HomeMy WebLinkAboutBUDGET AND FINANCE ACTION SUMMARY 08-13-12Central Contra Costa Sanitary District
SPECIAL MEETING OF THE
CENTRAL CONTRA COSTA
SANITARY DISTRICT
BUDGET AND FINANCE COMMITTEE
ACTION SUMMARY
Chair McGill
Member Nejedly
Monday, August 13, 2012
3:00 p.m.
Executive Conference Room
5019 Imhoff Place
Martinez, California
BOARD OF DIRECTORS:
JAMES A NEJEDLY
Prccident
DAVID R WILLIAMS
President Pro Tent
BARBARA D HOCKETr
MICHAEL R MCGILL
AIARIO At AIENESINI
PHONE: (925) 228 -9500
FAX: (925) 676 -7211
mov.ceruralsan.org
PRESENT: Mike McGill, Jim Nejedly, Ann Farrell, Thea Vassallo, Todd Smithey (for
Item 4.), Tom DeMars from Fieldman, Rollap & Assoc. (for Item 4.), Craig Bettencourt
and Jason Tsai from Prager & Co. (for Item 4.)
1. Call Meeting to Order
Chair McGill called the meeting to order at 3:00 p.m.
2. Public Comments
None.
3. Old Business
a. Review staff's response to the Committee's request for additional
information regarding Expenditures reviewed at previous meeting
• Check 191055, payable to Pacific Water Resources, in the amount of
$74,338.82
COMMITTEE ACTION: Reviewed staff's response.
*4. Receive update on findings from staff's meeting with financial advisors Fieldman,
Rolapp & Assoc., potential bond underwriter Prager and Co. to discuss the
Budget and Finance Committee
August 13, 2012
Page 2
calculation and funding of the unfunded liability. Representatives from both
companies will be present to summarize their findings to date.
Tom DeMars from Fieldman, Rollap & Assoc. and Craig Bettencourt and Jason
Tsai from Prager & Co. presented a review of the Contra Costa County
Employees' Retirement Association (CCCERA) meeting and Preliminary Action
Plan (attached). Staff announced that a meeting between Fieldman, Rolapp &
Assoc., Prager & Co. and District Accounting staff has been scheduled for
August 22, 2012.
COMMITTEE ACTION: Received the update.
5. Receive update on whether Deferred Compensation Committee Members need
to file Form 700s
COMMITTEE ACTION: Received the update. Acknowledged that filing of
Form 700 is not required in accordance with the Common Non - Reportable
Interest of the California Code Section 18237.
6. Risk Management
a. Review Loss Control Report and discuss outstanding claims
COMMITTEE ACTION: Reviewed the report and discussed
outstanding claims.
7. Expenditures
a. Review Expenditures
COMMITTEE ACTION: Reviewed and recommended Board approval.
b. Review Legal Expenditure Summary
COMMITTEE ACTION: Reviewed Legal Expenditure Summary.
C. Discuss the labor negotiations portion of the May 31, 2012 Meyers Nave
invoice
COMMITTEE ACTION: Discussed the invoice.
Budget and Finance Committee
August 13, 2012
Page 3
8. Reports and Announcements
Thea Vassallo, Finance Manager, announced that Andrew Brown of
Highmark Capital Management will be attending the September 4, 2012
Committee meeting at 9:30 a.m. and that the Deferred Compensation
Benchmark Study presentation has been rescheduled to the October 1,
2012 Committee meeting.
Ann Farrell, General Manager, announced that negotiations are continuing
with the property owners at # 154 and # 158 La Espiral regarding joint
repair of a landslide which is threatening both a District sewer in the area
and improvements on both properties. The Board had previously
authorized an amount of $150,000 to repair the slide. Because one of the
properties, #158, is in foreclosure, it is unclear if it will be possible to exact
a 25% contribution from that property. If that is not possible, the District
cost of the repair may exceed $150,000 by approximately $15,000 (because
the District will pay that property owners share). Staff indicated that it
needed to proceed with the repair in order to complete stabilization of the
sewer before wet weather ensues. The Committee voiced no objection.
Staff will keep the Committee updated on the cost to the District.
9. Suggestions for future agenda items
None.
10. Adjournment - at 4:10 p.m.
* Attachment
PRAC,ER G CO., LL(1
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DCN
BC
UC
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Week of:
September 17
September 24
October 1
October 8
October 15
October 22
October 29
November 12
November 26
December 3
December 10
December 24
Meyers Nave ( "District Counsel ")
Jones Hall ( "Bond Counsel ")
Jones Hall ( "Underwriter's Counsel ")
Prager & Co., LLC ( "Underwriter')
Fieldman, Rclapp & Associates ( "Financial Advisor")
TBD ( "Trustee ")
TBD ('Trustee's Counsel ")
Standard & Poor's / Moody's ( "Rating District')
TBD ( "Printer ")
5
M
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( "POM ")
UC
❑
Distribute first draft of POM fore - section
I
❑
1 2 1 3'
4 5
6
2
3
4
5
6
7
8
7
8 9 10
11 i 12
13
❑
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15, 16 } 17
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20
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25 126
27
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25
_
26
_
27
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28
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' 29
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28
29 30 1_31
Price Bonds; Execute purchase contract
CCCSD, U
30
Final Official Memorandum delivered to printer
UC
❑
Closing
CCCSD, U, T
S
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Th
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Sa
5 M• T W
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1
2
3
1
4
5
6
7
8
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14
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16
17
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10 11 12
13 14
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20 21
22
25
26
27
28
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23
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30
31
One Manhme Plaza SWe 1000 San Franosco, CA 94111 (415) 403-1900
Activity
Parties
❑
Kick -Off Call
All
❑
Distribute first drafts of legal documents
BC
❑
Provide information request to District re: District section of Preliminary Official Memorandum
( "POM ")
UC
❑
Distribute first draft of POM fore - section
UC
❑
Distribute first draft of District section of POM
UC
❑
Conference call to review draft legal & disclosure documents (TBA)
All
❑
Distribute revised bond and disclosure documents (TBA)
BC /UC
❑
Call to review revised POM and bond documents (TBA)
All
❑
Meeting with Finance Committee to consider financing plan (TBA)
CCCSD
❑
Credit materials distributed to rating District
U
❑
Call with Rating Agencies (TBA)
CCCSD, U, BC
❑
Meeting with Finance Committee to consider financing plan (TBA)
CCCSD
❑
CCCSD Board meets to consider financing plan (TBA)
CCCSD
❑
Rating received (TBA)
CCCSD, U, BC
❑
CCCSD Board meets to consider financing plan (TBA)
CCCSD
❑
Documents finalized (conference call TBA)
BC /UC
❑
POM delivered to printer
UC
❑
Distribute POM
U
❑
Pre -price Bonds
U
❑
Price Bonds; Execute purchase contract
CCCSD, U
❑
Final Official Memorandum delivered to printer
UC
❑
Closing
CCCSD, U, T
One Manhme Plaza SWe 1000 San Franosco, CA 94111 (415) 403-1900
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