MINUTES OF THE ADMINISTRATIVE AND FINANCE COMMITTEE MEETING
NOVEMBER 13, 2008
1. CALL TO ORDER
Chair Wornham called the Special Administrative and Finance Committee meeting
to order at 1:05 p.m.
2. ROLL CALL
Committee members present were Chair Wornham, Vice-Chair Hogan, Vice-Chair Price
and Directors Bond, Hilliker, Johnson, Lewis, Petty, Pocklington, Saunders,
Smith, Thompson, and H. Williams. Committee members absent were Directors Dion.
Also present were Directors Arant, Barrett, Bowersox, Brammell, Dailey, Ferguson,
Knutson, Linden, Parker, Saxod, Steiner, and K. Williams. At that time, there
was a quorum of the committee. Staff present was General Counsel Hentschke,
Deputy General Manager Lanspery, Deputy General Manager Belock, Director of
Finance/Treasurer Sandler, and Controller Wade. Also present was Richard Kikuchi
of Lance, Soll and Lunghard.
3. PUBLIC COMMENT
There were no members of the public who wished to address the Committee.
4. CHAIR’S REPORT
Chair Wornham reported at the October Board meeting Mr. Sandler had given a
presentation regarding the Water Authority’s investment and debt portfolios
within the context of the financial market dislocation and staff had solicited
proposals from the Water Authority’s underwriting pool regarding ideas
for the commercial paper program. Chair Wornham also commented that staff would
report on the results at the next Board meeting.
5. ACTION/DISCUSSION
1. Review and accept the draft audited basic financial statements for the
fiscal year
ended June 30, 2008.
Chair Wornham briefed the board on the upcoming discussion stating that the
Water Authority management was responsible for the preparation of the financial
statements and acknowledged that this was Lance, Soll and Lunghard’s third
year of a three-year contract, with the option to extend two additional years.
Chair Wornham was pleased to announce that Lance, Soll and Lunghard had delivered
a clean audit opinion in the 2008 financial statements.
Chair Wornham introduced Controller Leanne Wade. Ms. Wade presented the basic
financial statements for the fiscal year ending June 30, 2008 and then introduced
Richard Kikuchi, Engagement Partner of Lance, Soll and Lunghard, who presented
the audit results for fiscal year ended June 30, 2008. The Directors asked questions
and made comments on the presentation.
Chair Wornham recognized staff for a great job on the audit.
Director Petty moved, Director Hogan seconded and the motion carried unanimously
to accept the Audited Financial Statements for Fiscal Year ended June 30, 2008.
6. ADJOURNMENT
There being no further business to come before the Administrative and Finance
Committee, Chair Wornham adjourned the meeting at 1:36 p.m.
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Tom Wornham, Chair
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