HomeMy WebLinkAboutBUDGET & FINANCE ACTION SUMMARY 09-15-08
Central Contra Costa Sanitary District
5019 Imhoff Place, Martinez, CA 94553-4392 (925) 228-9500 . www.centralsan.org
BUDGET AND FINANCE COMMITTEE
ACTION SUMMARY
Chair McGill
Member Nejedly
Monday, September 15, 2008
3:00 p.m.
Executive Conference Room
5019 Imhoff Place
Martinez, California
PRESENT: Mike McGill, Jim Nejedly, Jim Kelly, Randy Musgraves, Deborah Ratcliff
1. CALL MEETING TO ORDER
Chair McGill called the meeting to order at 3 p.m.
2. PUBLIC COMMENTS
None.
3. CLAIMS MANAGEMENT
a. Review of Outstanding Claims
One small overflow claim was discussed where the District will pay
approximately $1 ,500 for repairs.
b. Review of Zander Landslide
The homeowner has requested to meet with District staff to explore
stabilizing the slide area. Engineering Department staff will be meeting
with them to hear their concerns and any proposals for a permanent repair
in order to protect the District's sewer line. After the meeting, staff will
update the Board and provide a recommendation in closed session at a
future Board Meeting (likely October).
COMMITTEE ACTION: Received the report.
A
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4. REPORTS/ANNOUNCEMENTS
a. Status of Internal Audit
Staff indicated that the draft internal audit report has been received and
staff is currently working on management responses. The report will be
brought to the Budget and Finance Committee in mid-October.
COMMITTEE ACTION: Received the report.
b. GASB 45 Trust - Outstanding Issues
1. Finalize Recommended Investment Strategy
The volatile investment market was discussed and how that might
affect the investment strategy for the GASB 45 Trust. The
Committee deferred the matter to the October 13, 2008 Budget and
Finance Committee meeting.
2. Plan Administrator
The issue of who should be the Plan Administrator for the GASB 45
Trust was discussed.
COMMITTEE ACTION: The Committee is seeking a legal opinion
from Trucker Huss regarding whether it is prudent to allow flexibility
in the investment policy or if the policy should have strict guidelines
that can not be changed by the Committee. Also, it was
recommended that no less than two signatures be obtained on any
Trust transaction (Controller and Director of Administration), with
any amount exceeding $2,000,000 requiring the General Manager's
signature, and that the (monthly) Trust statement be reviewed and
reported by staff to the Committee monthly.
c. Annexations and Right of Way - Update
COMMITTEE ACTION: Received the update.
d. Financial Impact of the General Employees Salary Survey
COMMITTEE ACTION: The Committee stated that the
implementation of the salary survey should not be considered
retroactive. July 1 was used since it is the first day of a new fiscal
Budget and Finance Committee
September 15, 2008
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year, the Memorandum of Understanding calls for implementation in
the sixth year of the contract (after April 17 , 2008) and reflects the
Board's desire to implement a fair resolution for the survey. The
cost to implement the salary survey will be approximately $810,000
($540,000 salaries and $270,000 benefits). These costs were not
budgeted for in the 2008-2009 Operations and Maintenance (O&M)
budget. Therefore, those related accounts will exceed budget at the
end of the fiscal year, and this may result in a draw down of the
District's O&M reserves.
5. REVIEW JULY, 2008 FINANCIAL STATEMENTS
COMMITTEE ACTION: Recommended Board approval.
6. REVIEW EXPENDITURES
Committee Member Nejedly suggested that the cost of the District's Nextel
radio service be reviewed and compared to the cost of Verizon, or other
appropriate vendors. Staff will be gathering information and providing an
analysis at a future Committee meeting.
COMMITTEE ACTION: Recommended approval of the expenditures.
7. ADJOURNMENT - at 4:10 p.m.