The URL can be used to link to this page

Home My WebLink AboutAudit Committe - 2017CITY OF AUDIT COMMITTEE Special Meeting Meeting of February 27, 2017 Conference Room A, City Hall C U P E RTI N O 10300 Torre Avenue, Cupertino, CA 4:00 p.m. NOTICE AND CALL FOR SPECIAL MEETING NOTICE IS HEREBY GIVEN that a special meeting of the Audit Committee is hereby called for Monday, February 27, 2017, commencing at 4:00 p.m. in City Hall Conference Room A,10300 Torre Avenue, Cupertino, California. Said special meeting shall be for the purpose of conducting business on the subject matters listed below under the heading "Special Meeting". 1. 3. E 6. 7. 8. SPECIAL MEETING AGENDA CALL TO ORDER 4:00 p.m. - ROLL CALL 4:02 p.m. - APPROVAL OF MINUTES Approve minutes of the regular meeting of October 13, 2016 and special meeting of November 9, 2016. 4:10 p.m. - ORAL COMMUNICATIONS This portion is reserved for persons wishing to address the committee on any matter not on the agenda. Speakers are limited to three (3) minutes per person. In most cases, state law will prohibit the committee from making any decision with respect to a matter not listed on the agenda. 4:10 p.m. - NEW BUSINESS A. Review Standard Work Plan for Audit Committee in 2017 (last version April 14, 2016) —10 minutes B. Auditor RFP update and subcommittee recommendation — 20 minutes C. Treasurer's Investment Report for QE December 30, 2016 —1 S minutes D. Review of Progress on Uncompleted Action Items from Previous Meetings (last version October 13, 2016) — S minutes STATE OF CALIFORNIA 5:00 p.m. - OLD BUSINESS None STAFF AND COMMITTEE REPORTS None 5:00 p.m. - ADJOURNMENT COUNTY OF SANTA CLA A SS. ) I, EMPLOY , OF T ��, !tY0F C'UPER iAO ttA 161.— DrIPA RT= I� EENT, ST,VI'E UI.4 11, 1. FF�j1A T1` OF PER,IURY THAT 0 N (D,',FE) Z ZZ3 (T1'' 1") / , Z POSTED THE BULLETIN I30,-,L_ _} L -�, C � 1'Y Cupertino Audit Committee Page 2 In compliance with the Americans with Disabilities Act (ADA), anyone who is planning to attend the next 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, 48 hours in advance of the meeting to arrange for assistance. 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. Also upon request, in advance, an assistive listening device can be made available for use during the meeting. 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 portion of the meeting. Please limit your comments to three (3) minutes or less. CITY OF AUDIT COMMITTEE Special Meeting Meeting of March 13, 2017 Conference Room A, City Hall C U P E RT I N O 10300 Torre Avenue, Cupertino, CA 4:00 p.m. NOTICE AND CALL FOR SPECIAL MEETING NOTICE IS HEREBY GIVEN that a special meeting of the Audit Committee is hereby called for Monday, March 13, 2017, commencing at 4:00 p.m. in City Hall Conference Room A, 10300 Torre Avenue, Cupertino, California. Said special meeting shall be for the purpose of conducting business on the subject matters listed below under the heading "Special Meeting". STATE OF CALIF; ;;. SPECIAL ME�-fY OF sAi-. -- . AGENDA,— EMPLOYEE OF "i 1. CALL TO ORDER A: r 17 �,i 1, �, '. t t✓ r. 2. 4:00 p.m. — ROLL CALL PE1\'.1 �1Y THAT (TIME) 3. 4:02 p.m. — APPROVAL OF MINUTES POSTED THE i, c ; BULLETIN BOAl-, - Approve minutes of the regular meeting of February 27, 017 42 4. 4:05 p.m. - ORAL COMMUNICATIONS DAM This portion is reserved for persons wishing to address the committee on any matter not on the agenda. Speakers are limited to three (3) minutes per person. In most cases, state law will prohibit the committee from making any decision with respect to a matter not listed on the agenda. 5. 4:10 p.m. - NEW BUSINESS A. Review and approve FY2015-16 draft CAFR and MOIC — 75 minutes B. Approve Independent Analysis by Maze of internal controls over investments (AUP) —15 minutes C. Questions to external auditors listed in 10/13/2016 meeting minutes —15 minutes 6. 5:55 p.m. - OLD BUSINESS None 7. STAFF AND COMMITTEE REPORTS None 8. 6:00 p.m. - ADJOURNMENT In compliance with the Americans with Disabilities Act (ADA), anyone who is planning to attend the next 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, 48 hours in advance of the meeting to arrange for assistance. 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. Also upon request, in advance, an assistive listening device can be made available for use during the meeting. Cupertino Audit Committee Page 2 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 portion of the meeting. Please limit your comments to three (3) minutes or less. CITY OF AUDIT COMMITTEE Special Meeting Meeting of May 1, 2017 Conference Room A, City Hall C U P E RT I N O 10300 Torre Avenue, Cupertino, CA 4:00 p.m. NOTICE AND CALL FOR SPECIAL MEETING NOTICE IS HEREBY GIVEN that a special meeting of the Audit Committee is hereby called for Monday, May 1, 2017, commencing at 4:00 p.m. in City Hall Conference Room A,10300 Torre Avenue, Cupertino, California. Said special meeting shall be for the purpose of conducting business on the subject matters listed below wider the heading "Special Meeting". - 1 i { 1 SPECIAL MEE; G -- _ .. __. 0S. AGENDA 1F S ` : «.� ) �. EEA� A N 1. CALL TO ORDER C I, ST. /, I x + i'L �d �,Li'Y OF 2. 4:00 p.m. - ROLL CALL r';- i,i 4iY `I"t1.f (—A r E) 2 3. 4:05 p.m. - APPROVAL OF MINUTES POSTED TfIE' 1v ' C E/AG;i=;NDA ON Tf1E BULLETIN BOARD 11'XI C'TY HALL. Approve minutes of the regular meeting of March 13, 2017. 4. 4:10 p.m. — POSTPONEMENTS L`l E SIGURE 5. 4:15 p.m. - ORAL COMMUNICATIONS This portion is reserved for persons wishing to address the committee on any matter not on the agenda. Speakers are limited to three (3) minutes per person. In most cases, state law will prohibit the committee from making any decision with respect to a matter not listed on the agenda. 6. 4:20 p.m. - WRITTEN COMMUNICATIONS 7. 4:25 p.m. - OLD BUSINESS None 8. 4:30 p.m. - NEW BUSINESS A. Crowe and Horwath introduction and discussions on the Investment AUP, additional review of internal controls and Audit Committee input on fiscal 2017 audit, the proposed audit schedule for FY2016-17, and training opportunities (Crowe) - (50 min) B. Review and propose changes to the City's two investment policies - (10 min) C. Annual performance review of the OPEB Retiree Health Investment Trust (USBank and PARS) - (10 min) D. Review of the Standard Work Plan and the Action Items List - (10 min) E. Review of the Treasurer's Investment Report for QE March 2017 (Deputy Treasurer) - (5 min) F. Next meeting date and adjournment for the Committee — (5 min) Cupertino Audit Committee Page 2 7. STAFF AND COMMITTEE REPORTS None 8. 6:00 p.m. - ADJOURNMENT In compliance with the Americans with Disabilities Act (ADA), anyone who is planning to attend the next 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, 48 hours in advance of the meeting to arrange for assistance. 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. Also upon request, in advance, an assistive listening device can be made available for use during the meeting. 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 portion of the meeting. Please limit your comments to three (3) minutes or less. CITY OF CUPERTINO AGENDA CUPERTINO AUDIT COMMITTEE 10300 Torre Avenue, City Hall Conference Room A Tuesday, July 11, 2017 4:00 PM Special Meeting NOTICE AND CALL FOR SPECIAL MEETING NOTICE IS HEREBY GIVEN that a special meeting of the Audit Committee is hereby called for Monday, July 11, 2017, commencing at 4:00 p.m. in City Hall Conference Room EOC, 10300 Torre Avenue, Cupertino, California. Said special meeting shall be for the purpose of conducting business on the subject matters listed below under the heading "Special Meeting". PLEDGE OF ALLEGIANCE .. 4 - - - -_ ) SS. ROLL CALL �� !. I Y GF �.'�Ly , xA ) i.--u'- AN APPROVAL OF MINUTES O �_ Y g PENALTY OF 1. Subject: Minutes of May 1, 2017 meeting ' � " ` � � ' "' �: ��)ril E) 1� Draft Minutes ; b s-. 3 t . 1� I PERSONALLY RSONALLY FC" S,; 1) T`fiL f" t � > i '-/ ' GENDA ON THE POSTPONEMENTS BULLETIN BOARD 'T CITY HALL. ORAL COMMUNICATIONS --T /1, J, -,,� Dr,ifE SIGNATURE This portion of the meeting is reserved for persons wishing to address the members on any matter not on the agenda. Speakers are limited to three (3) minutes. In most cases, State law will prohibit the members from making any decisions with respect to a matter not listed on the agenda PUBLIC HEARINGS OLD BUSINESS NEW BUSINESS CITY OF CUPERTINO Page 1 0 Audit Committee AGENDA July 11, 2017 2. Subject: Performance Review of the Other Post Employment Benefits (OPEB) Trust Performance Review of the OPEB Trust 3. Subject: Treasurer's Investment Report for Quarter Ending June 2017 Investment Portfolio Report Market Cost Value Comparison Report as of 06.28.2017 Treasurers Investment presentation 4. Subject: Interim report by independant auditor (Crowe Horwath) Interim Report 5. Subject: Budget format Budget Format Samples 6. Subject: Other Post Employment Benefit (OPEB) Actuarial Report GovInvest Software STAFF AND COMMITTEE REPORTS ADJOURNMENT In compliance with the Americans with Disabilities Act (ADA), anyone who is planning to attend the next 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, 48 hours in advance of the meeting to arrange for assistance. 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. Also upon request, in advance, an assistive listening device can be made available for use during the meeting. 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 during normal business hours. 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. CITY OF CUPERTINO Page 2 Second Amended on 8/21/17 at 5:30 pm to amend Item No. 6A Amended on 8/21/17 at 3:40 PM to renumber Item CITY OF Nos. 6-7 and add Item No. 6A AUDIT COMMITTEE is Special Meeting Meeting of August 24, 2017 Conference Room A, City Hall C U P E RT I N O 10300 Torre Avenue, Cupertino, CA 5:00 p.m. NOTICE AND CALL FOR SPECIAL MEETING NOTICE IS HEREBY GIVEN that a special meeting of the Audit Committee is hereby called for 241 day, August, 2017, commencing at 5:00 p.m. in City Hall Conference Room A,10300 Torre Avenue, Cupertino, California. Said special meeting shall be for the purpose of conducting business on the subject matters listed below under the heading "Special Meeting". SECONDED AMENDED SPECIAL MEETING AGENDA 1. CALL TO ORDER 2. 5:00 p.m. - ROLL CALL 3. 5:02 p.m. - ORAL COMMUNICATIONS This portion is reserved for persons wishing to address the committee on any matter not on the agenda. Speakers are limited to three (3) minutes per person. In most cases, state law will prohibit the committee from making any decision with respect to a matter not listed on the agenda. 4. 5:03 p.m. — OLD BUSINESS None 5. 5:05 p.m. - NEW BUSINESS A. Auditor AUPs for Investments and Appropriations Limit — Crowe & Kristina - 45 minutes i. Review Current Proposed AUP by Staff (refer to attachment); ii. Comments by Independent Auditor iii. Approve AUP engagement letters iv. Revise Standard Work Plan for Audit Committee in future years (refer to attachment) 6. STAFF AND COMMITTEE REPORTS 6A. Resignation of member and acting alternate appointment 7. 6:00 p.m. - ADJOURNMENT In compliance with the Americans with Disabilities 'Act (ADA), anyone who is planning to attend the next 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, 48 hours in advance of the meeting to arrange for assistance. 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. Also upon request, in advance, an assistive listening device can be made available for use during the meeting. Cupertino Audit Committee Page 2 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 portion of the meeting. Please limit your comments to three (3) minutes or less. STATE OF CALIFORNIA )SS. COUNTY, OF SALT,, CLARA 1, Kl'vx4" , AN EMPLOYEE OF THE CITY OF CUPETMFINO D EPA FRT- iT, STATE t�' R PENALTY OF F I- I U TRY THAT 011,! (i),".-FE) S (-.Lt S7--'35 PM f N A!'_' V POSTED TL I E N"'- I- T-7 0 INT T E T' IAI BULLETIN BO' ", C! (24 Amended on 8/21/17 at 3:40 PM to renumber Item CITY OF Nos. 6-7 and add Item No. 6A AUDIT COMMITTEE Special Meeting Meeting of August 24, 2017 Conference Room A, City Hall C U P E RT I N O 10300 Torre Avenue, Cupertino, CA 5:00 p.m. NOTICE AND CALL FOR SPECIAL MEETING NOTICE IS HEREBY GIVEN that a special meeting of the Audit Committee is hereby called for 24' day, August, 2017, commencing at 5:00 p.m. in City Hall Conference Room A,10300 Torre Avenue, Cupertino, California. Said special meeting shall be for the purpose of conducting business on the subject matters listed below under the heading "Special Meeting". AMENDED SPECIAL MEETING AGENDA CALL TO ORDER 2. 5:00 p.m. - ROLL CALL 3. 5:02 p.m. - ORAL COMMUNICATIONS This portion is reserved for persons wishing to address the committee on any matter not on the agenda. Speakers are limited to three (3) minutes per person. In most cases, state law will prohibit the committee from making any decision with respect to a matter not listed on the agenda. 4. 5:03 p.m. — OLD BUSINESS None 5. 5:05 p.m. - NEW BUSINESS A. Auditor AUPs for Investments and Appropriations Limit — Crowe & %ristina - 45 minutes i. Review Current Proposed AUP by Staff (refer to attachment); ii. Comments by Independent Auditor iii. Approve AUP engagement letters iv. Revise Standard Work Plan for Audit Committee in future years (refer to attachment) 6. STAFF AND COMMITTEE REPORTS 6A. Resignation of member and alternate appointment 7. 6:00 p.m. - ADJOURNMENT In compliance with the Americans with Disabilities Act (ADA), anyone who is planning to attend the next 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, 48 hours in advance of the meeting to arrange for assistance. 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. Also upon request, in advance, an assistive listening device can be made available for use during the meeting. Cupertino Audit Committee Page 2 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 portion of the meeting. Please limit your comments to three (3) minutes or less. STATE OF CALIF`' 1:'i IA ) ) SS. CEO.. UN" Y OF SAN'T-11,. CLARA ) AN 1=TIN1.1I`L b Y E E OF Ti-YE GFTY OF CU P E RTIN0 DEPART- �1 °.[ _T, STATE L PER PE1��`�``��jLTY OF T ..; URY THAT ON GATE) , �^ (T�!4/;E) V I PE RSOMA.LLY POSTED THE N E/AGENDA ON THE BULLETIN BOARD AT CITY HALL. - DAM S I 1 1 CITY OF AUDIT COMMITTEE Special Meeting Meeting of August 24, 2017 Conference Room A, City Hall C U P E RT I N O 10300 Torre Avenue, Cupertino, CA 5:00 p.m. NOTICE AND CALL FOR SPECIAL MEETING .NOTICE IS HEREBY GIVEN that a special meeting of the Audit Committee is hereby called for 24' day, August, 2017, commencing at 5:00 p.m. in City Hall Conference Room A, 10300 Torre Avenue, Cupertino, California. Said special meeting shall be for the purpose of conducting business on the subject matters listed below under the heading "Special Meeting". SPECIAL MEETING AGENDA CALL TO ORDER 2. 5:00 p.m. - ROLL CALL 3. 5:02 p.m. - ORAL COMMUNICATIONS This portion is reserved for persons wishing to address the committee on any matter not on the agenda. Speakers are limited to three (3) minutes per person. In most cases, state law will prohibit the committee from making any decision with respect to a matter not listed on the agenda. 4. 5:03 p.m. — OLD BUSINESS lore n1l S. 5:05 p.m. - NEW BUSINESS A. Auditor AUPs for Investments and Appropriations Limit — Crowe & Kristina - 45 minutes i. Review Current Proposed AUP by Staff (refer to attachment); ii. Comments by Independent Auditor iii. Approve AUP engagement letters iv. Revise Standard Work Plan for Audit Committee in future years (refer to attachment) 7. STAFF AND COMMITTEE REPORTS None 8. 6:00 p.m. - ADJOURNMENT In compliance with the Americans with Disabilities Act (ADA), anyone who is planning to attend the next 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, 48 hours in advance of the meeting to arrange for assistance. 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. Also upon request, in advance, an assistive listening device can be made available for use during the meeting. Cupertino Audit Committee Page 2 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 portion of the meeting. Please limit your comments to three (3) minutes or less. STATE OF CALIFORNIA ) .)Ss. COUNTY OF SA�iTA CLARA SAY AN EMPLOYEE OF THE CITY OF CUPERTINO Gte�� DEPART k[ENT, STATE UNDER PENALTY OF PERJURY THAT ON (DATE) (TIME) �� S�-�I PERSONALLY POSTED THE NOTICE%AGEN' fA ON THE BULLETIN BOARD AT CITY HALL. c:� l — \ DA: � S ii CITY OF CUPERTINO AGENDA C U P E RT I N O AUDIT COMMITTEE 10300 Torre Avenue, City Hall Conference Room A Monday, October 23, 2017 4:00 PM PLEDGE OF ALLEGIANCE C v LuL V ryy C/1 !Szn11�.� _." ti ♦ _ :�k 7��— .. ROLL CALL pi, _ { /f �� l LE 01 APPROVAL OF MINUTES 7-- �LIC!i��--•-�.- 4 G� 1. Subject: Minutes of July 11, 2017 and August 24, 2617 9_ h, 'r Draft Minutes 07-11- 17POSTE 1 Draft Minutes 08-24-17 BULLEUN BOAltiD POSTPONEMENTS ORAL COMMUNICATIONS This portion of the meeting is reserved for persons wishing to address the members on any matter not on the agenda. Speakers are limited to three (3) minutes. In most cases, State law will prohibit the members from making any decisions with respect to a matter not listed on the agenda PUBLIC HEARINGS OLD BUSINESS NEW BUSINESS 2. Subject: OPEB Actuarial Report Review as of January 1, 2017 Actuarial Valuation 2017 OPEB 3. Subject: Performance Review of the OPEB Trust as of September 30, 2017 OPEB Trust Performance Report as of 9/30/17 Page 1 Audit Committee AGENDA October 23, 2017 4. Subject: Review of the Treasurer's Investment Report for Quarter Ending September 30, 2017 Treasurer Investment Report QE 9/30/17 Wells Fargo Value Comparison Report Supplemental Portfolio Analysis 5. Subject: Update on status of Finance Manager position 6. Subject: Review Standard Work Plan for Audit Committee Standard Work Plan for Audit Committee 2017 v9-19 KA Edits ES edits STAFF AND COMMITTEE REPORTS ADJOURNMENT Page 2 Audit Committee AGENDA October 23, 2017 In compliance with the Americans with Disabilities Act (ADA), anyone who is planning to attend the next 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, 48 hours in advance of the meeting to arrange for assistance. 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. Also upon request, in advance, an assistive listening device can be made available for use during the meeting. 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 during normal business hours. IMPORTANT NOTICE: Please be advised that pursuant to Cupertino Municipal Code 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 written communications are accessible to the public through the City's website and kept in packet archives. You are hereby admonished not to include any personal or private information in written communications to the City that you do not wish to make public; doing so shall constitute a waiver of any privacy rights you may have on the information provided to the City. 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 3