HomeMy WebLinkAboutBUDGET & FINANCE AGENDA 01-12-09
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5019 Imhoff Place, Martlllez, CA 94553-4392 (925) 228-9500 . wwwcentlalsan.OIg
Central Contra Costa Sanitary District
BUDGET AND FINANCE COMMITTEE
Chair Lucey
Member Nejedly
Monday, January 12, 2009
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 with disabilities. If you are disabled and require special accommodations to
participate, please contact the Secretary of the District at least 48 hours in advance of the meeting at (925)
229-7303.
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Budget and Finance Committee
January 12, 2009
Page 2
1. CALL MEETING TO ORDER
2. PUBLIC COMMENTS
3. OLD BUSINESS
4. CLAIMS MANAGEMENT
*a. Review Outstanding Claims
5. REPORTS/ANNOUNCEMENTS
*a. Review Administrative Overhead Percentage (Memo and Item 9.a. in
Board Binder)
b. GASB 45 Trust
c. AIG Update (Standing Item)
*d. Articles on CalPERS and City of San Jose
e. Announcement - Board will receive the Financial Planning and Policy
Workshop binder at the January 15, 2009, Board Meeting
f. Review agenda for annual meeting of the CCCSD Facilities Financing
Authority (Item 9.b. in Board Binder)
6. REVIEW EXPENDITURES (Item 4.a. in Board Binder)
*a. Detail of selected P-Card expenditures
7. REVIEW NOVEMBER 2008 FINANCIAL STATEMENTS (Item 4.b. in Board
Binder)
8. ADJOURNMENT
*
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5. Q.
Central Contra Costa Sanitary District
January 9, 2009
TO: BUDGET AND FINANCE COMMITTEE
VIA: RANDALL MUSGRAVES, DIRECTOR OF ADMINISTRATION
FROM: DEBBIE RATCLIFF, CONTROLLER ~,,<-
SUBJECT: ADMINISTRATIVE OVERHEAD CALCULATION
In the past, the annual updated administrative overhead rate has been presented with the
ten year plan, and approved with the Operations and Maintenance Budget each June. In an
effort to set the overhead rate early enough to be used for the calculation of rates and
charges and development of the Clean Water Program costs, staff recommends bringing
the annual updated administrative overhead rate to the Board every December.
Overhead is allocated to specific activities using employee salaries. The premise is based
on labor, time, generating a strong association with the true and full cost to support an
activity. If an employee spends 50% of their time for a specific activity, then 50% of the
support costs (indirect costs or overhead) should also be charged to the activity.
The administrative overhead percentage is based on full cost recovery, per the Board's
direction, and is updated annually. The concept is to develop a reasonable method to
allocate a portion of expenses that are paid at a District level, not associated with a specific
activity.
A common method, the one the District uses, identifies costs at the account level that
directly support a specific activity, like the treatment plant and treatment of sewage, the
Household Hazardous Waste facility, sewer collection and recycled water. Direct costs are
allocated to those specific activities. The remaining costs that are not associated with a
specific activity are the indirect costs, or overhead. An example is the Administrative
Department support to overall District operations.
The District's indirect costs include expenses such as non-work hours, employee benefits,
Administrative Department expenses, General Manager, Department Director salaries,
secretarial salaries, self-insurance fund expense, depreciation expense (for plant and
equipment) and the GASB 45 annual contribution which includes retiree medical premiums.
Non-work hours consist of the value of vacation, sick leave, administrative leave, birthday
holiday, and earned overtime (expressed as a percent of salaries).
H:\Administrative Director's Directory\Memos\Admin OH DRAFT Memo to B & F Comm 1 12 09.doc
Employee benefits consist of the costs for active employees such as CCCERA retirement
contributions, medical, dental, life, and disability insurance premiums, deferred
compensation contribution and/or Medicare in lieu of social security, and worker's
compensation insurance, expressed as a percent of salaries.
The GASB 45 annual contribution was included in the administrative overhead beginning in
2008-2009. The additional amount equated to approximately 11 % of salary.
The administrative overhead is applied to customer billings for services provided by the
District to other agencies, businesses or individuals, to developer rates and charges, to
labor costs associated with capital projects, to the Household Hazardous Waste partner
cost allocation, and to the County Clean Water Program billings. The City of Concord's
overhead calculation is negotiated by contract.
The administrative overhead percentage is calculated using the most recent audited
financials, therefore the 2007-2008 audited financials were used to calculate the rate for
fiscal year 2009-2010. For the 2009-2010 Fiscal Year, the following rate would apply; 2008-
09 is provided for comparison:
2009-2010
2008-2009
Administrative overhead
Non-Work Hours
Employee Benefits
Total
98%
19%
61%
178%
100%
19%
71%
190%
The reason the percentage decreased is due to staff's discovery that a correction was
needed for the 2008-2009 administrative overhead percentage to account for the inclusion
of some non-payroll driven benefits in both the benefit and Administrative Overhead
percent. This incorrect benefit percentage resulted in over-billing County Clean Water
Program by a total of $8,900. Staff plans to include a credit on the next invoice. The
correct benefit amounts, charged-out through payroll, were applied to all other customer
billings.
Staff will be prepared to review the philosophy and calculation for the District's
administrative overhead rate at the Budget and Finance Committee meeting.
H:\Administrative Director's Directory\Memos\Admin OH DRAFT Memo to B & F Comm 1 12 09.doc
CalPE~S took huge gamble at the worst time - Sacramento Business, Housing Market News I Sacrament... Page 1 of 4
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Popular Comment
These CALPERS bureaucrats are paid huge salaries with the justification that the
investment returns they achieve are commensurate with their high pay. Using the
, same self-serving logic, their pay should also be dramatically reduced when their
returns decline. Fair is fair.
-- steve96158
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CalPERS took huge gamble at the
worst time
By Dale Kasler
dkasler@sacbee.com
Published: Sunday, Jan. 04,20091 Page 15A
Giant home builder Lennar Corp. started 2007 with a thud, writing off up to $500
million in real estate assets because of deteriorating market conditions.
But the news wasn't all bad. On Jan. 2, 2007, the same day it revealed the write-
offs, the Miami home builder and a partner announced they'd sold a nearly $1
billion stake in a real estate deal called LandSource Communities Development
LLC.
The buyer: the California Public Employees' Retirement System.
The investment was one of CaIPERS' biggest bets on real estate, and one of its
worst. Centered around a huge unbuilt development near the Magic Mountain
theme park north of Los Angeles, LandSource ended in a bankruptcy court filing
http://www.sacbee.com/business/story/15l5220.html
(~09~)
CalPERS took huge gamble at the worst time - Sacramento Business, Housing Market News I Sacrament... Page 2 of 4
and could well cost CalPERS its entire investment. It stands as a stark ,symbol of
the troubles haunting the big pension fund's real estate portfolio.
"They just bought it at the absolutely wrong time," said Mollie Carmichael, senior
vice president with John Burns Real Estate Consulting in Irvine. "The market was
clearly shifting at that point."
But Carmichael said plenty of other investors didn't understand back then just
how bad things would get. CalPERS says it factored the weakening market into
its calculations on LandSource but got victimized by dynamic market forces that
blindsided everyone.
"They knew that the market was coming down," said CalPERS spokeswoman
Pat Macht. "They didn't expect the bottom to fall out."
The LandSource debacle is one of many headaches confronting CalPERS and
its newly promoted chief executive, Anne Stausboll.
Since July 1 its total investment portfolio has fallen to $185.5 billion, a loss of
$53.5 billion, mostly the result of turmoil in the stock market and other non-realty
investments. The decline is so steep that CalPERS says it might have to demand
higher contributions from the state, municipalities and other government
agencies that rely on CalPERS for their pensions. The increased payments
would start in 2010.
Warning flags pop up
Real estate holdings, including office buildings and overseas properties, are only
11 percent of CaIPERS' assets and actually have held their value better than
most other investments. CaIPERS' entire portfolio has dropped 27 percent in the
past year; real estate has fallen 15 percent.
CalPERS earned good money in real estate during the boom, racking up a 20
percent return in the fiscal year ended June 30, 2007. But warning flags had
been popping up. In 2007, after spending $25 million on a pair of proposed
condominium towers in downtown Sacramento, CalPERS took over the
struggling project from its developer. It remains stalled.
It wasn't until 2008, though, that big cracks revealed themselves in CaIPERS'
real estate holdings.
It began when the LandSource partnership, hit with a big drop in home sales and
http://www.sacbee.com/business/story/1515220.html
1/5/2009
. CalPERS took huge gamble at the worst time - Sacramento Business, Housing Market News I Sacrament... Page 3 of 4
land values, defaulted on $1.2 billion in debt in April, a little more than a year
after CalPERS bought in. LandSource filed for Chapter 11 bankruptcy protection
in June, jeopardizing CalPERS' big investment.
CalPERS first got into real estate in the 1990s, and its appetite grew during the
recent boom. It committed $7 billion to housing from 2004 to 2006, according to
Le Plastrier Development Consulting, a firm hired by CalPERS last year to
evaluate its holdings.
CalPERS' total housing portfolio consists of 288,000 lots and unsold homes in 20
states. About 80 percent are located where the crash has hit hardest: California,
Arizona and Florida.
In November, CalPERS disclosed the housing segment of its real estate portfolio
once valued at roughly $9 billion had declined $3.2 billion, about a one-third drop.
Most of the loss occurred within the past two years and was revealed by a first-
ever appraisal of CalPERS' housing investments.
Because CalPERS borrowed heavily against its properties, the impact of the
downturn has been magnified. CalPERS' equity in the homes and lots - including
LandSource - has sunk to $581 million.
Macht said almost one-third of the $3.2 billion loss represents the estimated
decline of its investment in LandSource. However, CalPERS hasn't formally
written off the investment because "it is too early to know the outcome of the
bankruptcy," she said.
Call The Bee's Dale Kasler at (916) 321-1066. Read his blog on the economy,
Home Front, at www.sacbee.com/blogs.
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1/5/2009
KLIV - SAN JOSE DISCOVERS BONUS ERROR
SAN JOSE DISCOVERS BONUS ERROR
San Jose - A number of San Jose's retired city workers have
been receiving extra money over the last several years.
According to records from the city's pension fund, bonus
checks were possibly sent out to certain retirees by mistake.
A review of the fund indicates a miscalculation of millions of
dollars resulted in the overpayment of bonuses to retirees. Up
to 2,900 people may have been affected by the error, getting
from $350 to $550 per year, per person.
The money is supposed to be an extra benefit when pension
earnings exceed investment growth targets annually. Pension
officials are looking into alternatives to collecting that
money, other than asking it back from retirees.
Checks that were supposed to be distributed in November
have been delayed in the meantime, except for retired police
officers and firefighters, whose pension is in a separate fund.
The City Council will be taking up the issue of a number of
issues revolving around the pension fund.
Emsil This Palle
(,lstl;lJlI.IYl;lj Powered By InterTech Media, LLC
http://kliv .com/SAN -JOSE- DISCOVERS- BONUS- ERROR/3630288
Page 1 of 1
5. A.
Sloppy, choppy game
leaves Florida as BCS
champion
AP Top 25: Gators are
No.1, Utes surge to No.2
.
1/9/2009
San Jose's pension fund loss worse than similar funds - San Jose Mercury News
llJeMmuf!J News
MercuryNews.com
Page 1 of2
San Jose's pension fund
loss worse than similar
funds
By John Woolfolk
Mercury News
Posted: 12/29/2008 12:00:00 AM PST
Economic crisis
. Full coverage of the economic
crisis, plus databases showing
bank and credit union rankings
The nearly $1 billion in losses San Jose's employee
pension funds have suttered in the recent market
crash were worse than those of similar funds, the
city's retirement director says in a report that urges
a more experienced board of trustees.
And while the retirement director says it won't be
known for months how much the cash-strapped city
might have to pay to make up for those losses, one
pension board trustee fears the bill could be in the
millions of dollars. "We've got a problem and we
need to face it," said Councilman Pete Constant, a
retired city policeman and trustee of the pension
fund for civilian workers.
City Manager Debra Figone reported last month that
the city's pension funds, one for police officers and
firefighters and another for civilian workers,
together lost $950 million in value since July 1 amid
a nationwide market meltdown.
As a follow-up, Mayor Chuck Reed asked Retirement
Director Russell Crosby to assess the extent to
which those losses will require higher payments
from the city. Reed also asked whether
Advertisement
administrative changes are needed to improve
performance.
Crosby's report cites comparisons to the median
performance of other public funds by two
independent investment consulting firms. "They
both have performed worse," he said of San Jose's
funds.
Making it up
Crosby said it's not immediately clear how much
more the city, which projects a deficit as high as
$65 million next year, will have to pay into the
funds to make up for market losses. The rates that
the city and its employees pay in to cover benefits
are set every two years based on assumptions of
investment returns and retiree life expectancy;
actuaries won't review them again until June.
What is clear, though, is that San Jose's funds are
behind the curve compared to its peers. Third-
quarter losses were 9.6 percent in the city's police
and fire fund and 9.1 percent in the "federated" fund
for civilian retirees, Crosby's report said. The
median loss among public funds tracked by the
Independent Consultants Cooperative and Wilshire's
Trust Universe Comparison Service was 8 percent.
On the bright side, over the last five years, San
Jose's funds posted above-average gains of 7.3
percent for the police and fire plan and 6.8 percent
for the federated plan, compared to a public fund
median of 6.5 percent. But Crosby said the funds
would have posted even higher gains and lower
losses had the fund managers simply tried to meet
market benchmarks; instead, those managers tried
and failed to exceed benchmarks.
Crosby also said actuaries had assumed an overly
rosy rate of return on investments, which means the
city and employees haven't been paying enough to
Hl
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1/9/2009
San Jose's pension fund loss worse than similar funds - San Jose Mercury News
Page 2 of2
Qtl)eArtuf1\ News
MercuryNews.com
cover benefit costs.
Constant said he would gladly relinquish his own
seat to improve fund performance.
As of a year or two ago, the funds had enough
money to cover 92 percent of the cost for pension
benefits and 8 percent for retiree health care, which
cities have only recently been required to account
for. But recent losses have probably eroded those
figures.
"Let's find the brightest minds we can find in the
valley," Constant said, "and appoint them as our
surrogates on the board."
Contact John Woolfolk at jwoolfolk@mercurynews.com
or (408) 975-9346.
The council will consider the report at its Jan. 13
meeting.
Constant said Crosby, a former private pension
system executive hired by San Jose in August 2007,
deserves credit for moving quickly to make overdue
changes such as diversifying investments, which
recently earned the plan an award nomination.
Crosby said the oversight structure of the city's two
pension funds is unusual and has probably
contributed to poor performance. San Jose's pension
funds are overseen by seven-member boards that
include city council members, employees, retirees
and city administrators.
Different approach
Most other pension systems, he said, allow
represented interest groups like the council or
employees to appoint a financial expert as their
trustee. More experienced trustees would have
noticed underperforming fund management sooner,
he said, and diversified investments sooner to
reduce losses during market downturns.
Pension funds that weathered the crash better than
San Jose, such as San Francisco's and San
Bernardino County's, parked some of their cash in
alternative investments such as commodities or
private-equity firms rather than relying mostly on a
traditional stocks-and-bonds mix, Crosby noted.
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1/9/2009
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MercuryNews.com
t'
--
Multimillion-dollar error found in San Jose pension
system
By John Wootfolk
Mercury News
Posted: 01/08/20090'7:10:00 PI.' I'ST
Though San Jose's employee pension system cannot fully cover the costs of future benefits, many retired city workers
are still expecting bonus checks for high eamings reaped before the recant market crash.
for the
. these
~
p!Jmm3
cltg1!ilm
That extra bonus is under scrutiny now, and not just because the city's pension funds have lost more than $1 billion-
a quarter of their value - in the meltdown. City officials have discovered a multimillion-dollar miscalculation that
apparently caused thousands of retirees to be overpaid bonuses for several years.
"Multiple millions may have been distributed in error," said City Councilman Pete Constant, a pension fund trustee
since 2007.
The council Tuesday will discuss the pension systems' overall health, which is of concem because the city's deficit-
plagued general operating fund could be tapped to cover pension shortfalls.
City officials have yet to determine how much was overpaid in bonus checks, over how many years and whether the
nearly 2,900 beneficiaries in the Federated City Employees' Retirement System will end up owing money to the city.
"No one wants to try to collect from retirees," said Retirement Director Russell Crosby. "Several options are being
studied."
In the meantime, November bonus checks for those retirees have been delayed, raising concems among many former
city workers who rely on the extra money.
Bob Leininger, president of the San Jose Retired Employees Association,
said that "a lot of people are getting real nervous"
and that he's "just telling everyone to relax" until all
the facts are known.
Retired police officers and firefighters, who have a
separate city pension system, are not affected and
received their bonus checks in late November for
eamings in the budget year that ended June 30,
2007.
And affected retirees' regular pensions - monthly
payments up to 75 percent of their former salaries -
also are unaffected by the overpayment issue. The
problem-concems an extra benefit paid out as a
"13th check" when eamings on the pension fund
exceed their growth target, which was 8.25 percent
for the Federated plan. The city puts 10 percent of
net excess eamings into a separate reserve fund,
from which a portion is paid to retirees as a bonus.
_.'~- ._y..,--~~...~..,~---..................._~,...,.~,~"",,..........'~----~'_--"'---~''''''~_'''_.--.,.,.....,....-
Payments in recent years have ranged from $1
million to $1.5 million, Crosby said. That's about
$350 to $550 per retiree, depending on years
worked and years in retirement.
The benefit is uncommon, say officials with San Francisco's pension system and with the Califomia Public Employees'
Retirement System, And Crosby, who managed private-sector pensions before taking over as San Jose's retirement
director in August 2007 , said it would be unheard of in the corporate world to pay eamings bonuses on underfunded
systems,
Crosby discovered the error through intemal audits he Initiated after coming to San Jose. 'M'len several Federated
plan reserve accounts were consolidated in 2005, one was shortchanged on eamings credits.
That resulted in overpayments to the reserve account of 3 percent in 2006 and 7 percent in 2007, Crosby said, Had
the error not been caught, it would have caused an overpayment this year of 29 percent, or $2.3 million.
'M'len pension trustees reviewed the situation in November, they asked the city administration to check back at least a
decade for additional errors. They found another large overpayment in 1999. In addition, they discovered that another
account for retiree medical benefits also had been shorted on eamings credit for "some period of time," Crosby said,
further increasing the amount of overpayments,
Generally, waiving erroneous overpayments by the city would constitute an illegal gift of public funds. In recent years,
San Jose employees who were overpaid during their military tours of duty had to repay the money after they retumed,
But the retiree overpayments are more complicated, and legal issues are still being researched, said Senior Deputy
City Attomey Mollie Dent.
Constant, a retired San Jose police officer who has urged greater oversight of the city's pension systems, questioned
whether excess eamings bonuses make sense when the funds cannot cover their projected costs. At the most recent
accounting two to three years ago, the funds' combined assets were enough to cover 92 percent of projected pension
)llar error found in San Jose pension system - San Jose Mercury News
Page 2 of
costs and just 8 percent of retiree health benefits.
'We need to look at how we define excess eamings," he said, "and see how we apply that at times when we are not
fully funded."
Contact John Woolfolk atjwoolfolk@mercurynews.com or (401) 175-9341.
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January 9,2009
TO: BUDGET AND FINANCE COMMITTEE
VIA: RANDALL MUSGRAVES ~
FROM: DEBBIE RATCLIFF .e:1~_
SUBJECT: PROCUREMENT CARDS
At a previous Budget and Finance Committee meeting, the Committee asked staff to
periodically provide the detailed list of purchases on large dollar amounts that carry the
general description of "Procurement Purchases" to provide the Committee with the
ability to review in more detail. Attached are detailed copies of all purchases totaling
$2,000 or more that carry the general description.
H:\Procurement Card Memo.doc
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