HomeMy WebLinkAboutFinance MINUTES 08-22-23Page 2 of 4
110ENTRAL SAN
REGULAR MEETING OF THE
BOARD OF DIRECTORS:
BARBARA D. HOCKETT
CENTRAL CONTRA COSTA
President
SANITARY DISTRICT
MARIAHNLAURITZEN
President Pro Tent
FINANCE COMMITTEE
MICHAEL R. MCGILL
TAD J PILECKI
FLORENCE T WEDINGTON
MINUTES
Tuesda AU USt 22, 2023 PHONE: (925) 228-9500
y� g FAX.- (925) 372-0192
9:30 a.m. www.central.van.org
('nmmittaa
Chair Barbara Hockett
Member Mariah Lauritzen
Staff. -
Katie Young, CIVIC Secretary of the District
Greg Norby, Deputy General Manager — Operations (arrived during Item 3.b.)
Philip Leiber, Deputy General Manager — Administration
Benjamin Johnson, Internal Auditor
Edgar Lopez, Capital Projects Division Manager (arrived during Item 3.b.)
Kevin Mizuno, Finance Manager
Thomas Brightbill, Senior Engineer (arrived during Item 3.b., left after Item 3.b.)
Chris Thomas, Finance Administrator (arrived during Item 3.b.)
Shari Deutsch, Risk Management Administrator
1. Call Meeting to Order
Chair Hockett called the meeting to order at 9:30 a.m.
2. Public Comments
None.
September 7, 2023 Regular Board Meeting Agenda Packet - Page 151 of 160
Page 3 of 4
Finance Committee Minutes
August 22, 2023
Page 2
3. Items for Committee Recommendation to the Board
a. Review and recommend approval of expenditures incurred July 7, 2023
through August 10, 2023
The Committee had no questions for staff and recommended Board
approval.
COMMITTEE ACTION: Recommended Board approval.
b. Receive Budget -to -Actual Expenditure overview through the month of June
2023
Mr. Mizuno provided the Committee with the preliminary unaudited year end
overview. It was noted that current draft unaudited figures show
approximately a 4 percent favorable variance for Operations and
Maintenance (O&M) expenditures. Mr. Leiber noted that the Board would
have a decision to make as to where to direct the variance in excess of what
the FY 23-24 budget projected when the year-end close figures are finalized
later this fall.
In response to a question posed by Chair Hockett, Mr. Mizuno advised that if
favorable variance from the O&M fund is transferred to the sewer
construction fund the funds become restricted for capital project funding.
COMMITTEE ACTION: Recommended Board receipt.
4. Other Items
a. Receive Highmark Other Post -Employment Benefits (OPEB) and Pension
Prefunding Sub -trust Reports for the Second Quarter of calendar year 2023
Mr. Leiber stated that Central San OPEB Trust is in good shape with the
annual OPEB returns at 7.55 percent and the Pension Prefunding trust at 5.5
percent. It was noted that Highmark is performing better than the relevant
benchmarks.
COMMITTEE ACTION: Received the report.
b. Receive annual report on status of loans under Board Policy No. BP 001 -
Employee Computer Purchase Assistance Program
Mr. Mizuno reported that in July 2023, the Board authorized an increase to
the loan amounts for assistance to $750 - $2, 500 with no change in the
$30, 000 cap on the program. In FY 2022-23 five computer loans were issued
to employees.
September 7, 2023 Regular Board Meeting Agenda Packet - Page 152 of 160
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Finance Committee Minutes
August 22, 2023
Page 3
Mr. Leiber stated that the usage of this program has been on a downward
trend but requires little effort to administer, is cost neutral to the District, and
remains a valued benefit for some employees that use it.
COMMITTEE ACTION: Received the report.
C. Review Risk Management Loss Control Report as of August 7, 2023.
Ms. Deutsch reviewed the report included in the agenda materials and
advised that there were no new claims. It was noted that at this time, Central
San has multiple litigated cases moving forward, more than in recent years.
COMMITTEE ACTION: Received the report.
5. Announcements
None.
6. Suggestions for Future Agenda Items
a. Receive list of upcoming agenda items and provide suggestions for any
other future agenda items
Mr. Mizuno advised the Committee that staff plans to bring the Request for
Proposals (RFP) regarding the treasury function to ensure full transparency.
COMMITTEE ACTION: Received the list and provided input to staff.
7. Future Scheduled Meetings
Tuesday, September 19, 2023 at 9:30 a.m.
Tuesday, October 24, 2023 at 9:30 a.m.
Tuesday, November 21, 2023 at 9:30 a.m.
8. Adjournment — at 9:56 a.m.
September 7, 2023 Regular Board Meeting Agenda Packet - Page 153 of 160