Audit 01-17-02
City of Cupertino
Audit Committee
Regular Meeting
January 17, 2002
1.
CALL TO ORDER
At 4:05 p.m., Carol Atwood called the meeting to order in Conference Room E,
Cupertino City Hall, 10300 Torre Avenue.
2.
ROLL CALL
Community Members: Gillian Enos, Tom Hall
City Staff: Carol Atwood, Dorothy Steenfott
City Council: Michael Chang, Dolly Sandoval
3.
APPROVAL OF MINUTES
Gillian Enos moved to approve the minutes of the regular meeting of October 16, 2001.
Tom Hall seconded and motion passed unanimously.
4.
NEW BUSINESS
A.
Introduction of new members
Carol Atwood introduced two new council members, Michael Chang and Dolly
Sandoval. She also reviewed the history of the committee and the reason for its
existence.
B.
Audit Update
Carol reported that the auditors were unable to attend to review the audit and
management letter. The committee decided to hold a special meeting on February
4 at 4:30 p.m. to review the management letter. Carol reviewed several key pages
of the audit report with the committee.
C.
Investment Report
Carol Atwood reported that sales tax went up ITom the period December 2000 to
December 2001 and that expenditures usually run 10-15% below ITom year to
year.
January 17,2002
Audit Committee
Page 2
D.
Investment Policy
Carol Atwood reviewed the policy with the committee. She stated that due to
state legislation one change was made to the document; an increase in the
commercial paper rate to 25%.
5.
ADJOURNMENT
The meeting was adjourned at 5:20 p.m.