Audit 08-24-20171. CALL TO ORDER
City of Cupertino
Audit Committee
Special Meeting
August 24, 2017
At 5:00p .m ., Chainnan Eno Schmidt called the meeting to order at Conference Room A,
Cupe1iino City Hall, 10300 Torre Avenue, Cupertino CA 95014 .
2. ROLLCALL
Committee Members Present: Chainnan Eno Schmidt, Mark Zavislak, Jim Luther,
Councilmember Steven Scharf, and Councilmember Rod Sinks
City Staff Present: Kristina Alfaro, Beth Viajar, and David Brandt
Absent: None
Guests : Kathy Lai, and Matthew Geerdes of Crowe Horwath were on the conference call
3. ORAL COMMUNICATIONS -NONE
4. OLD BUSINESS -NONE
5. New Business
A. Auditor AUPs for Investment and Appropriations Limit
i. Review Current Proposed AUP by Staff (refer to attachment);
ii. Comments by Independent Auditor
iii. Approve AUP engagement letters
C01mnittee Chair Schmidt motioned to approve the 2 AUP engagement letters as
indicated, subject to adding the one suggested change discussed: Recompute or obtain
third -pmiy corroborating evidence of the correct listing of Average Yield, Average length
to Maturity (in years), and duration on the March 2017 Treasurer's Investment Report,
seconded by Councilmember Sinks, and the motion passed unanimously.
iv. Revise Standard Work Plan for Audit Committee in future years
(refer to attachment)
C01mnittee member Zavislak motioned to update the Standard Work Plan in October to
show date of next Auditor RFP, and the dates for the Investment Policy and OPEB
Investment Policy to reflect the latest dates approved Policies, seconded by
Councilmember Sinks, and the motion passed unanimously.
6. ADJOURNMENT
Co1mnittee member Zavislak motioned to adjourn at 6:00pm with the next regularly
scheduled meeting of the Committee on October 23rd at 4:00pm, seconded by
Councilmember Sinks and the motion passed unanimously.
Cupertino Audit Committee Page2
~~ Rec mding =-y