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Minutes - Investment - 2008-02-28 61.014*� 0 l • - COSTA MESA SANITARY DISTRICT MINUTES OF INVESTMENT OVERSIGHT COMMITTEE MEETING February 28, 2008 CALL TO ORDER The meeting was called to order at 5:00 p.m. by Treasurer/Finance Director Marc Davis ROLL CALL Committee Members Present: Director James Ferryman (rotating committee member) Director Arlene Schafer (rotating committee member) Mr. Rob Hamers, Manager/District Engineer Staff Members Present: Mr. Marc Davis, Treasurer/Finance Director Mr. Thomas Fauth, Assistant Manager Ms. Joan Revak, Board Secretary/Program Manager/Clerk of the District Ms. Sherry Kallab, Management Analyst • NEW BUSINESS Review of Treasurer's Report Mr. Davis reported that the District's portfolio is earning approximately 4.015% as of January, 2008. Mr. Davis reported, due to the decrease in interest rates, two investments were called in January and two additional investments were called in February. Mr. Davis stated that the timing of the investments being called is good given the need for funds for the District yard. Mr. Davis referred to the call features on page 10 of the January Treasurer's report. Mr. Davis commented that when the District re-invests the funds in late spring or early summer, he would not recommend an investment with a continuous call feature. Mr. Davis noted that the drop in interest rates is easily identified in the chart on page 12 of the January Treasurer's report. Mr. Hamers responded that the District's rate had remained steady for the year and complimented Mr. Davis on a job well done. Status of Springbrook New Modules Mr. Davis acknowledged that Sherry Kallab, District Accountant and Jacque Rogers from his office had been in training with Springbrook for the Fixed Asset and Accounts Receivable modules the District recently purchased. Mr. Davis stated that the plan is to update the District Assets, to ease with asset additions and deletions, using the sewer atlas and a manhole to manhole basis. The new Fixed Asset module will assist in project tracking and provide • integration with the General Ledger. The Accounts Receivable module will be used to centralized all District invoicing. Currently at the end of the year the District Accountant has to talk to several individuals to determine what MINUTES OF INVESTMENT OVERSIGHT COMMITTEE MEETING February 28,2008 Page 2 may be outstanding. Mr. Hamers interjected that most of the District's charges are processed through the County Assessor's Office, but that the • Accountant does have to send out some miscellaneous invoices and needs the ability to track those invoices. Mr. Davis mentioned the ease of items falling through the cracks with the current manual procedure being used. Mr. Davis suggested that the time frame to implement the new modules will be the beginning of the next fiscal year to allow time to make changes in the current procedures. Director Schafer asked if the new modules and their implementation could be discussed during the budget study session. Mr. Davis replied that there will be no budget associated with the implementation, but that the item can be discussed at the budget study session meeting. Mr. Hamers questioned if everything is working well regarding the new modules and Ms. Kallab confirmed that it is. Extension of Agreement for Audit Services Mr. Davis noted that for the March Board meeting, he would be bringing the Diehl Evans Audit Services Contract to the Board to exercise the first one- year extension option with a cost of$12,500. The contract was a three-year contract with two one-year options. The third-year audit was just completed this past year and the District has been pleased with the firm's services and professionalism. Mr. Hamers noted that the firm has issued good reports. Mr. Davis commented the firm has been accessible to answer questions and they present the audit report to the Board at no additional costs. Director Schafer asked if their price for the audit was in the ball park of what the charges should be. Mr. Davis stated that we should bid the contract upon • completion and that a good price for the audit of a district our size should be around $10,000. PUBLIC COMMENTS There were no items discussed under public comments. ADJOURNMENT The meeting adjourned at 5:20 p.m. Approved by: Secretary, Costa Mesa Sanitary District President, Costa Mesa Sanitary District Board of Directors Board of Directors •