Audit 10-28-96
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City of Cupertino
CUPERTINO AUDIT COMMITTEE
Regular Adjourned Meeting
October 28, 1996
MINUTES
City of
Cupertino
1.
CALL TO ORDER
Carol Atwood called the meeting to order at 8: 10 a.m. in Conference Room A of Cupertino
City Hall, 10300 Torre Avenue.
2.
ROLL CALL
Members Present: Councilmembers Lauralee Sorensen and John Bautista, Administrative
Services Director Carol Atwood, City Manager Don Brown and Community
Representatives Tom Hall and Emily Wagner. Members Absent: None. Support Staff
present: Jesse Takahashi.
3.
APPROVAL OF MINUTES July 29, 1996
Motion by Sorensen; Second by Brown. Approved by all present.
4.
ORAL COMMUNICATIONS
None
5.
NEW BUSINESS
Emily Wagner, our new audit committee member, was introduced. Emily's 19 years of
experience in the public and private sector will be a great addition to the committee,
especially in the area of government securities.
Jesse Takahashi updated the group on the status of the audit. To date, the auditors have
proposed no adjustments to our books and no management letter comments. Fieldwork
went smoothly and a draft of the financial statements will be forwarded to the auditors in
late October.
Jesse Takahashi and Carol Atwood reviewed the workers compensation analysis and
discussion followed. In addition, the representative from KPMG Peat Marwick, Chuck
Petit, was called for further explanation. Next step action items will be:
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. Review of the recent worker compensation claims as to type of claim and group trends;
. Propose a proactive program to counter any negative trends;
Propose a funding level for the worker compensation fund (liability confidence level).
Carol Atwood reviewed the preliminary general fund revenues and expenditures and
highlighted the major changes from the initial budget projections. Sales tax trends were
reviewed and key areas/firms were identified to explain the major increase in this revenue
category.
Items for the next meeting include:
. Review of the 1995/96 financial statements;
. Review of the 1995/96 management letter comments;
Proposals as a result of the workers compensation analysis;
. New 1996 investment legislation.
ADJOURNMENT
At 9:10 am the committee adjourned to January 10, 1997 at 8:00am, Conference room A.
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Carol Atwood, Chair
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