Audit 04-14-04
1.
City of Cupertino
Audit Committee
Regular Meeting
April 14,2004
CALL TO ORDER
At 4: 15 p.m., Carol Atwood called the meeting to order in Conference Room C of
Cupertino City Hall, 10300 Torre Avenue.
2.
ROLL CALL
Committee members: Myoung Kang; Garrett Wade; Kris Wang.
City Staff: Carol Atwood; Carol Augustine
Absent: Dolly Sandoval; Gillian Enos
3.
APPROVAL OF MINUTES
Kang moved to approve the minutes of the regular meeting of February 18, 2004. Wade
seconded and motion passed unanimously with Sandoval and Enos absent.
4.
ORAL COMMUNICATIONS
None
6.
NEW BUSINESS
A.
Investment Report
Augustine updated the committee on the status of the budget for fiscal year 2004-
05. She indicated that the revenues continue to be flat and that sales tax will
continue to decline with the passage of Proposition 57. She reported that a fee
study was done on the current fees for Building, Planning, and Public Works. The
study concluded that our fees are too low and increases have been incorporated
into the fee schedule that will be going to council on April 19. Augustine also
reported that retirement cost are going up by six percent.
B.
Senior Center Cash Controls Update
Augustine reported that volunteers are being trained at the end of April and that
keys to a new drawer are being made for the cash boxes.
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April 14,2004
Audit Committee
Page 2
C.
Other Committee Updates/Reports
The committee was updated regarding the retiree medical actuarial study. Under
the new GASB procedures, the city will need to fund this expenditure rather than
handling it on a "pay as you go" method. The study concluded that the total to
fund is $15.7 million and the normal cost is higher than the premiums.
It was also reported that the bank service request for proposal had been sent out
and that seven or eight responses were expected.
6.
ADJOURNMENT
The meeting was adjourned at 4:51 p.m.