Audit 04-24-2012 City of C upertino
Audit Committee
Regular Meeting Minutes
April 24, 2012
1. CALL TO ORDER
At 4:17 p.m. David Woo called the meeting to order at Cupertino City Hall, 10300 Tone
Avenue, Emergency Operations Center.
2. ROLL CALL
Community Members Present: Raymond Yin, Angela Chen
Council Members Present: Barry Chang, Rod Sinks
City Staff Present: David Woo
Absent: None
3. APPROVAL OF MINUTES
Community Member Yin moved to approve the minutes of the special meeting of March
8, 2012. Council Member Chang seconded and the motion passed unanimously.
4. ORAL COMMUNICATIONS -NONE
5. WRITTEN COMMUNICATIONS -NONE
6. NEW BUSINESS
A. Treasurer's Investment and Budget Report
Finance Director Woo briefed the committee on the Investment Portfolio composition
and types of investments bought. Questions were answered about investment policy and
changes to it and who manages the investments. The retiree health PARS trust report's
investment types, allocation, rates of returns and investment management were also
discussed. Woo reported on and answered questions regarding the General Fund Budget
Report's revenue and expenditure trends and their relation to the reported budget
numbers. Community Member Chen moved to accept the report, Chang seconded, and
the motion carried unanimously.
B. Single Audit Report
Woo reported that this report of federal grant expenditures had a clean opinion with no
findings. Woo answered committee questions about the opinion letters and about some of
the information presented in the financial statement section of the report. Councilmember
Sinks motioned to accept the report, Chang seconded, and the motion carried
unanimously.
7. OLD BUSINESS -NONE
8. OTHER COMMITTEE UPDATES/REPORTS
9. ADJOURNMENT
The meeting was adjourned at 5:05 p.m.
G 4 G
David Woo
Finance Director