Council at their regular meeting of March 6.
Carol Atwood then gave an update on the investment litigation and stated that monthly
status reports will be forwarded to council. In addition, the agreement between the City and
Dean Witter/Soloman Bros. has been canceled, resulting in a savings of $16,000 per year.
February 27,1995
Cupertino Audit Committee
Page 2
An update of the sales tax revenue projections will be presented to City Council on
March 6. Preliminary numbers had not been received as of this meeting for an update to
occur.
7.
ADJOURNMENT
At 8:49 a.m. the committee concurred to adjourn to March 27, 1995, in conference room A.
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Carol Atwood
Chair
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