HomeMy WebLinkAboutFINANCE ACTION SUMMARY 08-10-15Committee:
Chair Jim Nejedly
Member Tad Pilecki
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Central Contra Costa Sanitary District
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Monday, August 10, 2015
3:00 p.m.
Executive Conference Room
5019 Imhoff Place
Martinez, California
Sta ff.
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General Manager Roger Bailey
Deputy General Manager Ann Sasaki
Director of Administration David Heath
Director of Engineering and Technical Services Jean -Marc Petit
Finance Manager Thea Vassallo
Finance Administrator Todd Smithey
Secretary of the District Elaine Boehme
1. Call Meeting to Order
Chair Nejedly called the meeting to order at 3:00 p.m.
2. Public Comments
None.
3. Old Business — None.
BOARD OF DIRECTORS:
MICHAEL R. MCGILL
President
TAD J. PILECKI
President Pro Tern
PAUL H. CAUSEY
JAMES A. NEJEDLY
DAVID R. WILLIAMS
PHONE: (925) 228 -9500
FAX: (925) 372 -0192
www.ceiztraisan.org
4. Review and discuss reports issued by Contra Costa County Employees
Retirement Association (CCCERA) as of December 31, 2014 prepared by Segal
Consulting
Finance Committee Action Summary
August 10, 2015
Page 2
a. Actuarial Valuation and Review
Todd Smithey presented highlights of the report, noting that investment
returns are at 7.35 %, with a 5 -year average of 10.16% and a 10 -year
average of 6.58%. The District's unfunded actuarial accrued liability
(UAAL) decreased from $121 million to $101 million. The District's funding
ratio increased from 63% to 70% and contribution rates decreased from
,77% of payroll to 62.5 %.
b. Governmental Accounting Standards Board (GASB) 67
Mr. Smithey summarized the report, stating that the system is 85%
funded. In summary this report represents the market value of the UAAL
as of December 31, 2014 and excludes effects of 5 -year smoothing and
unrealized activity, and will be the basis of the new reporting of Net
Pension Liability and Pension Expenses in the audited financial
statements.
COMMITTEE ACTION: Received the reports.
5. Receive and discuss HighMark Capital Management Governmental Accounting
Standards Board (GASB) 45 Trust Second Quarter Report
Thea Vassallo summarized the report, noting that the 1 -year return is 2.78 %.
COMMITTEE ACTION: Received the report.
6. Expenditures
a. Review Expenditures
b. Review Procurement (P -Card) Statement
Chair Nejedly recommended that staff utilize existing accounts rather than
P -cards whenever possible.
COMMITTEE ACTION: Reviewed and recommended Board approval.
7. Announcements
Ms. Vassallo announced that ICMA has requested to give a presentation to the
Finance Committee on investment opportunities. The Committee concurred with
the request.
Finance Committee Action Summary
August 10, 2015
Page 3
a. Future scheduled meetings:
Monday, August 24, 2015 at 3:00 p.m.
Tuesday, September 8, 2015 at 3:00 p.m.
Monday, September 21, 2015 at 3:00 p.m.
COMMITTEE ACTION: There were no announcements.
8. Suggestions for future agenda items
None.
9. Adjournment — at 3:42 p.m.