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HomeMy WebLinkAboutBUDGET & FINANCE ACTION SUMMARY 12-01-08 Central Contra Costa Sanitary District 5019 Imhoff Place, Martinez, CA 94553-4392 (925) 228-9500 . wwwcentralsan DIg BUDGET AND FINANCE COMMITTEE ACTION SUMMARY Chair McGill Member Nejedly Monday, December 1, 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 Chair McGill called the meeting to order at 3:05 p.m. 2. PUBLIC COMMENTS None. 3. OLD BUSINESS a. Tracking of Legal Fees COMMITTEE ACTION: The Committee requested a monthly report of litigation and potential litigation expenses in an effort to minimize surprises for the Board. 4. CLAIMS MANAGEMENT a. Review Outstanding Claims Three outstanding claims were discussed. Two were very minor, and one has an estimated claim amount of $1,800. Staff is reviewing the multiple issues surrounding the claim before settlement can occur. The claim will be processed quickly, while maintaining the District's best interests. COMMITTEE ACTION: Received claims update. - co, Recycled Paper Budget and Finance Committee December 1, 2008 Page 2 5. REPORTS/ANNOUNCEMENTS a. Update on AIG There were two new articles pertaining to AIG that were given to the Committee. Staff continues to recommend staying with AIG for insurance coverage. COMMITTEE ACTION: Receive AIG update. b. GASB 45 Trust The Committee discussed the volatility of the stock market over the past week and is reluctant to invest in the market over the holiday season. COMMITTEE ACTION: The Committee instructed staff to keep the GASa 45 funds invested in LAIF at this time and to bring the matter back at the first meeting in January. C. Ten Year Plan Assumptions Colette Curtis-Brown, Finance Administrator, reviewed the Ten Year Plan assumptions in detail with the Committee. Three scenarios were presented which included the January 2009 Recommended Scenario based on moderate capital spending, a Quick Economic Recovery Scenario, and a Slower Economic Recovery with deflation. No changes were made to the assumptions. COMMITTEE ACTION: Receive Ten Year Plan Assumptions. 6. REVIEW EXPENDITURES There were two outstanding questions that staff will research and bring back to the next meeting. One question was regarding the purchase of "green" products and the other question was about the purchase of manholes and rings with respect to the commodity price of iron/steel. Also, the Committee asked to have a detailed review of several of the large procurement card purchases when the next invoice is processed. COMMITTEE ACTION: Recommended Board approval of expenditures. Budget and Finance Committee December 1, 2008 Page 3 7. REVIEW OCTOBER FINANCIAL STATEMENTS Staff reviewed the October financial statements with the Committee. COMMITTEE ACTION: Recommended Board approval of financial statements. 8. ADJOURNMENT - at 4:00 p.m.