Audit 11-30-2010(
CUPERTINO
NOTICE OF CANCELLATION AND
CALL FOR SPECIAL MEETING OF
THE CUPERTINO AUDIT
COMMITTEE
NOTICE IS HEREBY GIVEN thatthe regular meeting of the Cupertino Audit
Committee scheduled for Thursday, October 21, 2010, will be cancelled for lack of
quorum; and
NOTICES IS HEREBY GIVEN that a Special Meeting will be held on Tuesday,
November 30, 2010, at 4:00 p.m. in Conference Room A, Cupertino City Hall, 10300
Torre A venue, Cupertino, to discuss Year-end reports and the Treasurer report.
Dated this 8th day of October, 2010
Car~~
Director of Administrative Services
Staff Liaison to Cupertino Audit Committee
1. CALL TO ORDER
City of Cupertino
Audit Committee
Regular Meeting
November 30, 2010
At 4:05 p.m. David Woo called the meeting to order at Cupertino City Hall, 10300 Torre
Avenue, Conference Room A, Cupertino.
2. ROLLCALL
Community Members Present: Stanley Stemkoski, Garrett Wade
Council Members Present: Mark Santoro, Barry Chang
City Staff Present: Carol Atwood (through 4:35 p.m.), David Woo
Absent: Myoung Kang
3. APPROVAL OF MINUTES
Community Member Wade moved to approve the minutes of the regular meeting of July
15, 2010. Community Member Stemkoski seconded and the motion passed unanimously.
4. ORAL COMMUNICATIONS -NONE
5. WRITTEN COMMUNICATIONS -NONE
6. NEW BUSINESS
A. 2009-10 Financial Reports
Benjamin Lau, Senior Manager of the audit firm Macias Gini & O'Connell,
discussed the audit opinion, state borrowing, commitments, and prior period
adjustment in the Comprehensive Annual Financial Report. The Committee
requested that a commitment footnote should be changed to comply with state
confidentiality laws. City staff reported that the City Attorney advised that the
change be made. Lau was going to talk with his firm about the revision. Lau
highlighted the Redevelopment Agency, investment policy, grant, and
appropriation limit reports issued by his firm. Lau discussed the disclosures,
findings, and recommendations in the Report to the City Council. Wade
commented that some of the information technology items in the Report to the
City Council appear to be more like best practice comments rather than control
deficiencies. After further discussion, the Committee asked if the report could
reflect this difference. Lau was going to pursue the request with his firm.
B. Treasurer's Investment and Budget Report
The Committee reviewed the September 2010 report. Wade mentioned that
returns are still low and Woo commented that the PARS trust positive returns are
mirroring the stock market.
7. OLD BUSINESS -NONE
8. OTllER COMMITTEE UPDATES/REPORTS
Woo reported that quarterly meetings will resume on the third Thursdays of the month
starting in January 2010.
9. ADJOURNMENT
The meeting was adjourned at 5:10 p.m.
David Woo
Finance Director
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