Audit 12-11-95
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Cupertino
City of Cupertino
CUPERTINO AUDIT COMMITTEE
Regular Adjourned Meeting
December 11, 1995
MINUTES
1.
CALL TO ORDER
Carol Atwood called the meeting to order at 7:42 a.m. in Conference Room A of Cupertino
City Hall, 10300 Torre Avenue.
2.
PLEDGE OF ALLEGIANCE
3.
ROLL CALL
Members Present: Council member Lauralee Soreosen, Adnùnistrative Services Director
Carol Atwood, City Manager Don Brown and Community Representative Tom Hall,
Members Absent: Council member John Bautista
4.
APPROVAL OF MINUTES October 16,1995
Motion by Brown; Second by Sorensen; Approved by all present.
5.
ORAL COMMUNICATIONS
None
6.
NEW BUSINESS
a.
Carol Atwood reviewed the status of the 1994-95 audit. The report is currently at Grant
Thornton for final partner review and we expect to receive the audit opinion no later than
December 21,1995. This year's report is later than normal due to turnover in staff and new
auditors. The committee should expect the audit report by nùd-November each year.
In conjunction with the year end close, staff reviewed the June 30, 1994 and 1995 balances to
assist the new auditors in their first year. Several prior period adjustments were identified
during this review which will be disclosed in the 1994-95 financial statements. The
committee discussed these adjustments in detail. Tom Hall asked that staff provide prior year
trend information denoting capital project appropriations versus General Fund reserves,
b.
The committee reviewed the investment balances as reported in the October, 1995 treasurer's
report and supporting broker statements. Current interest rates were discussed and Atwood
explained that the committee will see additional funds deposited into LAIF in the upconùng
months due to the safety, liquidity and current interest rates LAIF is offering.
December 11, 1995
Cupertino Audit Committee
Page 2
c.
Carol Atwood asked the committee to approve the utilization of two new brokers, Bill
Blackwill and Tony Garcia. Both brokers are involved with the California Municipal
Treasurer's Association (CMTA) and facilitate CMTA's annual seminar on appropriate
investments for governmental agencies, In addition, they have excellent references from
municipal treasurers. (Motion by Hall; Second by Sorensen; Approved by all present.)
d.
The City will be finalizing its change to Cupertino National Bank for baoking services in
approximately two weeks. On-line baoking software has been installed and Finance is
awaiting delivery of check stock.
e.
Items for the next meeting:
Presentation of the 1994-95 audit report, including the management letter and single audit, by
Grant Thornton, LLP. Tentative dates are 1/8, 1/9 and 1/10/96 at IO:OOam. Carol will
distribute the audit report to the committee as soon as it is available.
ADJOURNMENT
At 8:31am the committee concurred to adjourn to January 8,1996 at 10:00am, Conference room A.
&~~~
Carol Atwood
Chair
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