Audit 02-18-04
City of Cupertino
Audit Committee
Regular Meeting
February 18,2004
1.
CALL TO ORDER
At 4:05 p.m., Carol Atwood called the meeting to order in Conference Room A of
Cupertino City Hall, 10300 Torre Avenue.
2.
ROLL CALL
Committee members: Gillian Enos; Myoung Kang; Dolly Sandoval, Garrett Wade; Kris
Wang.
City Staff: Carol Atwood; Carol Augustine
Guests: Cory Biggs, Maze and Associates
3.
INTRODUCTION OF NEW COMMITTEE MEMBERS
New committee members, Garrett Wade and Myoung Kang were introduced.
4.
APPROVAL OF MINUTES
Sandoval moved to approve the minutes of the regular meeting of July 16,2003. Enos
seconded and motion passed unanimously.
5.
ORAL COMMUNICATIONS
None
6.
NEW BUSINESS
A.
Audit Report
Cory Biggs, Maze and Associates, described the audit process. He reviewed the
elements of the financial statements under the GASB34 implementation. He
indicated that the number of audit adjustments was higher this year due to the
GASB34 implementation. Cory also noted that the City had successfully
implemented GASB34 standards and that there were no material weaknesses were
found during the audit.
Carol Atwood briefly discussed the retiree medical actuarial study findings. She
indicated that the City will no longer be able to use the "pay as you go" method
when new GASB requirements become effective and should budget for this
liability as soon as funds are available.
February 18,2004
Audit Committee
Page 2
B.
Investment Policy
Carol Atwood reported that there were no legislative actions during 2003 that
would impact the policy for 2004. The committee approved the investment
policy.
C.
Meeting Dates for 2004
The committee agreed to meet on the third Wednesday of January, April, July,
and October. Meetings for the remainder of 2004 will be held on July 21 and
October 20 at 4:00 p.m.
The April meeting will be held on the second Wednesday, April 14 at 4:00 p.m.
for 2004 only.
6.
ADJOURNMENT
The meeting was adjourned at 5:35 p.m.