AC 04-24-2023 AgendaCITY OF CUPERTINO
AUDIT COMMITTEE
AGENDA
10300 Torre Avenue, City Hall Conference Room A / Teleconference
Monday, April 24, 2023
4:00 PM
Regular Meeting
IN PERSON AND TELECONFERENCE / PUBLIC PARTICIPATION INFORMATION
Members of the public wishing comment on an item on the agenda may do so in the
following ways:
1) Appear in person at Cupertino City Hall. Members of the audience who address the
Committee must come to the lectern/microphone, and are requested to complete a Speaker
Card and identify themselves. Completion of Speaker Cards and identifying yourself is
voluntary and not required to attend the meeting or provide comments.
2) E-mail comments by 9:00 a.m. on Monday, April 24 to the Audit Committee at
AuditCommittee@cupertino.org. These e-mail comments will be received by the Audit
Committee members before the meeting and posted to the City’s website after the meeting.
3) Teleconferencing Instructions
Members of the public may observe the teleconference meeting or provide oral public
comments as follows:
Oral public comments will be accepted during the teleconference meeting. Comments may
be made during “oral communications” for matters not on the agenda, and during the
public comment period for each agenda item .
To address the Committee, click on the link below to register in advance and access the
meeting:
Online
Register in advance for this webinar:
https://cityofcupertino.zoom.us/webinar/register/WN_zMQ48XXhTgGF-r0T3EbwJg
Phone
Page 1
Audit Committee Agenda April 24, 2023
Dial: 669-900-6833 and enter Webinar ID: 982 7631 2198 (Type *9 to raise hand to speak, *6 to
unmute yourself). Unregistered participants will be called on by the last four digits of their
phone number.
Or an H.323/SIP room system:
H.323:
162.255.37.11 (US West)
Meeting ID: 982 7631 2198
SIP: 98276312198@zoomcrc.com
After registering, you will receive a confirmation email containing information about
joining the webinar.
Please read the following instructions carefully:
1. You can directly download the teleconference software or connect to the meeting in your
internet browser. If you are using your browser, make sure you are using a current and
up-to-date browser: Chrome 30+, Firefox 27+, Microsoft Edge 12+, Safari 7+. Certain
functionality may be disabled in older browsers, including Internet Explorer .
2. You will be asked to enter an email address and a name, followed by an email with
instructions on how to connect to the meeting. Your email address will not be disclosed to
the public. If you wish to make an oral public comment but do not wish to provide your
name, you may enter “Cupertino Resident” or similar designation.
3. When the Chair calls for the item on which you wish to speak, click on “raise hand.”
Speakers will be notified shortly before they are called to speak.
4. When called, please limit your remarks to the time allotted and the specific agenda topic .
5. Members of the public that wish to share a document must email
AuditCommittee@cupertino.org prior to speaking.
ROLL CALL
ORDERS OF THE DAY
APPROVAL OF MINUTES
1.Subject: Approve Minutes of Regular Meeting on March 27, 2023
Recommended Action: Approve Minutes of Regular Meeting on March 27, 2023
A - Draft Minutes
Page 2
Audit Committee Agenda April 24, 2023
POSTPONEMENTS
ORAL COMMUNICATIONS
This portion of the meeting is reserved for persons wishing to address the Committee on any matter
within the jurisdiction of the Committee and not on the agenda. Speakers are limited to three (3)
minutes. In most cases, State law will prohibit the Commission from making any decisions with respect
to a matter not on the agenda.
OLD BUSINESS
NEW BUSINESS
2.Subject: INFORMATIONAL ITEM Consider receiving the OPEB & Pension Section 115
Trust Performance Report for the Quarter Ending March 31, 2023
Recommended Action: Receive the OPEB & Pension Section 115 Trust Performance
Report for the Quarter Ending March 31, 2023
Presenter: PARS and US Bank
4:15(10)
A - OPEB Pension Section 115 Trust Performance Report for Quarter Ending March 31 2023
3.Subject: ACTION ITEM Consider the Library Construction Audit Final Report
Recommended Action: Receive the Library Construction Audit Final Report and
forward to City Council
Presenter: Moss Adams
4:25(20)
A - City of Cupertino Library Construction Audit Final Report
4.Subject: INFORMATIONAL ITEM Consider the Internal Audit Status Report and
Fraud, Waste, and Abuse Program Update
Recommended Action: Receive the Internal Audit Status Report and Fraud, Waste, and
Abuse Program Update
Presenter: Moss Adams
4:45(10)
A - City of Cupertino Internal Audit Status Report 04-10-2023
5.Subject: ACTION ITEM Consider the Treasurer's Investment Report for the Quarter
Ending March 31, 2023
Recommended Action: Receive the Treasurer's Investment Report for the Quarter
Ending March 31, 2023 and recommend filing with City Council
Presenter: Thomas Leung, Budget Manager, and Chandler Asset Management
4:55(20)
Page 3
Audit Committee Agenda April 24, 2023
Staff Report
A - Chandler Investment Report March 31 2023
B - Chandler Custodial Report March 2023
C - PARS Pension and OPEB Account Statement March 2023
D - LAIF Account Statement March 2023
6.Subject: ACTION ITEM Consider the City's Investment Policy
Recommended Action: Review and accept the City's Investment Policy
Presenter: Thomas Leung, Budget Manager, and Chandler Asset Management
5:15(10)
Staff Report
A - Cupertino Investment Policy (redline)
B - Cupertino Investment Policy Statement Review Memo
7.Subject: INFORMATIONAL ITEM Consider the Audit Committee 2023 Schedule and
Work Plan
Recommended Action: Receive the Audit Committee 2023 Schedule and Work Plan
and provide direction to staff
Presenter: Thomas Leung, Budget Manager
5:25(10)
A - Proposed Audit Committee 2023 Schedule and Work Plan - 3.23.23
STAFF AND COMMITTEE REPORTS
COMMITTEEMEMBER ATTENDANCE AT UPCOMING MEETINGS AND EVENTS
FUTURE AGENDA SETTING
ADJOURNMENT
In compliance with the Americans with Disabilities Act (ADA), anyone who is planning to attend this
meeting who is visually or hearing impaired or has any disability that needs special assistance should
call the City Clerk's Office at 408-777-3223, at least 48 hours in advance of the meeting to arrange for
assistance. In addition, upon request, in advance, by a person with a disability, meeting agendas and
writings distributed for the meeting that are public records will be made available in the appropriate
alternative format.
Any writings or documents provided to a majority of the members after publication of the agenda will
be made available for public inspection. Please contact the City Clerk’s Office in City Hall located at
10300 Torre Avenue, Cupertino, California 95014, during normal business hours.
IMPORTANT NOTICE: Please be advised that pursuant to Cupertino Municipal Code section
2.08.100 written communications sent to the Cupertino City Council, Commissioners or City staff
concerning a matter on the agenda are included as supplemental material to the agendized item. These
Page 4
Audit Committee Agenda April 24, 2023
written communications are accessible to the public through the City’s website and kept in packet
archives. Do not include any personal or private information in written communications to the City
that you do not wish to make public, as written communications are considered public records and will
be made publicly available on the City website.
Members of the public are entitled to address the members concerning any item that is described in the
notice or agenda for this meeting, before or during consideration of that item. If you wish to address the
members on any other item not on the agenda, you may do so during the public comment .
Page 5