Audit 07-24-01
City of Cupertino
Audit Committee
Regular Meeting
July 24, 2001
1.
CALL TO ORDER
At 8:07 a.m., Carol Atwood called the meeting to order in Conference Room A,
Cupertino City Hall, 10300 Torre Avenue.
2.
ROLL CALL
Community Members: Gillian Enos, Tom Hall
City Staff: Carol Atwood, Dorothy Steenfott
City Council: Richard Lowenthal
Absent: Sandra James
3.
APPROVAL OF MINUTES
Tom Hall moved to approve the minutes of the regular meeting of April 26, 2001.
Richard Lowenthal seconded and motion passed unanimously with Sandra James absent.
4.
NEW BUSINESS
A.
Budget adoption and follow up worksession
Carol Atwood reviewed the budget worksessions and processes. She stated that
the city is not receiving any new revenues at this time and reviewed the revenues
at risk. She also reviewed the fund balance trends and reported that the $15
million in reserves was cut by four million to cover costs associated with the
library project.
Gillian Enos expressed concern regarding the cost of the library and cutting
reserves to cover some of the cost. She suggested that the Audit Committee
inform City Council of its concern. The committee agreed to make a comment
and Carol Atwood stated that she would make the comment during the next
council worksession.
B.
Finance reorganization
Carol Atwood reported that Carol Ferrell had been appointed the new Finance
Manager and reviewed the reorganization plans for the Finance Division.
July 24,2001
Audit Committee
Page 2
C.
Year end close
It was reported that the auditors would be in during September to begin the June
30,2001 audit.
D.
Investment report
Carol stated that interest rates have dropped and that the city's portfolio has been
diversified to obtain better rates than LAIF.
5.
ADJOURNMENT
The meeting was adjourned at 9: 15 a.m.