Audit 07-15-2010 City of Cupertino
Audit Committee '
Regular Meeting
July 15, 2010
1. CALL TO ORDER
At 4:07 p.m. David Woo called the meeting to order at Cupertino City Hall, 10300 Torre
Avenue, Conference Room A, Cupertino.
2. ROLL CALL
Community Members Present: Myoung Kang, Stanley Stemkoski, Garrett Wade
Council Present: Mark Santoro
City Staff Present: David Woo
Absent: Carol Atwood, Barry Chang
3. APPROVAL OF MINUTES
Wade moved to approve the minutes of the regular meeting of May 6, 2010. Stemkoski
seconded and the motion passed unanimously.
4. ORAL COMMUNICATIONS - NONE
5. WRITTEN COMMUNICATIONS - NONE
6. NEW BUSINESS
A. Select committee member to meet with auditor after this meeting
With the Committee's approval, Stemkoski volunteered to meet with the Macias
Gini and O'Connell representative after this meeting to discuss audit issues.
B. Preliminary audit results
Woo discussed the preliminary findings from an exit conference with the financial
audit firm. Findings will be further :refined and reviewed and responses developed
before being provided in a report to the Committee at a later date. Findings
covered controls over system access, information technology planning and
contingencies, refunds, account setup, and payroll. As a separate issue, there was
discussion about ways to ensure that committee recommendations are carried
forward accurately to the Council.
C. June 2010 Treasurer's report
Woo reviewed the investment portfolio report and answered questions from the
committee regarding market values and comparative information to the previous
year.
D. Adopted budget briefing
Woo summarized the 2010 -11 budget highlights including the two -year
deficit, major capital projects, library funding, and the employee
compensation package.
7. OLD BUSINESS - NONE
8. OTHER COMMITTEE UPDATES/REPORTS
Kang mentioned that the next meeting will be in November to review the CAFR. It will
replace the normal October meeting.
9. ADJOURNMENT
The meeting was adjourned at 4:53 p.m.
David. Woo
Finance Director