Audit 05-28-2014 City of Cupertino
Audit Committee
Special Meeting
May 28, 2014
1. CALL TO ORDER
At 4:09 p.m. Lisa Taitano called the meeting to order at Cupertino City Hall, 10300
Torre Avenue, Conference Room A, Cupertino.
2. ROLL CALL
Community Members Present: Angela Chen, Eno Schmidt, Raymond Yin
City Staff Present: David Brandt, Jacqueline Guzman, Lisa Taitano
Council Present: Mark Santoro, Rod Sinks
Absent: None
3. APPROVAL OF MINUTES
Yin moved to approve the minutes of the regular meeting of February 24, 2014. Chen
seconded and the motion passed unanimously.
4. ORAL COMMUNICATIONS -NONE
5. WRITTEN COMMUNICATIONS -NONE
6. NEW BUSINESS
A. Third Quarter Financial Report
Taitano reviewed report. Discussion followed regarding revenue tracking
related to City Council and Commissions. The committee requested that staff
develop a high-level budget summary that better placed the status update in
context with the approved budget document. The committee also reviewed a
sample"dashboard" report. Schmidt moved to approve the third quarter
financial report with the understanding that staff would work on the
"dashboard" concept and also a Sankey diagram concept for future reports to
aid the committee members when reviewing budget updates. Santoro
seconded and the motion passed unanimously.
B. Treasurer's Investment Report
The report was reviewed with the committee. Schmidt stated that he had
requested a high level cash flow projection so that committee could see what
cash inflow and outflows were anticipated by the City. He also requested that
he would like more analysis on two average yield and average length to
maturity calculations in the report. Taitano reported that she was working on
both of the areas and would prepare suggestions for improvements for the next
meeting. Schmidt moved to accept the report with comments noted. Santoro
seconded and motion passed unanimously.
C. Presentations to Council
The committee concurred to make a presentation to Council on July 17.
Schmidt agreed to make the presentation to Council.
D. Set Meeting Schedule
Committee agreed to meet on August 7, November 6, February 19, and May 7.
11. ADJOURNMENT
The meeting was adjourned at 6:07 p.m.
Li64aitano
Finance Manager