BCPUD Board of Directors Finance Committee Meeting Minutes

Bolinas Community Public Utility District
A Meeting of the Finance Committee Of The Board Of Directors
May 7, 2013 270 Elm Road, Bolinas

MINUTES

1. Call to Order.

    10:02 a.m.

2. Roll.

    Directors Amoroso and Kimball present; General Manager Jennifer Blackman also present.

3. Revised Balance of Proceeds from District’s Sale of its Pine Gulch Creek Property to the National Park Service.

    The Committee reviewed changes made by staff (per the instruction of the Board at the April regular meeting) to the accounting spreadsheet prepared last year to document expenditures to-date from the proceeds from the district’s sale of its Pine Gulch Creek property to the National Park Service. Discussion ensued and the Committee directed staff to allocate the $128,764 currently in the “capital projects” column to the district’s designated funds at the County of Marin as follows: $100,000 to the water designated fund and $28,764 to the sewer designated fund. This allocation will bring the total balance in the sewer designated fund to approximately $150,000, which is 50% of the annual operating budget for the sewer system. The water designated fund balance will be approximately $272,500, which is not yet 50% of the annual operating budget for the water system. The Committee noted the need to further replenish this fund over the next few years. The Committee asked staff to include an item on the full Board’s regular May meeting agenda to review and approve the updated spreadsheet.

4. Draft Fiscal Year 2013-14 Budget.

    The Committee reviewed a revised draft budget, which incorporates the changes discussed at the last Finance Committee meeting and the April Board of Directors meeting; a small shortfall of $2,186 remains in the sewer budget. Discussion ensued and the Committee directed staff to carry forward $2,186 in revenue from this fiscal year’s “plant” budget in the sewer class to balance the budget, as plant expenditures for the sewer system are running below budget so far this year.

5. Community Expression.

    None.

6. Adjournment.

    11:16 a.m.