HomeMy WebLinkAboutFINANCE ACTION SUMMARY 08-24-15Monday, August 24, 2015
3:00 p.m.
Executive Conference Room
5019 Imhoff Place
Martinez, California
Committee:
Chair Jim Nejedly
Member Tad Pilecki
Staff:
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
Purchasing and Materials Manager Stephanie King
Senior Administrative Technician Cindy Granzella
1.
2.
3.
4.
Call Meeting to Order
Chair Nejedly called the meeting to order at 3:00 p.m.
Public Comments
None.
Old Business — None.
Expenditures
a. Review Expenditures
7 Af
BOARD OF DIRECTORS:
MICHAEL R. MCCILL
President
TAD J. PILECKI
President Pro Tem
PAUL H. CAUSEY
JAMES A. NEJEDLY
DAVID R. WILLIAMS
PHONE: (925) 228 -9500
FAX: (925) 372 -0192
www.centralsan.org
COMMITTEE ACTION:. Reviewed and recommended Board approval.
Requested additional information on the following:
Finance Committee Action Summary
August 24, 2015
Page 2
Check /
Cate
Amount
Vendor
Information Requested
#206166
$408.00
Evoqa Water
Chair Nejedly requested more information on
8/06/15
Technologies
the descri tion of DI Rental.
#36813
$402.50
Expert Title
Chair Nejedly requested more information.
8/06/15
1 Research
5. Review July 2015 Financial Statements and Investment Reports
Thea Vassallo stated that the Operating and Maintenance (O &M) revenue was
running a little high, and the Sewer Construction revenue was running a little low,
basically balancing each other out. O &M expenses have a $1.5 million
favorable variance, mainly due to a delay in utility invoices, outside services, and
repairs and maintenance.
Ms. Vassallo explained that June is a month that has a high cash balance. The
end of June showed a balance of $54.6 million in investments, and by the end of
July the investment balance was $29.1 million, mostly due to Contra Costa
County Employees' Retirement Association (CCCERA) prefund payment and
July payroll.
COMMITTEE ACTION: Reviewed and recommended Board approval.
6. Receive Pre -Audit Year -End Financial Results Summary for Fiscal Year 2014 -15
(previously referred to as "Period 13 ")
Ms. Vassallo explained that the information provided in the agenda materials
shows the differences between Periods 12 and 13 financial activity. O &M
revenue was adjusted to reflect final billing adjustments with City of Concord,
Household Hazardous Waste (HHW), and Recycled Water, and expense
accruals at year -end. The O &M budget for Fiscal Year (FY) 2014 -15 had an
anticipated deficit spending of $2.0 million, and ended the year with a favorable
variance of $2.8 million.
As for Sewer Construction, the FY 2014 -15 budget anticipated $2.8 million deficit
spending and ended the year with a positive variance of $0.3 million.
Ms. Vassallo stated that the Governmental Accounting Standards Board (GASB)
68 adjustments will be included in the final audit and are not reflected in the Pre
Audit Year -End results.
COMMITTEE ACTION: Received and recommended Board receipt of the
Statements and Report.
Finance Committee Action Summary
August 24, 2015
Page 3
7. Announcements
a. Future scheduled meetings:
Tuesday, September 8, 2015 at 3:00 p.m.
Monday, September 21, 2015 at 3:00 p.m.
Monday, October 5, 2015 at 3:00 p.m.
COMMITTEE ACTION: Received the announcements.
8. Suggestions for future agenda items
None.
9. Adjournment — at 3:12 p.m.