HomeMy WebLinkAbout1989-03-27 Min - Board SPECIAL MEETING
March 27, 1989
The special meeting of the Board of Directors of the Truckee Donner
Public Utility District was called to order by Vice President White
at 7 :20 P.M. in the TDPUD Board Room.
ROLL CALL: Directors Corbett, Sutton and White were present;
Director Maass was absent; and Director Aguera was expected.
EMPLOYEES PRESENT: Paul Colburn.
CONSULTANTS PRESENT: Bill Fowler and Chic Dohoney of Touche Ross
and Co.
AUDIT WORKSHOP
Director Aguera arrived at this point in the meeting, 7 : 21 P.M.
Director White advised that the Finance Committee met on March 24,
1989 for a preliminary audit review. Suggestions made at that
meeting, she said, have been incorporated into the final draft of
the audit.
Finance Supervisor Colburn noted that the only item missing from
the audit is the actuarial information on the pension plan. He
anticipates receiving the data within the next few days and hopes
to be able to place consideration of the final audit on the next
regular meeting agenda.
Bill Fowler gave a brief overview of the audit and said there are
no major changes since last year. The independent auditor's report
is, he stated, an unqualified opinion. He complimented staff on
their excellent cooperation with the audit team, and said he had
no disagreements with management over policies or procedures.
Chic Dohoney reviewed the financial statements in detail and
answered questions posed by the Board.
The Board discussed its decision (made in March 1989) to purchase
the Farmers Home Administration note and bonds. Mr. Dohoney
advised of the requirement to indicate how many of the District's
debts will be paid off during the ensuing 12 months. The audit
states that the District entered into an agreement to repurchase
the FmHA note and bonds at a discount. For purposes of financial
statement presentation, the note and bonds have been classified as
current, he said. The early retirement of the note and bonds will
result in a gain of approximately $231, 700 which will be recorded
in the 1989 operations. Director Sutton said she thought it might
be "cleaner11 to deal with the issue next year. Director White
stated the District hired the auditors, who are professionals, and
it should respect their opinions and recommendations. Director
Corbett moved, and Director Aguera seconded, that the Board leave
this item as presented by the auditors in the draft. All
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Directors, aye, with the exception of Director Sutton, who voted
11no. BA SO MOVED.
Director Sutton had some questions relating to the District's
deferred compensation plan, and Director White asked that the
matter be placed on the next meeting agenda for discussion.
ADJOURNMENT
There being no further business before the Board, Director Corbett
moved that the meeting be adjourned; seconded by Director Aguera.
All Directors, aye, by voice vote. SO MOVED at 9: 17 P.M.
TRUCREE DONNER PUBLIC UTILITY DISTRICT
mes A. Maass, P sident 7
Prepared by.
Susan M. Craig, Deputy District Cl
smc
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