HomeMy WebLinkAbout19.d. Minutes-Finance Committee 09-25-18 Page 1 of 4
Item 19.d.
CENTRALSAN
CENTRAL CONTRA COSTA SANITARY DISTRICT
October 4, 2018
TO: HONORABLE BOARD OF DIRECTORS
FROM: KATIE YOUNG, SECRETARYOF THE DISTRICT
SUBJECT: SEPTEMBER 25, 2018 - FINANCE COMMITTEE - PRESIDENT NEJEDLY
AND MEMBER PILECKI
Attached are minutes of the above Committee meeting.
Strategic Plan re-In
GOAL ONE: Provide Exceptional Customer Service
Strategy 1 - Build external customer relationships and awareness
ATTACHMENTS:
1. Finance Committee Minutes 08-21-1809-25-18
October 4, 2018 Regular Board Meeting Agenda Packet- Page 262 of 265
Page 2 of 4
,or76—
I CENTRAL SAN
CENTRAL • ■ • COSTA . IMHOFF PLACE, MARTINEZ, CA 9AS53-A37
REGULAR MEETING OF THE BOARD OF DIRECTORS:
CENTRAL CONTRA COSTA JAMES A.NEJLDLY
President
SANITARY DISTRICT DAVID R, WILLIAMS
FINANCE COMMITTEE President Pro Tem
PAUL H CAUSEY
MICHAEL R.MCGILL
M I N U T E S TAD J PHECKI
PHONE: (925)228-9500
Tuesday, September 25, 2018 FAx 3�2-°192
www.cententralsan.org
2:00 p.m.
Executive Conference Room
5019 Imhoff Place
Martinez, California
Committee:
Chair Jim Nejedly
Member Tad Pilecki
Staff.
Roger Bailey, General Manager
Katie Young, Secretary of the District
Phil Leiber, Director of Finance and Administration
Stephanie King, Purchasing and Materials Manager
Todd Smithey, Finance Administrator
Donna Anderson, Assistant to the Secretary of the District
1. Call Meeting to Order
Chair Nejedly called the meeting to order at 2:00 p.m.
2. Public Comments
None.
3. Old Business
a. Follow-up to question asked at the August 21, 2018 meeting regarding check
expenditures
COMMITTEE ACTION: Received the information.
October 4, 2018 Regular Board Meeting Agenda Packet- Page 263 of 265
Page 3 of 4
Finance Committee Minutes
September 25, 2018
Page 2
4. Items for Committee Recommendation to the Board
a. Review August 2018 Financial Statements and Investment Reports
Mr. Leiber reviewed the August budget variances for the Operations and
Maintenance accounts and the Sewer Construction Fund, noting that
everything is as expected and on track.
In response to a question from Mr. Bailey, Mr. Leiber said the assumptions
for presumed cost savings related to the transition to Ca1PERS for the
administration of employee medical benefits will not be reflected until the
Fiscal Year 2019-20 budget.
Mr. Leiber also reported that this year's Debt Service Budget did not take
into account the 2009 bond refinancing that was just completed. There is
likely to be a positive variance as a result, allocated between this year and
next with regard to interest costs budgeted through the next maturity date of
September 1, 2019.
COMMITTEE ACTION: Reviewed and recommended Board receipt.
b.* Review and recommend approval of expenditures dated October 4, 2018
Staff responded to a couple of comments and questions from Chair Nejedly.
Member Pilecki referred to the procurement card (P-card) transaction detail
distributed to the Committee just prior to the meeting (see attached), which
corresponds to the P-card purchases reflected on the expenditures listing.
He said he was unable to fully review the transaction detail prior to the
meeting but would do so prior to the October 4, 2018 Board meeting. In the
meantime, if he should have any questions, he will contact staff.
Staff clarified that this level of detail for P-card transactions will accompany
future expenditures listings going forward.
COMMITTEE ACTION: Reviewed and recommended Board approval.
5. Other Items
a. Review Risk Management Loss Control Report as of September 17, 2018
In the absence of Risk Management Administrator Shari Deutsch, Mr. Leiber
reviewed the report and responded to several questions from the Committee
Members.
COMMITTEE ACTION: Reviewed the report.
October 4, 2018 Regular Board Meeting Agenda Packet- Page 264 of 265
Page 4 of 4
Finance Committee Minutes
September 25, 2018
Page 3
b. Report on 2009 Bond Refinancing
Mr. Leiber briefly reviewed the memorandum included with the agenda
material, noting that the bond refinancing is now complete and the outcome
was better than anticipated. He said this bodes well for future bond
issuances; investors appear to be looking forward to having an active market
in Central San's bonds. The outlook on the District's reliance on debt
financing has been reduced from $185 million to roughly$154 million over
the next ten years. This has deferred the need for borrowing of funds into
Fiscal Year 2020-21, allowing more time to consider other lower-cost
sources of funds.
COMMITTEE ACTION: Received the report.
C. Receive list of future agenda items
COMMITTEE ACTION: Received and provided input to staff.
6. Announcements
None.
7. Future Scheduled Meetings
a. Tuesday, October 23, 2018 at 2:00 p.m.
Tuesday, November 20, 2018 at 2:00 p.m.
Tuesday, December 18, 2018 at 2:00 p.m.
8. Suggestions for Future Agenda Items
a. Member Pilecki requested an update on the status of hiring a new Finance
Manager.
9. Adjournment— at 2:14 p.m.
October 4, 2018 Regular Board Meeting Agenda Packet- Page 265 of 265