Audit 04-05-07
City of Cupertino
Audit Committee
Regular Meeting
Apri1S,2007
1. CALL TO ORDER
At 4:10 p.m., Carol Atwood called the meeting to order at Cupertino City Hall,
Conference Room C, 10300 Torre Avenue, Cupertino.
2. ROLL CALL
Community Members: Myoung Kang, Garrett Wade
City Council: Orrin Mahoney, Dolly Sandoval
City Staff: Carol Atwood, David Woo
Absent: None
3. APPROVAL OF MINUTES
Wade moved to approve the minutes of the regular meeting of October 18, 2006. Kang
seconded and motion passed with Sandoval abstaining.
Mahoney moved to approve the minutes of the regular meeting of January 17, 2007.
Kang seconded and motion passed with Wade and Sandoval abstaining.
4. ORAL COMMUNICATIONS
None
5. NEW BUSINESS
A. Review proposal from Maze and Associates to Audit Investment Policy
Woo updated the committee regarding the proposal and proposed that staff do a
checklist for the committee to review. Discussion followed. Mahoney moved to
accept the proposal from Maze and Associates to audit the City's annual
Investment Policy. Kang seconded and motion passed unanimously.
B. Review Proposed Changes to Investment Policy
Woo noted that page five of the policy would be updated to reflect the change of
having auditors verify and that the Audit Committee would review the findings.
Sandoval moved to accept the proposed changes. Wade seconded and motion
passed unanimously.
C. February Investment Report/Budget Update
Woo reviewed the February investment report and Atwood reported that large
bills would be coming up due to the Mary Avenue.Bridge project.
April S, 2007
Audit Committee Minutes
Page 2
D. Confirm Meeting Schedule for Remainder of 2007
The committee concurred to meet on July S and October 11 at 4:00 p.m.
E. Other Committee Updates/Reports
Woo reviewed the findings of the 2006 Single Audit related to the CDBG
funding, program and costs.
Atwood reported that the Pentamation upgrade was successful.
It was also noted that a. GFOA satellite training would be held on May 8 at the
Community Hall.
6. OLD BUSINESS
None.
7. ADJOURNMENT
The meeting was adjourned at S:02 p.m.