January 15, 2008

8:30 AM

Committee Members present: Alvin Edwards and Judi Lehman

Staff members present: David Berger, Rick Dickhaut, and Sara Reyes

Call to Order

The meeting was called to order at 8:34 AM in the District Conference Room.

Oral Communications--Anyone wishing to address the committee on a matter not listed on the agenda may do so during oral communications. Public comment on any other matter listed on the agenda is appropriate at the time the item is being discussed by the committee.

No public comment was received.

Items on Board Agenda for January 24, 2008

1) Consider Authorizing Board Chair to Send Letter to State Legislators Urging Protection of District Property Tax Revenues in Response to State’s Fiscal Problem

Rick Dickhaut, Chief Financial Officer reported on this item and answered questions from the committee. After discussion the committee voted 2 to 0 to recommend the Board authorizes the Board Chair to send a letter to the District’s state legislators expressing the impacts that a temporary borrowing of property tax revenues would have on the District, and urging protection of those revenues. Additionally, the committee asked staff to prepare a draft letter and include it as an exhibit to this item for the January Board meeting packet so that the Board can have an opportunity to review and comment on the letter.

2) Consider MPWMD Payment of Voluntary Assessment for Seaside Basin Watermaster Administrative Costs

General Manager David Berger reported on this item and introduced Watermaster CEO Dewey Evans who was in attendance to answer any questions from the committee. After discussion, the committee voted 2 to 0 to recommend the Board approve the concept of an MPWMD payment of voluntary assessment for Seaside Basin Watermaster Administrative Costs but that the dollar amount be discussed and determined by the full Board. Additionally, the committee recommended that the dollar amount that the District may determine for this year, not set a precedent for future voluntary payments.

3) Consider Approval of First Quarter Investment Report

Rick Dickhaut reported on this item and answered questions from the committee. The committee voted 2 to 0 to recommend the Board approve the First Quarter Investment Report.

4) Receive and File First Quarter Financial Activity Report for Fiscal Year 2007-2008

Rick Dickhaut reported on this item and answered questions from the committee. After some discussion, the committee voted 2 to 0 to recommend the Board receive and file the First Quarter Financial Activity Report.

5) Consider Approval of Annual Update on Investment Policy

Rick Dickhaut reported on this item and answered questions from the committee. After some discussion the committee voted 2 to 0 for the Board to review and approve the District’s Investment Policy.

6) Consider Adoption of Treasurer's Report for August 2007

Rick Dickhaut reported on this item and answered questions from the committee. The committee voted 2 to 0 to recommend the Board adopt the August 2007 Treasurer’s Report.

7) Consider Adoption of Treasurer's Report for September 2007

Rick Dickhaut reported on this item and answered questions from the committee. The committee voted 2 to 0 to recommend the Board adopt the September 2007 Treasurer’s Report.

8) Consider Adoption of Treasurer's Report for October 2007

Rick Dickhaut reported on this item and answered questions from the committee. After some discussion, the committee voted 2 to 0 to recommend the Board adopt the October 2007 Treasurer’s Report.

Other Business

9) Review Draft January 24, 2008 Board Meeting Agenda

General Manager Berger reported that Item 23 – Receive and Review Technical Memo regarding Possible Environmental Trigger Related to Stream Flow that would Require Existing Conservation Measures During Low Flow Years and Item 24 -- Receive Final Report by GEI/Bookman Edmonston on Evaluation of Seawater Desalination Projects, would be presented to the Board at the February Board meeting.

Adjournment

The meeting was adjourned at 9:15 AM.

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