Audit 07-21-04
City of Cupertino
Audit Committee
Regular Meeting
July 21,2004
1. CALL TO ORDER
At 4:10 p.m., Carol Augustine called the meeting to order in Cupertino Sports Center
Conference Room, 21111 Stevens Creek Boulevard.
2. ROLL CALL
Community Members: Gillian Enos, Myoung Kang; Garrett Wade
City Council: Dolly Sandoval
City Staff: Carol Augustine
Absent: Kris Wang
3. APPROVAL OF MINUTES
Myoung Kang moved to approve the minutes of the regular meeting of April 14, 2004.
Garrett Wade seconded and motion passed unanimously with Kris Wang absent.
4. ORAL COMMUNICATIONS
None
6. NEW BUSINESS
A. Annual Audit Update
Carol Augustine reported that the auditors had completed the interim audit. She
stated that the auditors would be turning over the new Excel spreadsheets used for
compiling the annual financial reports and be training city staff how to use them.
She also reported that the State gas tax audit was completed and no discrepancies
were found. In addition, the committee was updated on the sales tax audit
completed on the Blue Pheasant Restaurant. The audit found that sales tax was
being properly recorded and accounted for.
B. Investment Report/Budget Status
Carol Augustine reviewed the Treasurer's Report for May and indicated that
interest rates are beginning to increase. She also reported that our LAIF account is
decreasing as expenditures for the library become due.
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July 21,2004
Audit Committee
Page 2
C. Final Analysis of Proposals - Banking Services
It was reported that the City would be leaving Cupertino National Bank and
joining Wells Fargo Bank. The deciding factor in determining whether to change
banks and which bank to choose was fees. Wells Fargo will be able to save the
City approximately 30 percent in merchant card fees. The City Finance
Department will be meeting with Wells Fargo in August to set up the transition
schedule.
6. ADJOURNMENT
The meeting was adjourned at 4:55 p.m.
orothy Steen 0 t, Recording ecretary