HomeMy WebLinkAboutFINANCE ACTION SUMMARY 10-27-14REGULAR MEETING OF THE
CENTRAL CONTRA COSTA
SANITARY DISTRICT
FINANCE COMMITTEE
ACTION SUMMARY
Chair Causey
Member Nejedly
Monday, October 27, 2014
3:00 p.m.
Executive Conference Room
5019 Imhoff Place
Martinez, California
BOARD OF DIRECTORS:
DAVID R. GVILI LAMS
President
MICHAEL R. MCGILL
President Pro Tem
PAUL H. CAUSE
JAMES A. NGIEDLY
TAD J PILE, CKI
PHONE: (925) 228 -9500
FAX.- (925) 372 -0192
www. centralsan. org
PRESENT: Chair Paul Causey, Member Jim Nejedly, General Manager Roger Bailey,
Provisional Deputy General Manager / Director of Engineering Jean -Marc Petit, Director
of Administration David Heath, Finance Manager Thea Vassallo, Purchasing and
Materials Services Manager Stephanie King, Senior Administrative Technician Christina
Gee
1. Call Meeting to Order
Chair Causey called the meeting to order at 3:00 p.m.
2. Public Comments
W-1
3. Expenditures
a. Review Expenditures
In relation to charges from Robert Half Technology, Chair Causey requested that
the Human Resources Monthly Reports indicate on the last page any District
temporary employees and what positions are backfilled with temporary
employees.
In relation to charges from Victory Chevrolet, Member Nejedly noted that he has
had a recurring issue with purchasing vehicles outside the District's service area.
Finance Committee Action Summary
October 27, 2014
Page 2
General Manager Roger Bailey noted that a proposed Board Policy which will
encourage buying locally will be routed through the Administration Committee to
the full Board for approval.
COMMITTEE ACTION: Reviewed and recommended Board approval.
Requested the following additional information:
4. Review September 2014 Financial Statements and Investment Reports
COMMITTEE ACTION: Reviewed and recommended Board approval.
5. Review and discuss whether overhead should be charged in addition to the
California Water/Wastewater Agency Response Network (CaIWARN) calculation
for services provided to Napa Sanitation District (NSD) after the earthquake
Member Nejedly stated his opinion that the matter should be taken to the full
Board. He also opined that, in the spirit of interagency corporation in an
emergency situation, overhead should not be charged; however, he added that it
was not the right of the District to give away the public's money. He suggested
that the District should bill NSD the charges with and without overhead and ask
for reimbursement to the extent that they are reimbursed by Federal Emergency
Management Agency (FEMA). Chair Causey concurred with that approach.
COMMITTEE ACTION: Directed staff to bill Napa Sanitation District with
and without overhead and ask for reimbursement to the extent they are
reimbursed by FEMA.
*6. Receive information regarding Governmental Accounting Standards Board
(GASB) 67/68
Finance Manager Thea Vassallo summarized that GASB 67 has to be
implemented first by the Plan (CCCERA). Subsequent to GASB 67
implementation, GASB 68 is the Employer's piece that requires changes to the
annual audited financials. Attached is a summary of the GASB 68 changes. She
Check /
Date
Amount '
Vendor
Information Requested
1)
#202143
$27,215.00
City of
The Committee requested more information
10/2/14
Concord
on the charge.
2)
#202176
$2,936.00
Quantum
Chair Causey asked if the tapes referenced
10/2/14
Corporation
on the Check Register were backup tapes.
3)
#202284
$37,355.60
Centennial
The Committee requested more information
10/16/14
Mortgage,
on the charge.
Inc.
4. Review September 2014 Financial Statements and Investment Reports
COMMITTEE ACTION: Reviewed and recommended Board approval.
5. Review and discuss whether overhead should be charged in addition to the
California Water/Wastewater Agency Response Network (CaIWARN) calculation
for services provided to Napa Sanitation District (NSD) after the earthquake
Member Nejedly stated his opinion that the matter should be taken to the full
Board. He also opined that, in the spirit of interagency corporation in an
emergency situation, overhead should not be charged; however, he added that it
was not the right of the District to give away the public's money. He suggested
that the District should bill NSD the charges with and without overhead and ask
for reimbursement to the extent that they are reimbursed by Federal Emergency
Management Agency (FEMA). Chair Causey concurred with that approach.
COMMITTEE ACTION: Directed staff to bill Napa Sanitation District with
and without overhead and ask for reimbursement to the extent they are
reimbursed by FEMA.
*6. Receive information regarding Governmental Accounting Standards Board
(GASB) 67/68
Finance Manager Thea Vassallo summarized that GASB 67 has to be
implemented first by the Plan (CCCERA). Subsequent to GASB 67
implementation, GASB 68 is the Employer's piece that requires changes to the
annual audited financials. Attached is a summary of the GASB 68 changes. She
Finance Committee Action Summary
October 27, 2014
Page 3
stated that next year, the audited financial changes will mainly be seen in the
Statement of Net Position, the Footnotes, and the Required Supplementary
Information. The Required Supplementary Information will include a schedule
summarizing the pension liability and the components for the last ten years.
These changes represent a significant amount of work for the auditors and
actuaries involved.
COMMITTEE ACTION: Received information.
7. Announcements
a. Future scheduled meetings:
Wednesday, November 12, 2014 at 3:00 p.m. (Special)
Monday, November 24, 2014 at 3:00 p.m.
Monday, December 8,2014 at 3:00 p.m.
b. Ms. Vassallo announced that she attended a California Association of
Sanitation Agencies (CASA) seminar entitled, "Funding Opportunities in
the Wastewater Sector," where she learned that the State Revolving Fund
offers loans at about a 2% interest rate. The District could apply for these
funds in the form of a loan, and that the application process takes
approximately six to eight months.
C. Mr. Bailey reminded the Committee that the Board is holding a Cost -of-
Service Study Workshop with Raftelis Financial Consultants on November
17, 2014.
COMMITTEE ACTION: Received the announcement.
8. Suggestions for future agenda items
Chair Causey inquired as to why the District does not do design /build
projects. He recommended that there could be long -term value in looking
at that and asked staff to research if there is a legal impediment in the
Government or District Code.
9. Adjournment — at 3:50 p.m.
* Attachment
GASB 68 (Employers)
I. Financials
11. Footnotes
III. Required Supplemental
Information
Currently Change
None UAAL reported on B/S (Statement of Net Position)
Requires prior period adjustment
Focuses on annual pension costs More descriptive info provided
Minimal info on trend of pool Types of benefits
Classes of members
CCCERA Board info
Investment policy
Contributions
Reserves
Assumptions
None Schedule summarizing employers last 10 years
Changes in liability
Ratios and trends
% total of total liability
of covered payroll