HomeMy WebLinkAboutBUDGET AND FINANCE ACTION SUMMARY 02-27-12
SPECIAL MEETING OF THE
BOARD OF DIRECTORS:
CENTRAL CONTRA COSTA
JAMES A. NEJEDLY
SANITARY DISTRICT
President
BUDGET AND FINANCE COMMITTEE
DAVID R. WILLIAMS
President Pro Tem
BARBARA D. HOCKETT
A C T I O N S U M M A R Y
MICHAEL R. MCGILL
MARIO M. MENESINI
PHONE: (925) 228-9500
Chair McGill
FAX: (925) 676-7211
Member Nejedly
www.centralsan.org
Monday, February 27, 2012
3:00 p.m.
Executive Conference Room
5019 Imhoff Place
Martinez, California
PRESENT: Mike McGill, Jim Nejedly, Randy Musgraves, Jim Kelly
1. Call Meeting to Order
Chair McGill called the meeting to order at 3:00 p.m.
2. Public Comments
None.
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3. Presentation by Andrew Brown (HighMark Capital) on 4 Quarter GASB 45 Trust
on change to U.S. Bank for Trustee services
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It was reported that 2011 4 Quarter return on investments was 6.47%; 2011
return was 0.13%. Inception-to-Date return is 13.82%. Total Assets is
$19,638,846. HighMark’s investments in bonds underperformed, and
International Equities was the significant under performer.
Staff will work with Mr. Brown to provide more information on last year’s
performance. U.S.Bank purchased the Trustee business from Union Bank.
There is no anticipated impact from the change at this time.
Mr. Brown specifically stated that the full Board should be aware of the change
from Union Bank to U.S. Bank.
Budget and Finance Committee
February 27, 2012
Page 2
COMMITTEE ACTION: Received the presentation. Requested that Mr.
Brown research the District’s contractual agreement regarding the ability to
stay with Mr. Brown and HighMark if any significant changes occur later.
4. Old Business
a. Review staff’s response to the Committee’s question regarding an
expenditure for sleeves for UV lamps from Enaqua.
COMMITTEE ACTION: Reviewed the response.
5. Risk Management
a. Review Loss Control Report and discuss outstanding claims
COMMITTEE ACTION: Reviewed the report and discussed
outstanding claims.
6.Review Position Paper holding a public hearing to conduct a review of Board
Member compensation and benefits and (1) consider adopting an ordinance
amending Title 2, Administration, of District Code Section 2.04.030,
“Compensation of Board Members,” if a change in stipend is desired; (2)
consider directing staff to amend other compensation and benefits; and (3)
consider adopting Resolution 2012-018 establishing a formal annual public
review (Item 4.a. in Board Binder)
COMMITTEE ACTION: Reviewed and recommended that the Board (1)
reduce the stipend from $221 to $185 per meeting; (2) review Board
benefits at the conclusion of labor negotiations; and (3) adopt a resolution
to hold a Public Hearing in the first quarter of each calendar year to review
Board compensation and benefits.
7.Review January 2012 Financial Statements and Investment Reports (Item 3.c. in
Board Binder)
COMMITTEE ACTION: Reviewed and recommended Board approval.
8. Expenditures
a. Review Expenditures (Item 3.b. in Board Binder)
COMMITTEE ACTION: Reviewed and recommended Board approval.
Budget and Finance Committee
February 27, 2012
Page 3
b. Review Legal Expenditure Summary
COMMITTEE ACTION: Reviewed Legal Expenditure Summary.
9. Reports and Announcements
None.
10. Suggestions for future agenda items
None.
11. Adjournment – at 4:06 p.m.