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HomeMy WebLinkAbout1998-12-16 Min - Board REGULAR MEETING December 16, 1998 In accordance with District Code Section 2.08.010 the TDPUD minutes are action only minutes. All Board meetings are recorded on audio tapes which are preserved perpetually and made available for listening to any interested Darty upon their reauest The regular meeting of the Board of Directors of the Truckee Donner Public Utility District was called to order at approximately 7:08 PM in the TDPUD Board Room by President Jones. ROLL CALL: Directors Ron Hemig, Bob Jones, Patricia Sutton and James Maass were present; Director Joe Aguera was absent. EMPLOYEES PRESENT: Mary Chapman, Susan Craig, Peter Holzmeister, Bob Quinn and Ed Taylor. CONSULTANTS PRESENT: Consulting Engineer Keith Knibb and District Counsel, Steve Gross. OTHERS PRESENT: Ron Richardson of Wayne Richardson Company. PUBLIC INPUT There was no public input. PUBLIC HEARING ON A RESOLUTION AMENDING THE DISTRICT'S CONFLICT OF INTEREST CODE The public hearing was opened at 7:09 PM. There was no public present, so the hearing was closed. CONSIDERATION OF A RESOLUTION AMENDING THE DISTRICT'S CONFLICT OF INTEREST CODE The District is required to conduct a biennial review of its code and to make amendments as appropriate. Two new positions have been created, the Power Supply Engineer(currently filled by Steve Hollabaugh) and Water System Engineer which will be filled during 1999, Director Maass moved, and Director Hemig seconded, that the Board adopt Resolution No. 9829 amending the District's Conflict of Interest Code to include the positions of Power Supply Engineer and Water System Engineer. ROLL CALL: Aguera, absent; all other Directors, aye. SO RESOLVED. It was noted that language relating to marketing and advertising should be included in the filing requirements for the Planning Director. Staff will present a draft amendment to the Board at a future meeting. CONSIDERATION OF RELOCATING AND BALANCING THE INVESTMENT OF THE ASSETS OF THE DISTRICT'S DEFINED BENEFIT PENSION PLAN Ron Richardson of Wayne Richardson Company explained that for the past several years, the 12/16/98 Page 1 i District has been investing the assets of the defined benefit pension plan into three mutual funds. The balance is invested in Hartford Insurance Company's Guaranteed Insurance Contract. The three funds have performed very well. Because of this and because withdrawals from the pension plan to pay benefits to employees have been made from the Hartford funds, approximately 80% of the assets of the plan are in stocks. Richardson believes the investment portfolio is now too heavily concentrated in stocks. A more prudent investment portfolio for a public sector employee pension plan would be 60% in stocks, 20% in bonds and 20% in cash. After some discussion, Director Hemig moved that the Board adopt an investment strategy for the defined benefit pension plan that places 60% of the assets in stock mutual funds, 20% in bond mutual funds and 20% in cash investments. The stock mutual funds shall be Nationwide Fund Class D, Twentieth Century Growth, Dreyfus Appreciation Fund and Janus Twenty Fund. The bond funds shall be Nationwide Bond Fund D and Nationwide Intermediate US Government. The money market fund shall be Benhan Short Term Government Fund. The motion was seconded by Director Maass. ROLL CALL: all Directors, aye. CONSIDERATION OF A POLICY REGARDING THE DISTRICT FUNDING THE CONVERSION OR UPGRADE OF EXISTING CUSTOMER SERVICE PANELS IN CONJUNCTION WITH THE INSTALLATION OF AN UNDERGROUND DISTRIBUTION SYSTEM At the last Board meeting, there was discussion about the need to underground the customer service panels in the Jibboom Street Ailey as part of undergrounding the distribution system. Staff prepared a draft policy for review. After some discussion, Director Maass moved, and Director Hemig seconded, that the Board adopt Resolution No. 9830 setting policy defining conditions under which the District will pay for upgrading customer service panels in conjunction with installation of underground distribution facilities. ROLL CALL: all Directors, aye. SO RESOLVED. CONSIDERATION OF A RESOLUTION REGARDING FINDINGS OF FACTS REGARDING THE SERVICE PANELS OF EXISTING CUSTOMERS IN THE COMMERCIAL ROW AREA AND AUTHORIING THE DISTRICT TO PAY FOR CONVERSION OF EXISTING SERVICE PANELS AS PART OF THE INSTALLATION OF AN UNDERGROUND DISTRIBUTION SYSTEM The Board just took action to approve a policy regarding the District paying for modifications to service panels. It is now in a position to consider a resolution containing findings of fact and authorizing payment for conversion of service panels on the Jibboom Street Alley. The Board reviewed the draft policy and made some amendments. Thereafter, Director Hemig moved, and Director Maass seconded, that the Board approve Resolution No. 9831 containing the findings of fact regarding the service panels of existing customers in the Commercial Row area and authorizing the District to pay for conversion of existing service panels as part of the installation of an underground distribution system. ROLL CALL: all Directors, aye. SO RESOLVED. CONSIDERATION OF ESTABLISHING THE POSITION, JOB DESCRIPTION AND SALARY RANGE OF WATER SYSTEM ENGINEER Contained in the budget the Board approved on December 2, was the new position of Water System Engineer. Staff is recommending a job description similar in structure to the Electric System Engineer position and an identical salary range ($60,000 to $68,000). After brief discussion, Director Maass moved, and Director Sutton seconded, that the Board adopt the job description for the Water System Engineer with a salary range of $60,000 to $68,000. All Directors, aye, by voice vote. SO MOVED. 12/16/98 Page 2 Ie ; REVIEW OF MONTHLY ACTIVITY REPORTS There were no questions relating to the monthly activity reports. ACQUISITION OF SOURTHWEST GAS BY ONEOK, INC. Mr. Holzmeister copied the Directors with an article from the December 15 issue of the Reno Gazette-Journal about the acquisition of Southwest Gas by Oneok Inc. PERFORMANCE REVIEW FOR THE GENERAL MANAGER The next meeting agenda should include a performance review for the General Manager and possible direction to set a public hearing to consider a salary increase. ADJOURNMENT There being no further business before the Board, Director Maass moved, and Director Hemig seconded, that the meeting be adjourned at 8:12 PM. TRUCKEE DONZNER PUBLIC UTILITY DISTRICT Robert A. JonesPree ent Prepared by Susan M. Craig, Deputy District Clerk smc 12/16/98 Page 3