Audit 04-22-08City of Cupertino
Audit Committee
Regular Meeting
Apri122, 2008
1. CALL TO ORDER
At 4:05 p.m., Carol Atwood called the meeting to order at Cupertino City Hall,
Conference Room A, 10300 Torre Avenue, Cupertino.
2. ROLL CALL
Community Members: Myoung Kang, Garrett Wade, Stanley Stemkoski
City Council: Orrin Mahoney, Gilbert Wong
City Staff: Carol Atwood, Dorothy Steenfott
3. APPROVAL OF MINUTES
Wade moved to approve the minutes of the regular meeting of January 15, 2008. Wong
seconded and motion passed unanimously.
4. ORAL COMMUNICATIONS
None
5. WRITTEN COMMUNICATIONS
Atwood reviewed the new rules for SB 343 regarding written materials received by
committee members which are related to agenda items.
6. NEW BUSINESS
A. Review and Approve Investment Policy
Atwood reviewed updates proposed to the policy. Wade moved to approve the
proposed changes. Stemkoski seconded and motion passed unanimously.
B. Audit Reports
Atwood reviewed highlights of the Single Audit, TDA, and TFCA reports.
C. Investment Report/Budget Update
Atwood reviewed the report. She indicated that due to the State budget crisis,
funds in LAIF have been transferred to US Treasuries to reduce the City's risk.
She noted that the rate of return is less, but more diversified.
D. 2008 Meeting Schedule
It was noted that the next meetings will be held on July 10 and October 9.
April 22, 2008 Audit Committee Minutes Page 2
E. Other Committee Updates/Reports
Atwood noted that the budget study session would be held on May 27.
7. ADJOURNMENT
The meeting was adjourned at 5:36 p.m.
Dorothy Steenfott
Recording Secret