HomeMy WebLinkAboutFINANCE ACTION SUMMARY 01-06-14Jl Central Contra Costa Sanitary District
SPECIAL MEETING OF THE
CENTRAL CONTRA COSTA
SANITARY DISTRICT
FINANCE COMMITTEE
ACTION SUMMARY
Chair Causey
Member Nejedly
Monday, January 6, 2014
3:0 p.m.
Executive Conference Room
5019 Imhoff Place
Martinez, California
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President
-1IICHAEL RAXUILL
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PHOAE: (935) 338 -9500
EII: (935) 676 -7311
11,11 w. cent alsan. org
PRESENT: Chair Paul Causey, Member Jim Nejedly, Finance Manager Thea Vassallo,
Director of Operations Curt Swanson, Finance Administrator Todd Smithey, Secretary
of the District Elaine Boehme (left after Item 3.), Safety and Risk Management
Administrator Shari Deutsch (left after Item 5.), Environmental Services Division
Manager Danea Gemmell (left after Item 6.), Senior Administrative Technician Christina
Gee
1. Call Meeting to Order
Chair Causey called the meeting to order at 3:03 p.m.
2. Public Comments
None.
*3. Set meeting schedule for 2014
Secretary of the District Elaine Boehme distributed a proposed meeting schedule
(attached). The dates listed would allow each Action Summary to be distributed
to the Board in the next Board agenda packet and were based on the Board's
recommendation that the Committee meet twice a month.
COMMITTEE ACTION: Set the proposed meeting schedule.
4. Expenditures
a. Review Expenditures (Item 4.b. in Board Binder)
Finance Committee Action Summary
January 6, 2014
Page 2
Chair Causey asked whether it was legally permissible to publish retirees'
cost of Medicare in the Expenditures, as is currently done, and that the
question be forwarded to District Counsel Kent Alm. He also asked if it
would be possible to combine checks going to one household into one
mailing.
COMMITTEE ACTION: Reviewed and recommended Board approval.
Requested information regarding publishing Medicare costs and the
capability of mailing multiple checks to one household in one
envelope.
5. Risk Management
*a. Review Loss Control Report and discuss outstanding claims
Safety and Risk Management Administrator Shari Deutsch distributed an
updated Loss Control Report (attached), reflecting new incidents with
Steve Grogan, Bob Burke and Steve Kubitschek.
COMMITTEE ACTION: Reviewed the report and discussed
outstanding claims.
b. Discuss new claims, if any
COMMITTEE ACTION: Discussed new claims listed in the updated
Loss Control Report distributed as part of Item 5.a.
6. Old Business
a. Review staff's response to the Committee's request for information
regarding amount budgeted for furniture in conjunction with the Seismic
Improvements for Headquarters Office Building (HOB), District Project
8226, including how much has been spent to date (Continued from
December 16, 2013 Budget and Finance Committee Meeting)
Finance Manager Thea Vassallo discussed the revised December 30,
2013 total furniture costs that were distributed with the agenda packet.
COMMITTEE ACTION: Reviewed staff's response.
7. Review November 2013 Financial Statements and Investment Reports (Item 4.c.
in Board Binder)
Ms. Vassallo reported that the District is running $2.7 million favorable combined
running expense and sewer construction revenue and $2.2 million in running
expense expenses.
Finance Committee Action Summary
January 6, 2014
Page 3
Chair Causey questioned whether the District should continue making the full
retirement payment, to which staff replied that that would need to be planned
years in advance to build up the money.
Chair Causey requested that the Expense Summary Report by Department
(pages 12 -21 in Item 4.c. of the Board Agenda packet) be deleted from the
financials, since pages 10 -11 provide a high -level overview of each department.
Member Nejedly concurred with the change.
COMMITTEE ACTION: Reviewed and recommended Board approval.
Directed staff to amend future Financial Statements as noted above.
*8. Announcements
Ms. Vassallo distributed a list (attached) provided by the County of
available investments per the District's Investment Policy. The list
included rates of returns available to invest with the first Sewer Service
Charge installment.
Ms. Vassallo announced that the District's CALPERS application started in
January 2013 to transfer from CCCERA to CALPERS was approved at the
end of December, prior to the holidays. Staff plans to meet with consultant
John Bartel of Bartel and Associates to examine the cost and pros and
cons of making the switch, as well as reviewing defined contribution
versus defined benefit plans.
Ms. Vassallo also announced that the Overhead Report may be ready to be
included in the next Finance Committee agenda packet. Chair Causey
requested that he see the report as soon as it becomes available. All Board
Members will receive the Overhead Report at the same time.
9. Suggestions for future agenda items
Chair Causey inquired as to the status of the Board rate hearing and the
proposed two -year budget. The preliminary rate discussion is currently
scheduled for the January 23, 2014 Board Meeting. Staff is drafting a
summary white paper on multi -year budgeting to come to a future Finance
Committee meeting.
10. Adjournment — at 4:13 p.m.
* Attachment
a.
Chair Causey /Member Nejedly
FINANCE COMMITTEE MEETING DATES 2014
3 p.m. in Executive Conference Room
Committee Meeting Date (10 days prior to) Board Meeting Date
Fourth Monday January 27
February 6
Second Monday February 10
February 20
Fourth Monday February 24
March 6
Second Monday March 10
March 20
Fourth Monday March 24
April 3
First Monday April 7
April 17
Third Monday April 21
May 1
First Monday May 5
May 15
Fourth Tuesday May 27
June 5
Second Monday June 9
June 19
Fourth Monday June 23
July 3
First Monday July 7
July 17
Third Monday July 21
July 31
First Monday August 4
August 14
Fourth Monday August 25
September 4
Second Monday September 8
September 18
Fourth Monday September 22
October 2
First Monday October 6
October 16
Fourth Monday October 27
November 6
Second Monday November 10
November 20
Fourth Monday November 24
December 4
Second Monday December 8
December 18
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From: Jamie King
Sent: Thursday, January 02, 2014 9:19 AM
To: Thea Vassallo
Subject: FW: Rate Indications per your request
Laif was 0.26 %.
From: Ammy Pluth [ mailto :Ammy.Pluth @tax.cccounty.us]
Sent: Thursday, December 19, 2013 1:46 PM
To: Jamie King
Cc: Belinda Zhu; Esther Garibay
Subject: Rate Indications per your request
Hi Jamie,
Rate indications as of 11/19/13:
CP
3mos 0.18 %
6mos 0.21 %
9mos .027%
YCD /NCD
3mos 0.18 %
6mos 0.21 %
11mos 0.27px1
US Treasury
.07%
TBills mat 03/20/14
.06 %
mat 06/19/14
.08 %
mat 12/11/14
.12 %
TNotes
2yr Mat 09/30/15
.36%
Fed Agency
FHLB(discounted)
FHLB(discounted)
FHLMC(discounted)
FHLMC(discounted)
mat 3/14/14
.07%
mat 06/06/14
.115%
mat 7/1/14
.12%
mat 11/17/14
.155%
FNMA (Bullet) .50 cpn 09/28/15
FFCB (Bullet) .33 cpn 12/22/15
FHLMC (Bullet) .50 cpn 05/13/16
* * * ALL RATES SUBJECT TO CHANGE * * *
.33% apx yield
.325% apx yield
.45% apx yield