HomeMy WebLinkAboutBUDGET & FINANCE ACTION SUMMARY 01-19-11
SPECIAL MEETING OF THE
BOARD OF DIRECTORS:
CENTRAL CONTRA COSTA
BARBARA D. HOCKETT
SANITARY DISTRICT
President
JAMES A. NEJEDLY
BUDGET AND FINANCE COMMITTEE
President Pro Tem
MICHAEL R. MCGILL
MARIO M. MENESINI
A C T I O N S U M M A R Y
DAVID R. WILLIAMS
PHONE: (925) 228-9500
Chair Nejedly
FAX: (925) 676-7211
www.centralsan.org
Member Hockett
Wednesday, January 19, 2011
3:00 p.m.
Executive Conference Room
5019 Imhoff Place
Martinez, California
PRESENT: Jim Nejedly, Barbara Hockett, Jim Kelly, Randy Musgraves, Debbie Ratcliff
1. Call Meeting to Order
Chair Nejedly called the meeting to order at 3:00 p.m.
2. Public Comments
None.
3. Old Business
a. Review purchase from Snap-On for $464.42.
COMMITTEE ACTION: Received the report.
4. Risk Management
a. Review Loss Control Report
COMMITTEE ACTION: Reviewed the report.
Budget and Finance Committee
January 19, 2011
Page 2
b. Discuss outstanding claims
Staff reviewed outstanding claims and provided an update to the
Committee.
COMMITTEE ACTION: Received the update.
c. Discuss new claims
There were no new claims to report.
COMMITTEE ACTION: None.
5. Discuss most recent Contra Costa County Employees’ Retirement Association
(CCCERA) Board meeting (Item 7.a. in Board Binder)
Staff announced that the CCCERA Board: (1) referred the District’s letter to
CCCERA staff for response; (2) adopted the 2009 Contribution Rates; (3)
expressed concern with the length of time Segal Company staff had proposed to
develop employee and employer contribution rates for employees or members
hired after January 1, 2011, and asked their staff and the Segal actuary to
propose a solution that more accurately charges employees and employers; and
(4) agreed to continue their past practice regarding active death and disability
processes.
COMMITTEE ACTION: The Committee directed staff to ask CCCERA for a
commitment as to when the District will receive a response to the District’s
letter dated December 27, 2010.
6. Review response to CCCERA’s proposed three-year phase-in option for the
de-pooling financial impact to the District (Item 7.b. in Board Binder)
Staff recommended that the District not select to phase in the UAAL payment for
de-pooling over three years, as this would increase the District’s cost by $1.5
million in interest expense over the next eighteen years.
COMMITTEE ACTION: Concurred with staff recommendation and
recommended Board approval of rejecting phase-in of employer
contribution rates.
Budget and Finance Committee
January 19, 2011
Page 3
7. Ten-Year Plan Financial Plan Information
Staff discussed the assumptions being used in the Fiscal Year 2011-2012
Ten-Year Plan, which will be presented to the Board on March 3, 2011.
COMMITTEE ACTION: Reviewed and accepted the Ten-Year Financial
Plan assumptions.
8. PARS November 2010 Trust Account Statement
Staff reported that for the month of November 2010, the return on the GASB 45
Trust was -0.14%. The one-year return was 9.88%.
COMMITTEE ACTION: Received the report.
9. Review Expenditures (Item 4.a. in Board Binder)
COMMITTEE ACTION: Recommended Board approval.
10. Reports and Announcements
None.
11. Adjournment – at 3:35 p.m.