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HomeMy WebLinkAboutFINANCE ACTION SUMMARY 02-24-14LCentral Contra Costa Sanitary District Protecting public health and the environment 5019 Imhoff Place, Martinez, CA 94553 -4392 REGULAR MEETING OF THE CENTRAL CONTRA COSTA SANITARY DISTRICT FINANCE COMMITTEE ACTION SUMMARY Member Nejedly Member Pilecki (Alternate) Monday, February 24, 2014 3:00 p.m. Executive Conference Room 5019 Imhoff Place Martinez, California BOARD OF DIRECTORS: DAVID R WILLIAMS President MICHAEL R MCGILL President Pry Tens PAUL H. CAUSEY JAMES A NEJEDLY TAD J PILECKI PHONE: (925) 228 -9500 FAX: (925) 372 -0192 www.centralsan.org PRESENT: Member Jim Nejedly, Member Tad Pilecki (Alternate), Finance Manager Thea Vassallo, Finance Administrator Todd Smithey, Director of Operations Curt Swanson, Environmental Services Division Manager Danea Gemmell (left after Item 9.), Senior Engineer Thomas Brightbill (left after Item 9.), ICMA -RC Client Portfolio Manager Walid Refai (left after Item 3.), ICMA -RC Regional Vice President Manager Dennis Duarte (left after Item 3.), ICMA -RC District Representative Kim Hammond (left after Item 3.), Accounting Technician III David Rolley (left after Item 3.), and Assistant to the Secretary of the District Donna Anderson Call Meeting to Order Acting Chair Nejedly called the meeting to order at 3:00 p.m. 2. Public Comments None. *3. Receive presentation from Walid Refai, ICMA -RC's Client Portfolio Manager, of overview and discussion of the ICMA -RC Investment portfolio and receive update from staff on the status of the Deferred Compensation Consolidation. Mr. Refai, who oversees the investments in the District's benefit plans, distributed and explained a handout (attached) containing information about 1CMA -RC's role as a fiduciary to Vantage Trust Company. He explained that their investment Finance Committee Action Summary February 24, 2014 Page 2 philosophy focuses on the long -term investment solutions with controlled risk to achieve investment goals. He also reviewed the various investment fund options, historical performance of those funds, the criteria for selection of fund managers, and asset allocation, after which the ICMA -RC representatives responded to several questions from Chair Nejedly and Member Pilecki. Finance Manager Thea Vassallo said consolidation of the management of the District's 457 and 401(a) Deferred Compensation Plan assets under one carrier, ICMA -RC, should be complete by the end of March. Ms. Hammond said she was looking forward to bringing financial planning services to those employees whose funds are being consolidated into ICMA -RC from Nationwide and MassMutual (previously Hartford). COMMITTEE ACTION: Received information. 4. Expenditures a. Review Expenditures COMMITTEE ACTION: Reviewed and recommended Board approval. 5. Old Business a. Review staff's response to questions regarding an expenditure at the previous meeting: Check / Information Requested Date Amount Vendor (Responses were included in the Agenda Packet as Attachment 4.a. 198659 $2,524.86 AT &T — Member Causey questioned the high cost of 01/30/14 Internet the expenditure. Member Pilecki said the response did not fully answer the question raised by Member Causey at the last meeting. Ms. Vassallo said she would look into it further. COMMITTEE ACTION: Reviewed staff's response and requested further clarification of the response. 6. Risk Management a. Review Loss Control Report and discuss outstanding claims Finance Committee Action Summary February 24, 2014 Page 3 COMMITTEE ACTION: Reviewed the report and discussed outstanding claims. b. Discuss new claims, if any COMMITTEE ACTION: None. 7. Review Ten -Year Plan goals and assumptions Finance Administrator Todd Smithey reviewed the assumptions booklet that accompanied the agenda packet, focusing primarily on the Scenario Summary Table on p. 17 of the booklet. He asked the Committee Members if they desired any further information from staff before the Financial Planning Workshop on March 6, 2014. Member Pilecki suggested that two additional scenarios be prepared: a. One scenario showing a 5 percent annual reduction in Operations and Maintenance (O &M) expenses; and b. Another scenario combining a 5 percent annual reduction in O &M expenses with a reduced annual payment toward the District's unfunded actuarial accrued liability (UAAL) from $10 million to $5 million. The Committee Members thanked staff for compiling the complex financial information and assumptions into such an informative and comprehensible document. COMMITTEE ACTION: Reviewed the Ten -Year Plan goals and assumptions and requested that staff prepare two additional scenarios for presentation at the upcoming Financial Planning Workshop: (1) showing a 5 percent annual reduction in O &M expenses; and (2) combining the 5 percent annual reduction in O &M expenses with a reduced annual payment toward the UAAL from $10 million to $5 million. 8. Review Capacity Fee Proposal for Fiscal Year 2014 -15 In response to a question from Member Pilecki, Environmental Services Division Manager Danea Gemmell said capacity fees will be reviewed as part of the upcoming cost -of- service study. COMMITTEE ACTION: Reviewed and recommended Board approval. Finance Committee Action Summary February 24, 2014 Page 4 9. Review Environmental and Development - Related Rates and Charges Proposal for Fiscal Year 2014 -15 COMMITTEE ACTION: Reviewed and recommended Board approval. 10. Review January 2014 Financial Statements and Investment Reports Member Pilecki observed that General Manager Roger Bailey, in presenting the preliminary rate - setting information at the February 6, 2014 Board meeting, used a budget -to- budget comparison to arrive at an anticipated $7 -8 million drawdown from reserves for the Fiscal Year ending 2013 -14. However, he noted that combining all the variances indicated in the current January financial reports with lower projected expenditures, the positive variance will be pretty close to $10 million by year end. COMMITTEE ACTION: Reviewed and recommended Board approval. 11. Announcements a. Next meeting scheduled for March 10, 2014 at 3:00 p.m. COMMITTEE ACTION: Received the announcements. 12. Suggestions for future agenda items None. 13. Adjournment — at 4:10 p.m. * Attachment 0 O Z f9i :L °mm C 0 i CO m �r 0 V L 0 V Vo t V ay 00) o� 0 vw s �o y a c M t Vl I;"- L r V LL N 4- O U N 0) V 0 2 cu �U 4- cu U) V Q V 0 O 4--+ L U) cu E cu cu U U) L- CU O *.+ O c O 0 c- U) C/) a _cu U CL 1 O CQ cn G U Q 0 c _cu Q L- 0 c _cu CL 0 2 cu cu �U O *C"l .C/) UN CQ G U L O U) M 4--+ L N O cn a) .E5) > O O L- C. 4-0 V m ±-i / V m _O .� to U L O LL cn •� -� �V O 1 U � o L r V LL N 4- O U N 0) V 0 2 cu �U 4- cu U) V Q V 0 O 4--+ L U) cu E cu cu U U) L- CU O *.+ O c O 0 c- U) C/) a _cu U CL 1 O CQ cn G U Q 0 c _cu Q L- 0 c _cu CL 0 2 cu cu �U O *C"l .C/) UN CQ G U L O U) M N ._ o U. E V L 0 -P 0. 0 co w Q y O CL y.. 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