HomeMy WebLinkAbout1983-04-21 Min - Board SPECIAL MEETING
April 21, 1983
The special meeting of the Board of Directors of the Truckee Donner
Public Utility District was called to order by President Corbett at 3:06 P.M.
in the TDPUD Board room.
ROLL CALL: Directors Kuttel, VanLandingham and Corbett were present; Direc-
tors Hamilton and Maass were absent.
EMPLOYEES PRESENT: James Ward, Mary Chapman, Kay Pomponio and Susan Craig.
OTHERS PRESENT: Peggy Hamilton was among those present.
WORKSHOP MEETING WITH RICK BLUMENFLED OF ARTHUR ANDERSEN & COMPANY RESPECTING
THE 1982 AUDIT
Mr. Blumenf led noted that Arthur Andersen & Company has completed its
examination of the balance sheets of the District as of December 31, 1982,
and the related statements of net revenue and funds. He explained the FmHA
indentures, which secure the promissory note and bonds, and which impose cer-
tain of the indenture covenants; the total amount of these obligations has
been classified as current liabilities in the financial statements. He noted
that this situation developed because certain clauses in the documents pre-
pared by Bond Counsel Sperry were incorrect. Amendments should be made to
correct the documents, he stated, as soon as possible and at no cost to the
District. The Board was in agreement, and Mr. Ward indicated he would con-
tact Mr. Sperry.
Mr. Blumenfeld briefly reviewed with the Board the balance sheets, state-
ments of net revenue, statements of funds provided for additions to the util-
ity plant, and the notes to the financial statements.
It was determined that the Board should seriously consider auditing the
Electric and Water Departments, as well as Hirschdale system, separately in
1983. This matter is to be placed on a future agenda.
Director Kuttel indicated he would like to see a comparison between
amounts budgeted and actual expenditures.
Some general discussion ensued relative to the audit.
ADJOURNMENT:
There being no further business before the Board, Director Kuttel moved,
and Director VanLandingham seconded, that the meeting be adjourned. SO MOVED,
at 4:32 P.M.
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
By
J n L. Corbett, President
Susan M. Craig, Deputy Dist.Act Clerk