HomeMy WebLinkAbout1998-08-04 - Finance-Accounting Committee Meeting Minutes0
AGENDA REPORT
DATE: August 13, 1998
TO: President and Members of the Board
FROM: Finance- Accounting Committee
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ITEM NO. /3 6.
SUBJECT: Summary Minutes of the Finance - Accounting Committee Meeting
The Finance - Accounting Committee held a meeting on August 4, 1998. Present were Arthur C.
Korn, Sterling Fox, William Robertson, Beverly Meza, Mike Payne, and Lora Stovall
representing Bartel Wells. The Committee discussed the following:
1. Refunding I.D. No. 2 Bonds. Ms. Stovall made a lengthy presentation on the I.D. No. 2
refunding. The Committee requested a breakdown of the issuance costs, analysis of savings
if the existing bonds were paid off early, and comparison of savings with and without using
Debt Service reserves to reduce the Refunding issuance. In addition, Ms. Stovall briefly
reviewed the Official Statement and requested that staff and Board members fully review the
document prior to the August 13, Board meeting.
2. Status of Annual Audit. Ms. Meza reported the annual audit process in underway.
Completion is expected by late September and the final report will be presented for Board
action sometime in October.
3. Status of Billing Software. Ms. Meza reported staff is still looking for billing software.