HomeMy WebLinkAboutBUDGET & FINANCE ACTION SUMMARY 10-03-11 � Central Contra Costa Sanitary District
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ACTION SUMMARY
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Chair Nejedly ,�,�,�:��,�t�-�r�.s�r,�.��,-x
Member Hockett
Monday, October 3, 2011
3:00 p.m.
Executive Conference Room
5019 Imhoff Place
Martinez, California
PRESENT: Jim Nejedly, Barbara Hockett, James Kelly, Jarred Miyamoto-Mills,
Randy Musgraves, Colette Curtis-Brown
1. Call Meeting to Order
Chair Nejedly called the meeting to order at 3:00 p.m.
2. Public Comments
None.
3. External Financial Audit
a. Receive June 30, 2011 Audited Financial Statements (presentation by John
Cropper of Cropper Accountancy)
Mr. John Cropper and his assistant, Mr. Paul Sasse, presented the
Statements and their findings to the Committee. The audited financial
statements present fairly and, in all material respects, the District's financial
position. There are no material weaknesses. The auditor expressed praise
for the Accounting staff and its work.
COMMITTEE ACTION: Received the report; requested one minor
change in wording.
Budget and Finance Committee
October 3, 2011
Page 2
b. Consider extending contract with Cropper Accountancy for a sixth year, with
a new end date of November 30, 2012.
Staff expressed its interest in retaining Mr. Cropper, given concerns
regarding likely retirements in the near future. Keeping an auditor who has
developed a good understanding of the District and its financial statements
would provide stability for the next audit.
COMMITTEE ACTION: Recommended the Board approve the contract
extension at the October 20, 2011 Board meeting.
4. Risk Management
a. Review Loss Control Report
COMMITTEE ACTION: Reviewed the report.
b. Discuss outstanding claims
COMMITTEE ACTION: Discussed outstanding claims.
c. Discuss new claims
1) Review new claims received, and of significant financial and/or legal
impact.
COMMITTEE ACTION: Discussed new claims.
5. Discuss Committee interest for consultant support to develop options for cost-
effective payment of the Contra Costa County Employees' Retirement Association
(CCCERA) Unfunded Actuarial Accrued Liability (UAAL)
Staff discussed the need to first develop the financial data for analysis and then
develop options. Once options are developed, staff will seek additional review from
other financial experts, given that debt financing is a likely option.
COMMITTEE ACTION: Directed staff to develop options using the current
financial advisor and then seek additional review from outside experts.
6. Review August 2011 Financial Statements and Investment Reports (Item 3.c. in
Board Binder)
Budget and Finance Committee
October 3, 2011
Page 3
COMMITTEE ACTION: Reviewed and recommended Board approval.
7. Expenditures
a. Review Expenditures (Item 3.b. in Board Binder)
Staff Recommendation: Reviewed and recommended Board approval.
b. Review Legal Expenditure Summary
Staff Recommendation: Reviewed Legal Expenditure Summary.
c. Review P-Card expenditures
Staff Recommendation: Reviewed P-Card expenditures.
8. Reports and Announcements
a. Payment schedule for unpaid Capacity Fees —2 Berrybrook Hollow, Orinda
COMMITTEE ACTION: Received the report. Payment options will be
implemented, but, if the customer is late on any payment, staff is to
seek termination of the payment plan from the Board and collect the
full remaining balance from the customer.
9. Suggestions for future agenda items
None.
10. Adjournment — at 4:15 p.m.