Audit 10-16-03
City of Cupertino
Audit Committee
Regular Meeting
October 16,2003
1.
CALL TO ORDER
At 4:01 p.m., Carol Atwood called the meeting to order in Conference Room A of
Cupertino City Hall, 10300 Torre A venue.
2.
ROLL CALL
Committee members: Michael Chang (4:15); Gillian Enos; Tom Hall; Dolly Sandoval
City Staff: Carol Atwood; Carol Augustine
3.
APPROVAL OF MINUTES
Hall moved to approve the minutes of the regular meeting of July 16, 2003. Enos
seconded and motion passed unanimously with Chang absent.
4.
ORAL COMMUNICATIONS
None
5.
NEW BUSINESS
A.
Investment Report
Carol Augustine reported that interest rates continued to decline, but there were
signs that the rates would start increasing again.
B.
Approval of Audit Services
Carol Atwood reported about two complaints regarding the Cupertino Community
Services housing units. She stated that Maze and Associates had been asked to
audit the records and that the rate would be $3,000 which is lower than other
firms. Sandoval moved to approve the audit services of Maze and Associates to
do a compliance audit on the below market rate policies and procedures. Hall
seconded and motion passed unanimously.
c.
Meeting Dates for 2004
Carol Atwood proposed that the committee meet at the same time next year that
that two new members will be added in January to bring the committee
membership to five.
Lj-A
October 16, 2003
Audit Committee
Page 2
D.
Audit Update
Carol Augustine updated the committee on the audit report which includes GASB
34. She stated that she was working with the auditors to ensure that the financial
statements are tied to the General Fund.
6.
ADJOURNMENT
The meeting was adjourned at 4:38 p.m.