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Minutes - Board - 2000-08-07' COSTA MESA SANITARY DISTRICT Minutes of Board of Directors Special Meeting held August 7, 2000 The Board of Directors of the Costa Mesa Sanitary District met in special session on August 7, 2000, at 9:30 a. m., in conference room 3A at the Civic Center, 77 Fair Drive, Costa Mesa, California. President Perry called the meeting to order at 9:00 a.m. Vice President Schafer led the Pledge of Allegiance. Director Woodside gave the invocation. Roll Call: Directors Present: Art Perry, Arlene Schafer, Greg Woodside, James Ferryman, Dan Worthington Staff Present: Rob Hamers, Manager; Tom Fauth, Assistant Manager; Joan Revak, Clerk of the District; Dawn Schmeisser, Assessment Specialist; Alan Burns, Legal Counsel; Marc Puckett, Treasurer; Ron Hayes, Accounting; • TREASURER'S REPORT (STATEMENT OF MONIES ON DEPOSIT) District Treasurer, Marc Puckett, provided explanations to the questions posed by the Board of Directors at the July 13, 2000 Regular Meeting with regard to the split between trash and sewer operation funds. Mr. Puckett explained the difference between cash balances, a measure of liquidity, and fund balances, a measure of results of operations. Mr. Puckett further informed the Board of the reason for the two million increase in cash balances as of June 30: 1. Project appropriations to replacement reserves adopted in the FY -- budget equaled $665,000. 2. Orange County Bankruptcy proceeds of $423,128. 3. Depreciation expense recorded for sewer assets of $429,375. 4. Unanticipated delinquent tax collections totaling $379,062 Mr. Puckett provided unaudited financial statements for the fiscal year ended June 30, 2000, noting that the statements cannot be considered "final' until the accounting records have been audited by an independent public accountant and an opinion rendered as to accuracy and fairness of the statements presented as a whole. The audit has been moved up this year by 45 days and the audited financial statements should be issued by September 30 according to Mr. Puckett. • -,. , . CMSD BOARD OF DIRECTORS SPECIAL MEETING 2 August 7, 2000 • 2000 -2007 BUDGET Mr. Puckett answered additional questions relating to the four items mentioned above ADJOURNMENT At 10:33 a. m. President Perry adjourned the meeting. I SEER TARP PRESIDENT u E