HomeMy WebLinkAbout1999-07-28 - Finance-Accounting Committee Meeting Minutes•
AGENDA REPORT
DATE: August 12, 1999
TO: Prree�ident and Members of the Board
FROM: ✓Finance Committee
•
ITEM NO. A—A •
SUBJECT: Summary Minutes of the Finance - Accounting Committee Meeting
The Finance - Accounting Committee held a meeting on July 28, 1999. Present were Arthur C.
Korn, Mark Abramowitz, William Robertson and Beverly Meza. The Committee discussed the
following items:
1. Water Rates. Mr. Robertson reported the budget shortfall is about $3.1 million over the next
two fiscal years. The choices are to either raise rates, reduce spending, draw from reserves or
some combination of each. The Committee requested that staff take the matter to the full
Board for discussion at the earliest opportunity.
2. Sewer Rates. Mr. Robertson discussed the Sewer Maintenance Charge for FY 1999 -00.
Staff's recommendation is to keep the charge at the current $24.00 per year. The Committee
discussed the matter.
3. Gann Resolution. Ms. Meza reported on the "Gann" calculations and resolution the Board
needs to adopt. According the "Gann" calculations the District is allowed to take in about
$3.0 million in tax receipts, however, the actual is less that $900,000.
4. Investment Policy. Ms. Meza reviewed a few minor modifications to the Investment Policy.
She pointed out they are clarifications rather than substantive changes in policy.
Annual Audit Status Report. Ms. Meza reported the Auditors are already working and the
final report will not take as long as last year.
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