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BUDGET & FINANCE AGENDA 08-02-10
Central Sanitary District REGULAR MEETING OF THE ' BOdRUOFDIREC% ORS: CENTRAL CONTRA COSTA u,cll.af;,.rr uccn.f. SANITARY DISTRICT ''""''`'"' ' N.If2NdlLA D. /10CA 6'% f' BUDGET AND FINANCE COMMITTEE ''~°~~°'"°'f''°'~'°~ GliftdLU l1. L(l(U]' Chair Nejedly ~.atif~'sa.,+~~-1,;,,f.7 Member Hockett PHONE: (915)118-9500 F.dX: (915) 676-7111 Monday, August 2, 2010 www.centralsnn org 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 [he 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 [he public has commented, [he item is closed [o further public comment and brought [o [tie 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, [he Committee is prohibited from discussing items not calendared on [he 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 [o 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 [he 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 [o everyone, including those with disabilities. If you are disabled and require special accommodations to participate, please contact the Secretary of [he District a[ leas[ d8 hours in advance of the meeting a[ (925) 229-7303. ® Recycled Paper Budget and Finance Committee August 2, 2010 Page 2 1. Call Meeting to Order 2. Public Comments 3. Old Business 4. Claims Management *a. Review new and outstanding claims b. Potential Litigation from Ms. Nellie Freeman 5. Reports and Announcements 'a. GASB 45 Trust Review - 2"d Quarter Report (Andrew Brown from HighMark Capital) 'b. Review GASB 45 Trust Investment Policy (Andrew Brown) c. Review Position Paper on Public Notice Regarding Appropriations Limit (Item 4.d. in Board Binder) d. Review Position Paper on Employee Computer Hardware Purchase Assistance Program (Item 4.e. in Board Binder) e. Review Position Paper Setting a Public Hearing to Consider an Ordinance to Amend Chapter 6.12 of the District Code to Provide an Option for Installment Payment of Capacity and Pumped Zone Fees (Item 4.q. in Board Binder) 6. Review Expenditures (Item 4.a. in Board Binder) a. Review expenditures 'b. Review P-Card expenditures 7. Review June 2010 Financial Statements (Item 4.b. in Board Binder) 8. Adjournment * Attachment M V N N U L a~ U U U .o > ~ U c QJ d ~ ~ Y U_ L N 4] ~ ~ ~k co ~ U d ~ ~n co O O O ~ ' ) LC ~~ U (~ (A Q Q t-- O x N ~ N ~ W f (~ ~ C ~ _ 67 C7~ c'7 O Q~ ~ O O G~ Q O O J o 0 c%~ 0 r~ 0 0 0 ~ co O ~ Z ~ d ~ ~ O . 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H ~ C U o ~ c0 i O U C O ~f9 ~ L" L E `- N 0.1 •~ ` N W N ~ fD N ~ .~+ ~ N N N ~ ~ .L.- ~ y U N N f6 ~ U M ~ U ~ f9 d ~ l9 C N Z C7~.~.Ein ~HC7~ ° No `o °r~ w S~'°o~~ u~ m~~N U O~ U O w C R N ev N R c O U R c d U vi a a 0 O N 0 c) d C 7 V z~ a d 6 d v N a aj ~ N y~ C a T a G1 = y m O~ ~ ~ m co L .c m ~ a~ ~ m ~ ~ ~~ v~ ai m ~ ~~ ~~~ m~ a~ ~~ ~ E a N «. ~ N c > ~.~ yQ c=_ a T~ O O O C O N O y y V Y ,~ 0 3~ Y N a y L fII '- ~ cp N~ 3 o c s a~ ~' u .. c ~ 3.y t o m° m .--. E ~ d m ._ y E C ~~~c`m cy~ °c0uti`y~>c_L ~ ~ ~ 3 ~ ~ ~ ~ ~ c o ~ v ~ rn~ > ~ tr' ~ ~ m a•°- rn~~c ~ m~ v~~ `m c ~ ~ o c x v~j cvo W ~ y y C y N N f6 ~ O a U~ y ~ a c c c E~ >'a a o o m rn rn c v a c cn O O ~_ ~ O p O V Of y 'C .~ N O O 0 0 - ~ a~ ~ o ~ ~ > I6 i U y N~ fC y d y t0 .C ~~ C~ O U N ,V f6 y ~ ~ O O l0 (0 _C .~ ~ C C ~'w O L O. ~ N y- V m 7 p O V Si y ~' 3 O p N O r N O f0 d~ a '.' 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Central Contra Costa Sanitary District T0: BOARD BUDGET AND FINANCE COMMITTEE VIA: RANDALL MUSGRAVES, DIRECTOR OF ADMINISTRATION /`~ FROM: DEBBIE RATCLIFF, CONTROLLER .OR- SUBJECT: GASB 45 TRUST INVESTMENT PERFORMANCE AND POLICY Performance Andrew Brown from HighMark Capital will be attending the Budget and Finance Committee meeting on August 2, 2010 to review the investment performance of the Trust and to discuss the current investment strategy, moderate, and any recommended changes to that strategy based on the current economic climate. Also, Mr. Brown will discuss future payment intervals (monthly, quarterly or annually) and provide a recommendation for the Committee to consider. Policy The District Board has adopted two separate investment policies. The first policy covers the general investments of the District used for operations, maintenance and construction projects. The second is the GASB 45 Trust investment policy. They differ in that the District's general investments are restricted to more conservative investments by government code. The GASB 45 Trust investment policy allows a broader scope of investments similar to pension fund investments which includes mutual funds and can include longer term investments since they not necessary for cash flow purposes. The District Board adopted a moderate investment strategy in November 2008. Mr. Brown will discuss this strategy and provide a recommendation for the Committee to consider for the coming year (See attached outline). A position paper will be brought to the full Board at the Board meeting on September 2, 2010, asking the Board to review and approve the investment policy for both the general District funds and the GASB 45 Trust. H:\GASB 45 Trust Investment Policy 2010.doc Central Contra Costa Sanitary District DATE: August 2, 2010 Agenda I. Investment review • Performance • Asset allocation • Fund investment changes • Economic outlook II. Review of Moderate Strategy • New actuarial report • Plan assumptions -changes • HighMark Capital Management's asset class return assumptions • Potential recommendation on investment objective • 2010-11 ARC contribution, strategies HighMark Capital 350 California St. San Francisco, CA 94104 V J Z F U Q y Z 0 U I"' Z W W U a F U K F _N 0 Z Q 0 U H Z V J F- Z W U `o N a 3 U LL LL O O Z O Q U d W a z 0 (A 0 Z Q 0 0 U W Z 7 ¢f T 0 O x a V a w S z O 0 W a N O f W W ~~ C c C c 6 t = - L a L a L a w m ~ o n ~ ,•~ ~ 01 ~ ~ Z l0 O O O t- O ° O O O z m w co ~ m o 0 0 U U ~ ~ $$ a y y a a 0 0 0 o W N ~ Q2 1~ th N O 1~ ~ 10 Q 1 0 N O N 1o m o m ~n N a v aw m Uf ~ lO a1 N m !~ R'Z N W O th o m ~0 0 T N LL' O an d ~a1 r O N OU UN O vv ` U ° lm y m L 0 LL ~ ~ O N K arc N m m y t 0 O U Q m i4_ d f W F W N a N ~ = O N m N U a m 3 m ~ ° ~ ~ t0 ~ ~ X d o a 0 ~ ~ = c~ ~ a m U w F ~ a ~ .dr O o N N O o O W U 0 C N C _ O 'c _ W ._ L W L J ~ d J J W W c W U m U W m W N b ~ O ~ i0 IO t0 l0 W N l7 Y N 1p I~ m O1 O N CJ O N 10 n m OI O N F S C O E ~ d 5 b C C o ~ 95 o n .. m 01 'o 5 T t~ U N q N E .~ ~ c EE 09 x 001 O a J Q H O g N W w U K a m m m H Z O 0 H Z 7 O U Q ¢ ~ ~ ~ f ~ ~ ~ ~ N QQ NN 2 S 2 ~ 7 7 a a a Z Z Z C~c C C ii u ai Z Z Z O O O Q Q Q K W 0 O N d m ~ E ~ L C ~ O~ C '"da~m'a d ~ n rv E ~ N L ~ O m°NC o C T y.- N UnQ 6aN c t o n E g ~ 10l-=10 ~ E rn o~'y-~~~'° v§N o ~ ~~~~~a °d8~vd J y a d'c m F p~ d N E1 p t m~ E~ i VND_°O N <a~?=<a &$aed3 ca m i~ v y n m a W ~ q a j'j d as-SCNa ar$ Sao .4' y t O C j N 2n m `w > N O ~ °c 0 y N O O R a L ~ O C _O y a `m °aEa3w V a ~ m $ S '- o °irnU9 j4'v c `m w N ac ~~ a~SomNo maSr ay LN ~' N C'- V V q ~a °y~nno O u L Lj ~ y W w Ev `o °w v_,v q C C $ ~ O v w rc H z u J a U LL O O K 6 Q m m C N C O L a L ° w E U E e c O~ C .m a ~ Y U A r`o u m m a c o€ 01 0 C ° d~ = 'd O N m~ C O 'y n: du r d a LLO O r m w a a ~ O U LL O (~ Z O aK Q a z 0 0 Z r Q w 0 w Q Z K ~ Q w ul O }y J 1 O z ¢°~ E O W d N 0 2 Z Z Z Z 2 Z 2 Z Z ww Z ~ OW x d Z - L a L a t a L a L a d L a m L a d t a d L a m L a W m ~ ~ Z ~ Z M o O n m (O 0 O M c o (O 0 O G7 m (O 0 O c~ m V) 0 O n m V1 0 O ~n m O o O ~ M m O a O c> m O o O ~n a o U1 0 O M m U ~ ~y} d yy d ~ 0 Vy O ~ ~ ay O vy O 0 0 0 0 0 0 0 0 0 0 O O O O O O O O O O WF 2 J ~F 6 m M ~ oo M i+~ n N o th ~ v~ O n ~ < o ~ ~ N O o N M N M r aw ~ ~ ° ~ W 7 KZ O ~ N M M O q a(Db NN VNV O O m N co O a0 rn O C C O G O C C KO W F• m d ~ u z ~- w W m ~o N m ~ n m ~ r ~ O ~ Y c Fm- y m C ~ n ~ O ~ D . 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