HomeMy WebLinkAboutBUDGET & FINANCE ACTION SUMMARY 03-03-08
5.d..\)
Central Contra Costa Sanitary District
5019 Imllo!! Place, Martinez, 0\ 94553-4392 (925) 228-9500 . wwwcentralsanorg
BUDGET AND FINANCE COMMITTEE
ACTION SUMMARY
Chair McGill
Member Nejedly
Monday, March 3, 2008
3:00 p.m.
Executive Conference Room
5019 Imhoff Place
Martinez, California
PRESENT: Mike McGill, Jim Nejedly, Jim Kelly, Randy Musgraves, Debbie Ratcliff
1. CALL MEETING TO ORDER
Member Nejedly called the meeting to order at 3 p.m. Chair McGill arrived
at 3:05 p.m.
2. PUBLIC COMMENTS
None.
3. OLD BUSINESS
a. Response to question regarding easement payment.
COMMITTEE ACTION: Reviewed response regarding recent
easement payment.
4. CLAIMS MANAGEMENT
COMMITTEE ACTION: There were no new claims to report. The Kaiser
claim was discussed; the Committee expressed an interest in meeting with
Kaiser representatives, when appropriate. The full Board will be briefed on
March 6th.
A
~.. Recycled Paper
Budget and Finance Committee
March 3, 2008
Page 2
5. REPORTS/ANNOUNCEMENTS
a. Review January, 2008 Financial Statements (Item 3.b. in Board Binder)
COMMITTEE ACTION: Recommended Board approval of the
Financial Statements.
b. Update on GASB 45 trust options:
· Pros and cons of establishing a trust
· Comparison chart
COMMITTEE ACTION: The Committee asked staff to gather information on:
- A second large bank that provides Trust services
- Include a total fee amount for each provider on the chart
- Standardize the language regarding proprietary and non-proprietary
funds
- Provide additional information on HighMark Capital Management, a
subsidiary of Union Bank. Union Bank provides the Trustee role for
PARS.
The Committee expressed a need for more oversight and was concerned
about the role of Trustee. Staff was asked to:
- Review the impact of a Board Advisory Committee to oversee a non-
District Trustee
6. REVIEW EXPENDITURES
COMMITTEE ACTION: Recommended Board approval of the expenditures.
7. ADDITIONAL REQUESTS
1. Research the mechanics of the potential redirection of ad valorem
tax by the state. Staff was directed to seek answers for the following
questions:
- What would be the mechanism for a tax shift?
- How soon could the taxes be taken?
- How much tax is likely to be taken and when?
- What steps could be taken to keep the District's taxes?
2. Develop a cash flow graph based on one full prior year's data.
8. ADJOURNMENT - at 4:05 p.m.