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Home My WebLink AboutAC - 2025STATE OF CALIF(.... ) SS. CITY OF CU )F AN AGENI�A'PLO E OF Fi xL Cl TY OF CLJPLk INO ' CAt' DEPAitF- AUDIT COMFA L��,�7_)1:R PENALTY OF CUPERTINO WWWSTMTON(DAFE) 10185 North StellingT11� Road, Quinlan Confe 1 Ir PEe SONALIY f N � AONT11E Monday, Decembg 1ULN BOARD AT CITY HALL. 1:00 PM " I z& a� Special Mee'QWE SIGNATURE IN -PERSON AND TELECONFERENCE / PUBLIC PARTICIPATION INFORMATION OPTIONS TO OBSERVE: Members of the public wishing to observe the meeting may do so in one of the following ways: 1) Attend in person at Quinlan Community Center, Conference Room, 10185 N. Stelling Road. 2) Watch a live stream online at https:Hyoutube.com/ocupertinocitycommission. OPTIONS TO PARTICIPATE AND COMMENT: Members of the public wishing to address the Audit Committee may do so in the following ways: 1) Appear in person at Quinlan Community Center, Conference Room, 10185 N. Stelling Road: A. During "Oral Communications", the public may comment on matters not on the agenda, and for agendized matters, the public may comment during the public comment period for each agendized item. B. Speakers are requested to complete a Speaker Card. While completion of Speaker Cards is voluntary and not required to attend the meeting or provide comments, it is helpful for the purposes of ensuring that all speakers are called upon. C. Speakers must wait to be called and may begin speaking when recognized by the Chair. D. Speakers are limited to three (3) minutes each. However, the Chair may reduce the speaking time depending on the number of people who wish to speak on an item. A speaker representing a group of 2 to 5 or more people who are present may have up to 2 minutes per group member, up to 10 minutes maximum. E. Please note that due to cyber security concerns, speakers are not allowed to connect any personal devices to any City equipment. However, speakers that wish to share a document (e.g. presentations, photographs or other documents) during oral comments may do so by: a. E-mailing the document to auditcommittee@cupertino.gov by 12:00 p.m. and staff will advance the slides/share the documents during your oral comment. 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Said special meeting shall be for the purpose of conducting business on the subject matters listed below under the heading, "Special Meeting." SPECIAL MEETING ROLL CALL ORDERS OF THE DAY APPROVAL OF MINUTES 1. Subject: Approve Minutes of Regular Meeting on October 27, 2025 Recommended Action: Approve Minutes of Regular Meeting on October 27, 2025 A - Draft Minutes POSTPONEMENTS ORAL COMMUNICATIONS This portion of the meeting is reserved for persons zvishing to address the Committee on any matter zvithin the jurisdiction of the Committee and not on the agenda. Speakers are limited to three (3) minutes. In most cases, State lazy zvill prohibit the Commission from making any decisions with respect to a matter not on the agenda. OLD BUSINESS NEW BUSINESS 2. Subject: ACTION ITEM Receive OPEB & Pension Section 115 Trust Performance Report for Quarter Ending September 30, 2025 and forward to City Council Recommended Action: Receive OPEB & Pension Section 115 Trust Performance Report for Quarter Ending September 30, 2025 and forward to City Council Presenter: PARS and US Bank 1:15(30) Staff Report A - OPEB Trust Investment Policy B - Pension Trust Investment Policy 3. Subject: ACTION ITEM Receive the FY 2024-25 Annual Comprehensive Financial Report (ACFR) and Supplemental Reports and forward to City Council Page 3 tv aRvd •al}sganz fq!D aul uo alaol!vav fTlozlgnd apvuz ag Ilpm puv spcooaz ozlgnd pazapzsuoo azv suoYmiunuzuloo uallz,zm sb 'oilgnd d4vu4 of tlsim lou op nofi Itiz(I fq!D aqI of suoyvitunzuuzoo uapym ui uozlbuz.cofu! divaz,zd zo lbuos zad fiub dpnloui Iou oQ saaztlocn Iapvd ui Idax pub alisgdm hl!D dyl zlgnactll oilgnd dill of algissaoon azb suoymiuntuuzoo uallym asdq L •zualt paztpudgv at{I of lvz calvtu Ivivazudlddns sv papnloui a zn vpuaSb az(i uo .Ial4vm v Suzu,zaouoo ffbls Jo s,cauozsstuzuso0 'liounoD film azli of lugs suoiltiownzuuzoo uall?gym ool'go•Z uozloas apoD lbdiozunyV ouzl,zadnD of iuvns.znd inzll pasiapz, ag astiald :, ILON ,L1�Ib'.L?IOdJ/VI •scnotl ssauzsng Ibtwou Suynp '-,Z056 b}u,'0fHV3 'ouipodnD 'anuaaV az,zoj oo£or IV paibool 11VH fiI1D ui aozf�O s,x,zajD fi !D azll lobiuoo astiald •uozloodsu} oilgnd tof algtil}ban apvzu ag Ipm bpuaSb dill fo uoilbo}lgnd idl(v s,zagtuauz attl fo fili,zofbtu ti of pappacd sluazunoop zo sguill un fiuv •Ivw.iof aal4nu,1941z7 aimidazddb dill ui algvl!vab aptizu ag jpm sp.zood.z ozlgnd dtv Itizll Suzlaatu dill ,zoo' paingi,zlsip sguy!m2 puti srzpuaSb Suilaatu 'fillllgvs.tp b ypm uoscad b fig aoubapb ui isdnbdt uodn 'uozlippv ui •aounisiso ,zof dSub,z,cV of Suzlaauz azli fo aoubapb uz s moil gf lsval Ib 'czzc-LLL-gof IV ao.�rfO s,x,za1J ftllD az(I JIM pinozls aoubisissv Ivioads spaau Int(I fiIil?gnszp fiuv svy zo pa zzbdtui Suz,zmi to fillvnsla si oym Suliaazu sIz{I pualln of Suzuubld sz oym auofiun '(Va-V) lob' sa.zj!pgvslQ tllun suboi,zauzV atfl ttlz02 aoubildtuoo uI .LNFIWN2If101aV 9NIII9S VQNdOV d?If1 nd S.LNIAa QNV SONI.I JHW ONIWODdf1.LV 3DNVQNAIIV HAfl IdWddIIIN W0D SJL'HOdd?I Id,L.LIwwoD aNV IIV.LS mid xaoM pug ainpaq5S 9ZOZ aallpumoD 4. paso ozd - V (OI)gl:z joSeu-eW aau-euTd 'oazo.z0 u-eg4Luo j :.zaluasazd uel&j.zoM pue alnpagDS 9ZOZ aalliuzuzoD }TpnV posodoid aLp aAlaaaX :uoTlaV papuauz U0Da21 ueI&I.ToM pu-e aInpa,LpS 9ZOZ aal}TLuuzoD I!pnV posodoad au} aApD@X Wall 7VNOIZVMOdNI :4DatgnS 't }3eiQ ipuid NLgDv SZ-tzozlkd - v (o0gt:I dno.z0 and all pu-eaaB-eueW aaururd 'oazoTo u-eg4euor :.za}uasazd paLmoD A41:) of pTLm:ro; pu-e s}aodaN pe4uauzalddnS pue (NjDV) j.TodaX jepueurd aATsuaLlatduTo:) [PntMV SZ-VZOZ kj Oq4 aAT@DZ)N :uoT}aV papuouzuToaau szoz'i zagivaaaQ Epua2v aa141tuuroD }ipnV STATE OF CAUFORNIA CITY OF CUP F SS. SANTA CLARA I AM AGENIpLOYE OF THE CTT��U DEPARTO- CUPERTINO AUDIT COMMA ESTATE UNDER PENALTY OF PERJURY THAT ON (DATE)- 10300 Torre Avenue Cupertino CA(99"k)CUj3JerCUce Room.6 I PEIkSONALL Monday, AuguyS THE NOTICE/AGENDA ON THE 2:00 IN BOARD CITY HALL. Special Mee!WTE KIM SIGNATURE Members of the public wishing to observe the meeting may do so in one of the following ways: 1) Attend in person at Conference Room A,10300 Torre Avenue Cupertino CA 95014 2) The meeting will also be streamed live on and online at https:Hyoutube.com/ecupertinocitycommission Members of the public wishing to comment on an item on the agenda may do so in the following ways: 1) Appear in person at Conference Room A 2) E-mail comments by 2:00 p.m. on Monday, August 4 to the legislative body at Auditcommittee@cupertino.gov. These e-mail comments will also be posted to the City's website after the meeting. Oral public comments may be made during the public comment period for each agenda item. NOTICE AND CALL FOR A SPECIAL MEETING OF THE CUPERTINO AUDIT COMMITTEE NOTICE IS HERESY GIVEN that a special meeting of the Cupertino Audit Committee is hereby called for Monday, August 4, 2025, commencing at 2:00 p.m. at the City Hall Conference Room A, 10300 Torre Avenue Cupertino, California 95014. Said special meeting shall be for the purpose of conducting business on the subject matters listed below under the heading, "Special Meeting." CALL TO ORDER ROLL CALL APPROVAL OF MINUTES SPECIAL MEETING Page 1 +.. pm0 No a � �,�+...+..,..a»,c...,�w.,,.:.a.awe.a••..,.,_.......,..........:+rw.�..... �..r.....w ;r g� aa.�..ar...wWq.�..ae.m..R. ... d.......,.. ,.... ,...._....,,.arrow � `, �. VR9 .:iw r10 T�.�4 MlIf•A v.�. c.. ..i �. R•� Audit Committee Agenda August 4, 2025 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. Effective January 1, 2023, Government Code Section 65103.5 (SB 1214) limits the distribution of copyrighted material associated with the review of development projects. Members of the public wishing to view plans that cannot otherwise be distributed under SB 1214 may make an appointment with the Planning Division to view them at City Hall by sending an email to planning@cupertino.org. Plans will also be made available digitally during the hearing to consider the proposal. OLD BUSINESS NEW BUSINESS 1. Subject: ACTION ITEM Budget Format Review Presentation and Formation of Budget Format Review Subcommittee Recommended Action: 1. Receive Budget Format Review presentation as outlined in the Budget Format Implementation Action Plan (IAP) recommendation #30 2. Form Budget Format Review subcommittee Presenter: Kristina Alfaro, Director of Administrative Services Staff report A - Budget Format Implementation Action Plan B — Opengov Budget Examples Presentation 2. Subject: INFORMATIONAL ITEM Receive the proposed Audit Committee 2025 Schedule and Workplan Recommended Action: Receive the proposed Audit Committee 2025 Schedule and Workplan Presenter: Jonathan Orozco, Finance Manager A - Proposed Audit Committee 2025 Schedule and Work Plan STAFF AND COMMITTEE REPORTS 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 Page 2 Audit Committee Agenda August 4, 2025 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 City Council, Commissioners or staff concerning a matter on the agenda are included as supplemental material to the agendized item. These written communications are accessible to the public through the City 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. Page 3 JT ) SS. T. AN _ _ CITY OF CUPER INO - ` ? ' ' '� `` C NO AUDIT COMKIMTEE.-C--------- ��-. OF CUPERTINO SPECIAL NOTICE OF VACANCY si 1 _i. °� li(i,�_ �: Ai t:lTY HALL. Notice is hereby given that the City of Cuper no s accepting applickatnions for one unscheduled vacancy on the Audit Committee. cy occurred wh _ mittPP Member Angela Chen's term expired on J6'datry 30, 2025. The term o`f' i Qr' C expires on January 30, 2029. The vacancy is open until filled. To apply, please visit: Online Audit Committee Application. For more details, see the website: www.cul2ertino.gov/vacancies or email the City Clerk's Office: cityclerk@cupertino.gov. Eligibility Requirements: The Committee consists of five members as follows: • Two individuals are members of the City Council, and a minimum of two and a maximum of three are at large members. • The at large members shall not be officials or employees of the City, nor cohabit with as defined by law, nor be related by blood or marriage to any member of the Committee, the City Manager or staff person assigned to the Committee. • An Audit Committee at large member is not required to be a Cupertino resident, but the City Council will give priority to individuals who have substantial accounting, audit, or investment experience, preferably in connection with a governmental agency. Powers and Functions (City Code Chapter 2): The Audit Committee is responsible for various financial oversight functions, including reviewing the annual audit .report and management letter, the Quarterly Treasurer's investment report, and quarterly Fraud, Waste, and Abuse Program reports. The Committee also evaluates City investment policies, assesses related internal controls, and reviews internal and external audit findings. Additionally, the Committee recommends the appointment of internal and external auditors and advises on budget formatting. Meeting Schedule: Regular meetings are held at 4:00 p.m. in the Quinlan Community Center Conference Room, 10185 N. Stelling Road, in the month following each quarter's end. For further information, contact staff liaison Jonathan Orozco at 408-777-3280 or jonathano@cupertino.gov.