Audit 07-20-05
City of Cupertino
Audit Committee
Regular Meeting
July 20, 2005
1. CALL TO ORDER
At 4:10 p.m., Carol Atwood called the meeting to order at Cupertino City Hall,
Conference Room A, 10300 Torre Avenue, Cupertino.
2. ROLL CALL
Community Members: Myoung Kang, Garrett Wade, Jim Weber
City Council: Kris Wang, Dolly Sandoval
City Staff: Carol Atwood
3. APPROVAL OF MINUTES
Wade moved to approve the minutes of the regular meeting of April 6, 2005. Sandoval
seconded and the motion passed unanimously with Wang absent.
4. ORAL COMMUNICATIONS
None
6. NEW BUSINESS
A. New Finance Director
Atwood reported that David Woo would be the new Director. She stated that he
was trom the City of So. San Francisco and will begin working in Cupertino on
August 8.
8. 2005/06 Adopted Budget
Atwood reviewed a budget summary trom the 2005/06 adopted budget. She
indicated that the City would have sufficient funds to meet expenditures for the
next two years and after that reserves will begin to decline. City staff is preparing
a strategic plan to enhance revenues and downsize the organization without
layoffs by shifting employees to programs that are kept.
7. OLD BUSINESS
A. Investment Report
Atwood reviewed the June 30 report. She also reviewed the preliminary numbers
for year-end close and stated that there would be some adjustments.
July 20, 2005
Audit Committee
Page 2
8. Audit Status
It was reported that the auditors would begin conducting the financial audit on
September 12.
6. ADJOURNMENT
The meeting was adjourned at 4:55 p.m.