Audit 10-17-02
1.
2.
3.
City of Cupertino
Audit Committee
Regular Meeting
October 17, 2002
CALL TO ORDER
At 4:05 p.m., Carol Atwood called the meeting to order in Conference Room A,
Cupertino City Hall, 10300 Torre Avenue.
ROLL CALL
Community Members: Gillian Enos, Tom Hall
City Staff: Carol Atwood, Carol Ferrell, Ralph Qualls, Dorothy Steenfott
City Council: Michael Chang, DollySandoval
Guest: Cory Biggs, Maze and Associates
APPROVAL OF MINUTES
Hall moved to approve the minutes of the regular meeting of April 18, 2002. Chang
seconded and motion passed unanimously.
4.
A.
NEW BUSINESS
Audit Update
Cory Biggs, Maze and Associates, updated the committee on the June 30, 2002
audit including RDA and Single Audit. He stated that a variety of finance areas
were reviewed. He also reviewed the management letter and indicated that the
economy is starting to take its toll on some cities. The committee agreed to make
a recommendation to city council if additional best practices should be
implemented.
B.
Debt Refinancing Update
Atwood reported that the bond sale was finalized on October 15. She indicated
that the city received a 4.34% interest rate and was able to add $1.3 million in
cash which must go back to the capital project reserve. She stated that debt
service payments will now be monthly rather than twice a year.
c.
Investment Report
Ferrell reviewed the August Treasurer's Report. She stated that the hotel tax has
not returned to its previous status and that revenues are basically the same as last
year. Atwood also reported that $800,000 was saved in the prior fiscal year which
prevented the city ITom dipping into the economic uncertainty reserve. She also
indicated that the disaster reserve should be renamed to ensure state aid in the
event of a disaster.
October 17,2002
Audit Committee
Page 2
D.
Other Committee Updates/Reports
Atwood reported that the State has informed us that the Blue Pheasant Restaurant
has been under reporting its sales tax.
5.
ADJOURNMENT
The meeting was adjourned at 5:18 p.m.