Finance Committee Meeting

Minutes

Friday, January 4, 2008

10:00 a.m.

Call To Order:

Secretary/Treasurer Dr. Bruce Underwood called the meeting to order at 10:04 a.m., on January 4, 2008, in the District’s Multi-Purpose Room. Those present at roll call were Committee Members Chair Dr. Bruce Underwood and Trustees Gary Howell and Doug Walker. Also present were General Manager Don Gomsi, Assistant to the General Manager Diane Glanz, and Finance Administrator David I’Anson.

Confirmation of Agenda:

The agenda was confirmed as presented.

Approval of Minutes from December 11, 2007, Finance Committee Meeting:

MOTION: Trustee Walker moved to approve the minutes as presented. Second by Trustee Underwood. Motion carried unanimously.

Public/Staff Comments

Copies of an article from Governing magazine were distributed that contained an informational article about GASB and implementation of its standards. General Manager Gomsi provided the Finance Committee with an update on a recent interview with The Desert Sun attended by Trustee President Mike Duran, Trustee Ben Laflin, and the General Manager.

Review of November Financials for January Board Packet

Received and filed.

Expanded “Green Sheet” Report

Reviewed.

Discussion and Recommendation on Appointment of Auditor

MOTION: Trustee Howell moved to set up interviews with the firms of Charles Z. Fedak & Company and Mayer Hoffman McCann P.C., at their next meeting and to have 1.) Committee Members email their interview questions to the Assistant to the General Manager prior to the meeting for 2.) compiling and 3.) return to Committee members prior to the meeting for consideration and review. Second by Walker. Carried.

Update on Actuary for Compliance with Government Accounting Standards Board Statement 45 (GASB 45) Other Post Employment Benefits (OPEB)

Update: Waiting for Resolution from Legal Counsel.

Discussion on Budget Process and Assumptions

Finance Administrator reviewed 2007-08 Budget process and timelines with Committee.

Discussion of Capital Budgeting

Trustee Underwood moved to contact Strategic Planning Committee Chair Sharon Lock to request that her Committee, or a Team appointed by that Committee, make recommendations as to the District’s capital budgeting and as to the extent the budget should support research capabilities.

Discussion on New Purchasing Guidelines

Referred to Municipal Financial firm for their recommendation.

Trustee Comments:

None

Schedule Next Meeting:

The next meeting was scheduled for February 8, 2008, at 11:30 a.m.

Adjournment

The meeting was adjourned at 11:40 a.m.