HomeMy WebLinkAboutBUDGET & FINANCE AGENDA 08-04-08~l Cenfral Contra Costa Sanitary District
5019 Imhoff Place, Martinez, CA 94553-4392 (925) 228-9500 www.centralsan.org
BUDGET AND FINANCE COMMITTEE
Chair McGill
Member Nejedly
Monday, August 4, 2008
3:00 p.m.
Executive Conference Room
5019 Imhoff Place
Martinez, California
INFORMATION FOR THE PUBLIC
ADDRESSING THE COMMITTEE ON AN ITEM ON THE AGENDA
Anyone wishing to address the Committee on an item listed on the agenda will be heard when the
Committee Chair calls for comments from the audience. The Chair may specify the number of minutes
each person will be permitted to speak based on the number of persons wishing to speak and the time
available. After the public has commented, the item is closed to further public comment and brought to the
Committee for discussion. There is no further comment permitted from the audience unless invited by the
Committee.
ADDRESSING THE COMMITTEE ON AN ITEM NOT ON THE AGENDA
In accordance with state law, the Committee is prohibited from discussing items not calendared on the
agenda. You may address the Committee on any items not listed on the agenda, and which are within their
jurisdiction, under PUBLIC COMMENTS. Matters brought up which are not on the agenda may be
referred to staff for action or calendared on a future agenda.
AGENDA REPORTS
Supporting materials on Committee agenda items are available for public review at the Reception, 5019
Imhoff Place, Martinez. Reports or information relating to agenda items distributed within 72 hours of the
meeting to a majority of the Committee are also available for public inspection at the Reception. During
the meeting, information and supporting materials are available in the Conference Room.
AMERICANS WITH DISABILITIES ACT
In accordance with the Americans With Disabilities Act and California Law, it is the policy of the Central
Contra Costa Sanitary District to offer its public meetings in a manner that is readily accessible to
everyone, including those smith disabilities. If you are disabled and require special accommodations to
participate, please contact the Secretary of the District at least d8 hours in advance of the meeting at (925)
229-7303.
i~ Recycled Paper
• •
Budget and Finance Committee
August 4, 2008
Page 2,
1. CALL MEETING TO ORDER
2. PUBLIC COMMENTS
*3. CLAIMS MANAGEMENT
4. REPORTS/ANNOUNCEMENTS
*a. Antitrust Violations in the Municipal Bond Market
b. Position Paper regarding Employee Computer Hardware Purchase
Assistance Program (Item 4.f. in Board Binder) .
c. Position Paper Authorizing a Public Notice for the District's Appropriations
Limit (Item 4.g. in Board Binder)
*d. County Teeter Plan
5. REVIEW OF JUNE 3.0, 2008 FINANCIAL STATEMENTS (Item 4.b. in Board
Binder)
6. REVIEW EXPENDITURES (Item 4.a. in Board Binder)
7. ADJOURNMENT
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Central Contra Costa Sanitary District
August 1, 2008
TO: Budget and Finance Committee
p,~M
VIA: Randall M. Musgraves, Director of Administration /~
FROM: Shari Deutsch, Safety & Risk Management Administrator
SUBJECT: Claims Recovery Status
Claim Against: Caltrans/Victims Compensation and Government Claims Board
Date Filed: May 4, 2007
Amount: $122,713.76
The District received a letter from Caltrans District 4 Director Bijan Sartipi indicating
Caltrans' intent to recommend the claims board (VCGCB) accept our claim. The next
claims board meeting is August 21, 2008. Staff is awaiting confirmation from the claims
board that our claim will be included on the August meeting agenda with a
recommendation to approve. Once the claims board votes to approve our claim it will
determine whether payment will come from Caltrans ("agency pay") or from a claims
fund appropriated by the state legislature every year ("legislative pay"). Once that
determination has been made District staff can either begin efforts to collect payment
from Caltrans or from the claims fund.
Claim Against: State Farm (Homeowners Insurance for 79 Loma Vista overflow)
Date Filed: May 22, 2008
Amount: $22,401.88
This claim arose from an overflow at the above address on March 31, 2008. The
District incurred costs to clean and repair the premises and to temporarily relocate the
family including a teenage son with cancer. Upon further investigation we discovered
the overflow did not result from any failure of District lines. Staff contacted the property
owners to initiate a claim against their homeowners insurance.
This claim was filed May 22, 2008 and the State Farm claims adjuster has initiated an
investigation. Staff has been in contact with the adjuster and continues to provide
information as requested.
H:\Finance\BF Claims Recovery Status Report 080408.doc
.a.
Central Contra Costa Sanitary District
August 1, 2008
TO: Jim Kelly
Randy Musgraves
FROM: Debbie Ratcliff /,i~-
SUBJECT: Antitrust Violations in the Municipal Bond Market
Several private lawsuits have been filed charging antitrust violations by brokers, banks,
insurance companies and other investment companies. These lawsuits allege that, from
1992, the defendants have engaged in bid rigging and other collusive practices in the
market for municipal bonds investment vehicles, including Guaranteed Investment
Contracts and SWAPs, reducing the returns to the bond issuers. I was asked to pursue
if the District's bond proceeds were invested in these types of investment vehicles, and
therefore should be a part of the possible class action suit.
I requested and received copies of the investment statements on our bond issues from
U.S. Bank, Trustee, and reviewed the investment vehicles used for both the
Construction Account and Reserve Account. In all months, the District's proceeds were
invested in U.S. Treasuries. This falls within the District's Investment Policy. GICs and
SWAPs are not an approved investment. I also spoke with Tom Lockard, the District's
Financial Advisor on both bond issuances, who indicated that his firm was not involved
in this type of activity and were actually whistle blowers to a certain extent.
Please let me know if you have any further questions.
~ ~
Central Contra Costa Sanitary District
August 1, 2008
TO: Budget and Finance Committee
VIA: Jim Kelly
FROM: Debbie Ratcliff ,0/~
Randy Musgraves ~M
SUBJECT: Tax Roll Delinquencies and Effect on the Teeter Plan
At the Finance Committee meeting on July 14, 2008, staff was asked to contact the
County regarding delinquencies on the County tax rolls and whether this would
jeopardize the continuation of the Teeter Plan providing full payment of sewer service
charges to the District.
Sue Turner at the County indicated that indeed delinquencies are higher than the prior
year; however, there are sufficient funds to pay the District its sewer service charges.
The County participates in short term borrowing (TRANS) to ensure that monies are
available to pay the District its share of revenues and to meet the commitments of the
Teeter Plan.
H:\Teeter Plan.doc