Finance Committee Meeting

Minutes

Tuesday, March 11, 2008

4:00 p.m.

Call To Order:

In the absence of the Secretary/Treasurer, Trustee Doug Walker called the meeting to order at 4:07 p.m., on March 11, 2008, in the District’s Conference Room. Those present at roll call were Committee Members Trustees Gary Howell and Doug Walker. Also present were General Manager Don Gomsi, Assistant to the General Manage Diane Glanz, and Finance Administrator David I’Anson. Chair Dr. Bruce Underwood arrived at 4:16 p.m. John Fuschetti also attended the meeting.

Confirmation of Agenda:

The agenda was confirmed as presented.

Approval of Minutes from February 12, 2008, Finance Committee Meeting:

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

Public/Staff Comments

None

Review of January Financials for March Board Packet

Received and filed.

Expanded “Green Sheet” Report

Reviewed.

Review of January Financials Comparison to Last Year and Investment Report with Weighted Yield

Reviewed

Distribute FY 2008-2009 Draft Budget

Finance Administrator distributed the staff’s first draft of the 2008-08 budget. The Committee established their initial meeting schedule to review the budgets with the individual program managers.

The first meeting was scheduled for Friday, March 28, 2008, at noon and Program Managers Branka Lothrop and Anita Jones. The second meeting was scheduled for Monday, April 7, 2008, at 10:00 a.m. with Program Managers Jim Saulnier and Diane Glanz.

Trustee Comments:

Trustee Walker opened discussion on Moreland’s report to the Board. The Committee requested that they receive a copy of the report so that they could review it prior to the Board of Trustee meeting and pose questions. Upon receipt and review of the Moreland report, questions may be submitted to Finance Administrator I’Anson who will relay them to the firm for response at the May 13, 2008, meeting. The Finance Committee meeting will begin at 3:30 p.m. on May 13^th in order to allow time for a review of the report with Moreland associates.

Trustee Underwood reported on Statement of Auditing Standards No. 114, (SAS 114) [The Auditor’s Communication with Those Charged with Governance], noting that audits for year-end June 30, 2008 fall under these guidelines. The Statement increases a Trustee’s financial fiduciary responsibility. Moreland will be providing training for Trustees on the heightened duties and responsibilities. May 13, 2008, is the tentative date for Trustee basic training on SAS 114.

Schedule Next Meeting:

The next meeting was scheduled for March 28, 2008, at 12:00 noon.

Adjournment

The meeting was adjourned at 5:15 p.m.