Audit 04-30-97
City of Cupertino
Audit Committee
Regular Meeting
April 30, 1997
1.
CALL TO ORDER
At 8:21 a.m. Carol Atwood called the meeting to order in Conference Room A of
Cupertino City Hall, 10300 Torre Avenue, Cupertino.
2.
ROLL CALL
Present at the meeting were Carol Atwood, Don Brown, Tom Hall, Lauralee Sorensen,
and Emily Wagner. John Bautista and Jesse Takahashi were absent.
3.
APPROVAL OF MINUTES
Don Brown moved to approve the minutes of January 10, 1997. Tom Hall seconded and
motion carried unianimously with Bautista and Takahashi absent.
4.
NEW BUSINESS
A.
Budget Award
Carol announced that the City has received an award for their 1996-97 budget.
She then proceeded to summarize the 1997-98 budget including proposed new
programs.
B.
Finance/HR Computer Conversion
The Finance/HR conversion has been put on hold pending the completion of the
network conversion and recruitment of a new MIS Manager. Stabilization of all
of our sites, user training, and system documentation will be priorities over the
next few months.
C.
GASB Reporting Guidelines
D.
GASB has adopted new guidelines for reporting market fluctuations of gain/losses
on the investment portfolio. Although most municipalities disagreed with this
statement, these guidelines will be effective for fiscal year 1997-98 and will
include recording unrealized gains/losses and increased footnote disclosure.
Audit Committee Meeting Dates
Future meeting dates will be held on the fourth Thursday of the month following
the end of a quarter (e.g., July 24, October 23).
5.
ADJOURNMENT
The meeting was adjourned at 8:58 a.m.
~~
Carol Atwood
Director of Administrative Services