Audit 04-06-05
City of Cupertino
Audit Committee
Regular Meeting
April 6, 2005
1. CALL TO ORDER
At 4:08 p.m., Carol Atwood called the meeting to order at Cupertino City Hall,
Conference Room A, 10300 Torre Avenue, Cupertino.
2. ROLL CALL
Community Members: Myoung Kang, Garrett Wade, Jim Weber
City Council: Dolly Sandoval
City Staff: Carol Atwood
Absent: Kris Wang
3. APPROVAL OF MINUTES
Wade moved to approve the minutes of the regular meeting of January 19, 2005. Kang
seconded ,and the motion passed unanimously with Wang absent.
4. ORAL COMMUNICATIONS
None
6. NEW BUSINESS
A. Consider Revision to Investment Policy
Atwood reviewed the current policy reporting time. She proposed that the
reporting be changed ITom monthly to quarterly until the Finance Director
position is filled. The committee expressed concern that the Director position was
not being filled. Kang volunteered to draft a memo to the city manager regarding
the vacant position. The committee concurred to change the investment policy to
reflect quarterly reporting rather than monthly.
7. OLD BUSINESS
A. Investment Report
Atwood reviewed the February report with the committee.
B. 2005-06 Budget Status
Atwood reported that this year's budget will remain status quo.
6. ADJOURNMENT
The meeting was adjourned at 5:00 p.m.