Audit 04-26-01
City of Cupertino
Audit Committee
Regular Meeting
Apri126,2001
1.
CALL TO ORDER
At 10:05 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, Dave Knapp, Dorothy Steenfott
City Council: Richard Lowenthal
Guest: Cory Biggs, Maze & Associates
Absent: Sandra James
Carol Atwood introduced Gillian Enos who was appointed to the committee in February.
3.
APPROVAL OF MINUTES
Tom Hall moved to approve the minutes of the regular meeting of January 25, 2001.
Carol Atwood seconded and motion passed unanimously with Sandra James absent.
4.
WRITTEN COMMUNICATIONS
A.
Conflict of interest chart and Attorney General opinion regarding e-mail.
Carol Atwood reviewed the written communications with the committee.
5.
NEW BUSINESS
A.
Set standard meeting dates
Carol Atwood stated that regular meeting dates for the committee needed to be
established. The committee agreed to meet on the fourth Tuesday morning at
8:00 a.m. in January, April, July, and October.
B.
Investment report
Carol reported that finances were in good condition from March 2000 to March
2001, but due to economic changes and the situation with PG&E, a conservative
budget would be presented this year.
Apri126,2001
Audit Committee
Page 2
C.
Audit interim work
Cory Biggs reviewed the interim audit phase with the committee. Richard
Lowenthal requested that comments be added in this year's report regarding cash
flows and reserve levels.
D.
CCS and library debt issuance
Carol reported that city staff would be proposing an official rejection of the
CHF A loan for the CCS project and will be investigating debt issuance options
for CCS and the library project.
6.
ADJOURNMENT
The meeting was adjourned at 11:10 a.ill.