HomeMy WebLinkAbout05.d.1)a) Action Summary-Finance Committee 11-24-15SPECIAL MEETING OF THE
CENTRAL CONTRA COSTA
SANITARY DISTRICT
FINANCE COMMITTEE
ACTION SUMMARY
Tuesday, November 24, 2015
3:00 p.m.
Executive Conference Room
5019 Imhoff Place
Martinez, California
Committee:
Chair Jim Nejedly
Member Tad Pilecki
-I,P,j )."W)
BOARD OF DIRECTORS:
MICHAEL R. MCGILL
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
Invited Guests:
Andrew Brown, HighMark Capital Management (left after Item 4.)
Rachael Sanders, Public Agency Retirement Services (PARS) (left after Item 4.)
Staff.
Deputy General Manager Ann Sasaki
Director of Administration David Heath
Finance Manager Thea Vassallo
Purchasing and Materials Manager Stephanie King
Finance Administrator Todd Smithey
Senior Accountant Chris Thomas (left after Item 5.)
Senior Administrative Technician Cindy Granzella
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.
Finance Committee Action Summary
November 24, 2015
Page 2
4. Review and discuss HighMark Capital Management Governmental Accounting
Standards Board (GASB) 45 Trust Third Quarter Report and subsequent activity
through November 24, 2015
Mr. Brown reviewed the information included in the agenda materials, with a
primary focus on the discussion highlights on page 1 of Part 2. He noted the
year -to -date performance was 1.83 %, and the inception -to -date performance
was 10.66 %.
Member Pilecki asked if international equities should be reduced due to the
current state of affairs around the globe. Mr. Brown acknowledged the recent
situations in Greece, France, and Russia, as well as the concern with the slowing
economic growth in China, but stated that it is too soon for a reaction. The
strength of the dollar is also an important factor.
COMMITTEE ACTION: Reviewed and provided input to staff.
5. Review the final Comprehensive Annual Financial Report (CAFR) as of June 30,
2015 for submission to the Government Finance Officers Association
Ms. Vassallo reviewed the report included with the agenda materials.
COMMITTEE ACTION: Reviewed and recommended Board approval.
6. Expenditures
a. Review Expenditures
b. Review Procurement Card (P -Card) Statement
COMMITTEE ACTION: Reviewed and recommended Board approval.
Requested additional information on the following:
Check /
Date
Amount
Vendor
Information Requested
#36944
$9,110.37
Snap -On
Chair Nejedly requested more information,
11/05/15
Industrial
including how many rotors were cut last year.
6. Review October 2015 Financial Statements and Investment Reports
Ms. Vassallo stated that the Operations and Maintenance (O &M) and Sewer
Construction Revenues are running at a $945,000 favorable variance, similar to
Finance Committee Action Summary
November 24, 2015
Page 3
last month. Running expenses are currently running a $2 million favorable
variance. Expenditures for Capital Projects are currently $8.2 million for the year.
Ms. Vassallo also noted that expenses for recycled water are now tracked
separately, and can be found on page 8 of the report in the agenda materials.
Current year recycled water expenses are $240,000.
COMMITTEE ACTION: Reviewed and recommended Board approval.
8. Announcements
a. Future scheduled meetings:
Tuesday, December 8, 2015 at 2:00 p.m.
Tuesday, December 22, 2015 at 3:00 p.m.
COMMITTEE ACTION: Received the announcements.
9. Suggestions for future agenda items
None.
10. Adjournment — at 3:27 p.m.