HomeMy WebLinkAbout1990-04-09 Min - Board SPECIAL MEETING
April 9, 1990
• The special meeting of the Board of Directors of the Truckee Donner
Public Utility District was called to order by Vice President
Aguera at 7: 09 P.M. in the TDPUD Board room.
ROLL CALL: Directors Joe Aguera, John Corbett, Richard Curran and
Pat Sutton were present. Director Jim Maass was unable to attend.
EMPLOYEES PRESENT: Paul Colburn and Peter Holzmeister.
CONSULTANTS PRESENT: Bill Fowler and Chic Dohoney of Deloitte &
Touche.
OTHERS PRESENT: Trevor DelPape and Maria Ramirez .
AUDIT WORKSHOP
Mr. Fowler gave a brief overview of the audit, and Chic Dohoney
reviewed the financial statements and notes to financial statements
in detail with the Board.
The Board discussed the Balance Sheets, the restricted and
unrestricted retained earnings and the notes to the financial
statements.
It was noted that, as required by State Assembly Bill 1600, the
District recognizes facilities fees and the portion of connection
fees relating to future metering of the District as construction
advances until they are either applied as a reduction to
construction costs or refunded if the funds are not expended within
five years.
Concerning the building fund, it was mentioned that it was
established through the transfer of funds from various restricted
and general fund accounts and the allocation of purchased power
refunds. Funds were transferred from the REA loan account, the
Martis Valley Substation account, the Farmers Home Administration
Revenue account, the consumer deposit account and the general fund.
The Tahoe Donner Water System Fund, previously called the Dart
Industries fund, was discussed. The District has collected funds
for future repairs of water lines constructed by Dart Industries
and for future water source and storage facilities. The funds are
restricted pursuant to Board resolution. During 1989, the Board
authorized a loan from the Tahoe Donner Water System fund to
provide funds to the general fund for the purchase and early
retirement of outstanding Farmers Home Administration note and
bonds. The loan accrues interest at the six-month average
effective yield of the State of California Local Agency Investment
Fund. Principal and interest payments of $17 , 000 are due
semiannually with all principal and interest due in 2002 . As of
December 31, 1989, the balance of the loan was $257 , 135.
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A copy of the preliminary audit has been made an attachment to
. these minutes. Several changes in wording are to be made as
suggested by the Board.
ADJOURNMENT
There being no further business before the Board, the meeting was
adjourned at 10:45 P.M.
TRUCREE DONNER PUBLIC UTILITY DISTRICT
Jd&es A. Maass, Pr idant
Prepared by
Susan M. Craig, Deputy District Cle
smc
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