MINUTES OF THE ADMINISTRATIVE AND FINANCE COMMITTEE MEETING
NOVEMBER 8, 2007
1. CALL TO ORDER
Chair Wornham called the Special Administrative and Finance Committee meeting
to order at 1:32 p.m.
2. ROLL CALL
Committee members present were Chair Wornham and Directors Bond, Lewis, Petty,
Pocklington, Saunders, Smith, Thompson and H. Williams. Committee members absent
were Vice-Chairs Hogan and Price, and Directors Hilliker, Johnson, and Quist.
Also present were Directors Croucher, Dailey, Knutson, Linden, Martin, McMillan,
Parker and Steiner. At that time, there was a quorum of the committee. Staff
present was General Manager Stapleton, General Counsel Hentschke, Deputy General
Managers Belock and Lanspery, Acting Director of Finance/Treasurer Sandler,
Director of Administrative Services Young, Controller Wade, Accounting Supervisor
McBroome, Financial Services Manager/Treasurer Delin, and Risk Manager Homer.
Also present was Richard Kikuchi, Engagement Partner of Lance, Soll & Lunghard,
LLP, and Kathleen McKenna and Bill Beason, representatives of Marsh USA.
3. PUBLIC COMMENT
There were no members of the public who wished to address the Committee.
4. CHAIR'S REPORT
Chair Wornham stated that this special meeting would cover two items: the draft
audited financial statements and audit results for the fiscal year ending June
30, 2007, and a presentation on the status of the business insurance review.
Chair Wornham acknowledged that this is Lance, Soll and Lunghard’s second
year of a three-year auditing contract. He stated that the Board received a
presentation from the auditors at a Special Board meeting on September 6 and
had an opportunity at that time to comment on the auditor’s scope of work
for this year’s financial audit.
5. FISCAL YEAR 2006-2007 AUDIT RESULTS
Chair Wornham introduced Controller Leanne Wade. Ms. Wade presented the basic
financial statements for the fiscal year ending June 30, 2007. Ms. Wade then
introduced Richard Kikuchi, Engagement Partner of Lance, Soll and Lunghard,
who presented the audit results for fiscal year ending June 30, 2007. Ms. Wade
stated that the Water Authority received an unqualified opinion on the financial
statements.
The Directors asked questions and made comments on the presentation.
Chair Wornham recognized staff for a great job on the audit.
6. REVIEW AND ACCEPT THE DRAFT AUDITED BASIC FINANCIAL STATEMENTS FOR
THE FISCAL YEAR ENDED JUNE 30, 2007.
Director Thompson moved, Director Petty seconded and the motion carried unanimously
to accept the Audited Financial Statements for Fiscal Year ended June 30, 2007.
7. PRESENTATION ON THE STATUS OF THE BUSINESS INSURANCE REVIEW
Chair Wornham introduced Director of Administrative Services Marilyn Young.
Ms. Young gave some background on the item and introduced Risk Manager Robert
Homer. Mr. Homer presented the objectives and gave a status update of the business
insurance review. He stated that staff is planning on coming back to the Board
in December 2007 with a recommendation on property insurance; in March 2008
with a recommendation on workers’ compensation insurance; and in June
2008 with a recommendation on general liability insurance. He noted that the
schedule may change slightly due to the fact that insurers like to combine workers’
compensation and general liability for better rate structure.
The Directors asked questions and made comments on the presentation.
8. ADJOURNMENT
There being no further business to come before the Administrative and Finance
Committee, Chair Wornham adjourned the meeting at 2:25 p.m.
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Tom Wornham, Chair
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