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HomeMy WebLinkAboutBUDGET & FINANCE AGENDA 02-17-09 Central Contra Costa Sanitary District Protecting public health and the environment 5079 Imhoff Place, Martinez, CA 94553-4392 BUDGET AND FINANCE COMMITTEE Chair Lucey Member Nejedly Tuesdav, February 17, 2009 3:00 p.m. Executive Conference Room 5019 Imhoff Place Martinez, California INFORMA nON 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. @ Recycled Paper Budget and Finance Committee February 17, 2009 Page 2 1. CALL MEETING TO ORDER 2. PUBLIC COMMENTS 3. OLD BUSINESS *a. One outstanding question 4. CLAIMS MANAGEMENT *a. Review outstanding claims 5. REPORTS/ANNOUNCEMENTS *a. Purchase of diesel fuel b. GASB 45 Investment c. Review Position Paper on six-month O&M Budget (Item 9.a. in Board Binder) *6. LAIF INVESTMENT OVERVIEW FROM CASA 7. EXPENDITURES (Item 4.a. in Board Binder) a. Review expenditures 8. REVIEW DECEMBER 2008 FINANCIAL STATEMENTS (Item 4.b. in Board Binder) 9. ADJOURNMENT * Attachment '3. ~. Central Contra Costa Sanitary District February 11, 2009 FROM: BUDGET AND FINANCE COMMITTE~/11.t1 JIM KELLY, GENERAL MANAGER r. I BILL BRENNAN, COLLECTION SYSTEM OPERATIONS DIRECTOR TO: VIA: SUBJECT: VACTOR RENTAL JUSTIFICATION CSO Staff rented a Vactor due to CSO Vactors being out of service during the period from mid-November to mid-December. There are five sewer-cleaning trucks that use pressurized water. These are designated vehicles 157,181,196,257,258. Vehicle 181 is a jetter unit and does not have the vacuum equipment. The other four trucks are "combo" units and have the vacuum equipment that allows the operator to remove material from manholes in addition to the sewer jetting capability. It is unusual to have two vactors out of service at one time; however, the following conditions existed: 1. Truck 181 has a steel tank for the water used for cleaning. The other trucks have aluminum tanks for this water. When it became necessary to switch to recycled water for a portion of our sewer cleaning, a corrosion engineer evaluated the corrosiveness of the recycled water and the condition of the steel tank on truck 181. It was determined that it was prudent to have the tank interior coated to protect it. The truck was out of service from December 4,2008 to December 11, 2008. 2. The two new trucks (257 and 258) had warranty work on their diesel particulate filters and an item related to their tachometers that required each of them sequentially to be unavailable from December 3 to December 18, 2008. On a typical day, four Vactors are utilized to hydroclean lines and some days a fifth Vactor is in the field assisting the Permaliner operation. During part of this period only three District trucks were available. In addition, the relatively few working days in the month of December created some problems with completing necessary cleaning. 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Central Contra Costa Sanitary District February 11, 2009 TO: JAMES M. KELLY FROM: DOUGLAS J. CRAIG }Ufe-- ALAN R. GRI~ I ALAN R. WEER 4lvJ VIA: SUBJECT: ADDITIONAL OPERATING FUEL EXPENDITURES The Operating Fuel budget for fiscal year 2008 - 2009 is $40,000. On January 22, 2009, the District received a delivery of approximately 23,500 gallons of red-dye diesel and 1,200 gallons of unleaded gasoline from Redwood Coast Petroleum. The total cost of the delivered fuel was approximately $38,800 ($1.42/gallon + tax for diesel and $1.52/gallon + tax for gasoline). The current low cost of fuel provided a favorable buying opportunity. District staff ordered and received an additional delivery of 22,500 gallons of red-dye diesel on February 10, 2009. The total cost of this delivery was approximately $36,300 ($1.47/gallon + tax). This will result in the Operating Fuel budget (Account No. 001- 0420-730.11-04) being overspent for fiscal year 2008 - 2009 by approximately $35,000. However, the overall operating budget will still be under budget. With this latest purchase, the District's inventory of operating fuel is 109,500 gallons. If an emergency required the operation of both auxiliary boilers (1 OO-percent output) and both standby power generators (100-percent load), the current diesel inventory would allow approximately eight days of operation. AW:pk cc: Board Finance Committee Elaine Boehme N:\POSUP\Process Control\Weer\2009\Diesel Purchase.doc ~. Central Contra Costa Sanitary District February 13, 2009 TO: BUDGET AND FINANCE COMMITTEE VIA: JAMES KELLY ~~ FROM: RANDALL MUSGRAVES SUBJECT: CASA REVIEW OF LAIF INVESTMENTS A presentation was made by the newly appointed Treasurer, Mr. Daniel Dowell regarding the safety of LAIF investments. The Treasurer invests funds through the Pooled Money Investment Account (PMIA). The PMIA is governed by the California Pooled Money Investment Board and is comprised of three primary sources of funds: the State General Fund; special funds held by the State agencies; and the Local Agency Investment Fund (LAIF). The LAIF receives oversight and guidance from the Local Investment Advisory Board. The State Treasurer chairs both boards. In 2007-08 the PMIA average daily balance was $63.3 billion. LAIF comprises $23.4 billion of the $63.3 billion. In summary, the PMIA has had little exposure to the recent financial meltdown to loss of principal on any investment. The impact comes to significantly reduced yield or rate of return on the investments. Interest for 2009 is expected to be below 1.9%. In 2008, the Treasurer began shifting PMIA's investments to more secure investments resulting in a reduction in CDs/Bank Notes and Commercial Paper and Corporate Bonds. This included a significant reduction in funds invested in Yankee Banks. Two areas of significant increase were in Treasuries and Loans to the State General Fund (AB 55 Loans). Of concern to LAIF investors, like the District, is the increase of - approximately $ 14 billion in loans. AB 55 loans are a line of credit to the State's bond program and are issued for 364 days. The Treasurer stated that he is confident that the principal and interest on the AB 55 loans will be paid back when the State sells the bonds related to the loans. Furthermore, the Treasurer has stated that AB 55 loans do not effect the LAI F investments. He was adamant that the State cannot legally borrow LAIF funds. The State can only use its own monies invested in PMIA. H:\LAIF CASA Memo-1.doc Given the current financial crises it's difficLJlt to have trust or confidence in any investment company or tool. However, LAIF continues to appear to be the safest investment mechanism at this time for District funds. Staff will continue to monitor the safety of the District's investments in LAIF. H:\LAIF CASA Memo-1.doc LAIF Program Description Page 1 of 1 'B;~'! :l.ock;-U Ca[~fornia State (rreasurer Local Agency Investment Fund Program Description The Local Agency Investment Fund (LAIF), is a voluntary program created by statute; began in 1977 as an investment alternative for California's local governments and special districts and it continues today under Treasurer Bill Lockyer's administration. The enabling legislation for the LAIF is Section 16429.1 et seq. of the California Government Code. This program offers local agencies the opportunity to participate in a major portfolio, which invests hundreds of millions of dollars, using the investment expertise of the Treasurer's Office investment staff at no additional cost to the taxpayer. This in-house management team is comprised of civil servants who have each worked for the State Treasurer's Office for an average of 20 years. The LAIF is part of the Pooled Money Investment Account (PMIA). The PMIA began in 1955 and oversight is provided by the Pooled Money Investment Board (PMIB) and an in-house Investment Committee. The PMIB members are the State Treasurer, Director of Finance, and State Controller. The Local Investment Advisory Board (L1AB) provides oversight for LAIF. The Board consists of five members as designated by statute. The Chairman is the State Treasurer or his designated representative. Two members qualified by training and experience in the field of investment or finance, and the State Treasurer appoints two members who are treasurers, finance or fiscal officers or business managers employed by any county, city or local district or municipal corporation of this state. The term of each appointment is two years or at the pleasure of the appointing authority. All securities are purchased under the authority of Government Code Section 16430 and 16480.4. The State Treasurer's Office takes delivery of all securities purchased on a delivery versus payment basis using a third party custodian. All investments are purchased at market and a market valuation is conducted monthly. Additionally, the PMIA has Policies, Goals and Objectives for the portfolio to make certain that our goals of Safety, Liquidity and Yield are not jeopardized and that prudent management prevails. These policies are formulated by investment staff and reviewed by both the PMIB and the L1AB on an annual basis. The State Treasurer's Office is audited by the Bureau of State Audits on an annual basis and the resulting opinion is posted to the STO website following its publication. The Bureau of State Audits also has a continuing audit process throughout the year. All investments and LAIF claims are audited on a daily basis by the State Controller's Office as well as an in-house audit process involving three separate divisions. Under Federal Law, the State of California cannot declare bankruptcy, thereby allowing the Government Code Section 16429.3 to stand. This Section states that "moneys placed with the Treasurer for deposit in the LAIF by cities, counties, special districts, nonprofit corporations, or qualified quasi-governmental agencies shall not be subject to either of the following: (a) transfer or loan pursuant to Sections 16310,16312, or 16313, or (b) impoundment or seizure by any state official or state agency." During the 2002 legislative session, California Government Code Section 16429.4 was added to the LAIF's enabling legislation. 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