Audit 07-19-06
City of Cupertino
Audit Committee
Regular Meeting
July 19, 2006
1. CALL TO ORDER
At 4:10 p.m., David Woo called the meeting to order at Cupertino City Hall, Conference
Room A, 10300 Torre A venue, Cupertino.
2. ROLL CALL
Community Members: Garrett Wade, Jim Weber
City Council: Kris Wang
City Staff: David Woo
Absent: Myoung Kang, Dolly Sandoval
3. APPROVAL OF MINUTES
Wade moved to approve the minutes of the regular meeting of April 26, 2006. Weber
seconded and the motion passed unanimously with Kang and Sandoval absent.
4. ORAL COMMUNICATIONS
None
6. NEW BUSINESS
A. Audit Update
Woo reported on the preliminary audit findings. He noted that minor items were
found and discussed the auditor's concern that our investment policy was written
too stringent with respect to the auditing of the policy. Woo also reported that the
fixed asset amount had been raised from $1,000 to $5,000.
B. Budget Update.
A brief update was provided on the new budget. It was noted that the long-term
outlook indicates that expenditures will exceed revenues in the future, partly due
to sales tax volatility in the business-to-business area.
c. Referendum Update
The committee was advised that the item would appear on the November 2006
ballot.
D. Pentamation Update
Woo reported that the upgrade should be completed in December. He indicated
that Code Enforcement would be upgrading in January.
July 19, 2006
Audit Committee Minutes
Page 2
E. Investment Report
Woo reported that investments were reviewed to decrease the unrealized loss and
that CD's would not be purchased.
6. ADJOURNMENT
The meeting was adjourned at 4:48 p.m.