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HomeMy WebLinkAboutBUDGET & FINANCE ACTION SUMMARY 06-16-08 Central Contra Costa Sanitary District 5019 Imhoff Place Martlllez, CA 94553-4392 (925) 228-9500 . wwwcentralsan org BUDGET AND FINANCE COMMITTEE ACTION SUMMARY Chair McGill Member Nejedly Monday, June 16,2008 3:00 p.m. Executive Conference Room 5019 Imhoff Place Martinez, California PRESENT: Michael McGill, Jim Nejedly, Jim Kelly, Randy Musgraves, Debbie Ratcliff 1. CALL MEETING TO ORDER Chair McGill called the meeting to order at 3 p.m. 2. PUBLIC COMMENTS There were no public comments. 3. OLD BUSINESS a. Question regarding Spectrum Consultants Inc. was reviewed. No further action was requested. COMMITTEE ACTION: No action taken. 4. CLAIMS MANAGEMENT One small claim was discussed in which an employee backed into a car. Approximate repair costs are estimated at $800 to $1,200. COMMITTEE ACTION: No action taken. 5. REPORTS/ANNOUNCEMENTS a. Review draft Investment Policies and revised charts with Andrew Brown A "., Recycled Paper Budget and Finance Committee June 16, 2008 Page 2 The Committee discussed investment strategies with the investment advisor for the GASB 45 Trust. The goal of the Committee is to maximize returns on the trust; however, there is a concern with the volatility of the current market. The Committee recommends investing in a moderate portfolio, investing in the market over an eight-week period, and having a separate portfolio rather than a shared portfolio with other agencies. The Committee will ask the full Board if there is Board interest in a workshop on investments for the GASB 45 Trust. COMMITTEE ACTION: Received the report. b. Review Budget Process Staff is reviewing the budget process to look for ways to consolidate meetings and reduce the number of presentations and steps required to adopt the budgets. COMMITTEE ACTION: Received the report. c. Review Position Paper on Board Conference and Meeting Attendance (Item 7.a. on Board Agenda). The Committee reviewed the Position Paper to ensure it was based on existing Board Policies and Resolutions, that it clearly addressed Board Members' conference and meeting attendance procedures, and it fully complied with AB 1234. Member McGill noted that the modifications made by District Counsel Kenton AIm to Attachment A (see redline strikeout version in the Committee Packet) improved its clarity. Member McGill also questioned if Ad Hoc Committee meetings are eligible for stipends under the existing Resolution. Staff has researched this item since the Committee Meeting, and found that stipends for Ad Hoc Committee attendance are not listed in the existing Resolution. Stipends for attending Ad Hoc Committee meetings have been approved by the Board previously on an individual basis. After deliberation, the Committee concluded the procedures set forth in the Position Paper were based on existing Board Policy, fully complied with AB 1234 and provided transparency of the Board's Conference and Meeting attendance to the public. Since the Ad Hoc Committee stipend is not in the existing Resolution, it has not been considered by the Committee, and is not included in the Committee's recommendation. COMMITTEE ACTION: Recommends Board approval. Since the Ad Hoc Committee stipend is not existing Board Policy, it has not been considered by the Committee, and is not included in the Committee's recommendation. Budget and Finance Committee June 16, 2008 Page 3 d. Review Position Paper to adopt all budgets (Item 3.i. on Board Agenda) COMMITTEE ACTION: Recommended Board approval of all District Budgets. 6. REVIEW EXPENDITURES (Item 3.a. on Board Binder) The Committee reviewed expenditures and asked that a full report be brought back on Occhicone Landscape Company. COMMITTEE ACTION: Recommended Board approval of expenditures. 7. ADJOURNMENT - at 3:45 p.m.