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2013 01 30 BAWA MinutesMINUTES OF THE REGULAR MEETING OF THE BOARD OF DIRECTORS OF THE BAYTOWN AREA WATER AUTHORITY January 30, 2013 The Board of Directors of the Baytown Area Water Authority (BAWA) met in a Regular Meeting on Wednesday, January 30, 2013, at 9:00 A.M., in the Council Chamber of the Baytown City Hall, 2401 Market Street, Baytown, Texas with the following in attendance: Brenda Bradley Smith President Wayne Baldwin Secretary Brandon Benoit Director Mike Wilson Director Robert D. Leiper General Manager Ignacio Ramirez, Sr. General Counsel Jason Cozza Deputy Assistant Secretary President Bradley Smith convened the January 30, 2013, Baytown Area Water Authority (BAWA) Board Regular Meeting with a quorum present at 9:00 A.M., all members were present with the exception of Director Mundinger who was absent. 1. MINUTES a. Consider approving the minutes of the Baytown Area Water Authority (BAWA) Board Special Meeting held on November 28, 2012. A motion was made by Director Brandon Benoit and seconded by Secretary Wayne Baldwin approving the November 28, 2012, BAWA Board Special Meeting Minutes. The vote was as follows: Ayes: Secretary Wayne Baldwin, Director Brandon Benoit, President Brenda Bradley Smith, Director Mike Wilson Nays: None Other: Vice - President Dan Mundinger (Absent) Approved 2. PROPOSED RESOLUTIONS a. Consider a resolution approving the Baytown Area Water Authority's Investment Policy and Strategy Statement in accordance with the Public Funds Investment Act. BAWA Regular Meeting Minutes January 30, 2013 Page 2 of 3 General Manager Leiper presented the agenda item and stated that Resolution No.2013- 01 revises the Baytown Area Water Authority (BAWA) Investment Policy and Strategy Statement in order to (1) update authorized investment officers' position titles and (2) add a new investment officer. General Manager Leiper stated that Baytown Area Water Authority (BAWA) Investment Policy remains the same, Meghan Lair Reed's title changed to the Budget Officer and Renee Savage was added as the Financial Analyst. A motion was made by Director Mike Wilson and seconded by Director Brandon Benoit approving Resolution No.2013 -01. The vote was as follows: Ayes: Secretary Wayne Baldwin, Director Brandon Benoit, President Brenda Bradley Smith, Director Mike Wilson Nays: None Other: Vice - President Dan Mundinger (Absent) Approved RESOLUTION NO. 2013 -01 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE BAYTOWN AREA WATER AUTHORITY ADOPTING THE BAYTOWN AREA WATER AUTHORITY'S INVESTMENT POLICY AND STRATEGY; AND PROVIDING FOR THE EFFECTIVE DATE THEREOF. 3. REPORTS a. Receive the Baytown Area Water Authority's Annual Financial Report for the Fiscal Year Ending September 30, 2012. Mr. Robert Belt, with Belt Harris Pechacek, LLLP, presented the BAWA Annual Financial Report for the fiscal year ending September 30, 2012. He stated that the auditors reported a clean unqualified opinion which is the highest level of assurance provided. He stated that the total operating revenues was $10,730,000 and the total operating expenses including depreciation was $6,764,000 giving an operating income of $3,965,000. He stated that the non- operating revenues expenses lead out to a $544,000 reduction, and there was a contributing capital of $2,834,000 from the City of Baytown. Mr. Belt stated that there was a net change in assets of $6,255,000 with beginning net assets of $22,000,000 and ending year assets of 528,000,000. He stated that there was no significant change within the year and the issuing of bonds amount would be approximately $8,315,000. b. Receive the Baytown Area Water Authority's Revenues and Expenditures Report for the Quarter Ending December 31, 2012. BAWA Regular Meeting Minutes January 30, 2013 Page 3 of oph C. Receive the Baytown Area Water Authority's Quarterly Investment Report for the Quarter Ending December 31, 2012. OW Louise Richman, Finance Director presented agenda items 3.b. and 3.c. She stated that the Baytown Area Water Authority's Revenues and Expenditures Report for the Quarter Ending December 31, 2012 and stated that the revenues were on target, but was down from last year due to different weather conditions. She stated that the investment revenues seem low, but will even out once the investments mature. Ms. Richman stated that the expenditures were at 60% of budget and that the percentage was low for supplies due to an invoicing issue for raw untreated water from the City of Houston. She stated that the City of Houston has been notified several times regarding one of the meters not working properly to be able to report an accurate reading of usage for invoicing. General Manager Leiper stated that the next period expenditures would be higher to catch up for the correct billings. In further discussion, Ms. Richman stated that the major payments for debt services occur in May of this year and the CIP is progressing according to plan. Ms. Richman stated that the investments for the quarter ending December 31, 2012 was right at $8.9 million and the average return was .1576 %. General Manager Leiper stated that the Harris County District IA did make a payment to the City of Baytown for BAWA services owed before services were interrupted and that they are in current status regarding services for BAWA and the City of Baytown. 4. MANAGER'S REPORT a. The next Baytown Area Water Authority Meeting is scheduled for Wednesday, February 20, 2013, at 9:00 A.M. in the City Council Chamber, City Hall, located at 2401 Market Street, Baytown, Texas, 77520. General Manager Leiper stated that the next BAWA meeting is scheduled for February 20, 2013 at 9:00 A.M., in the City Council Chamber. 5. ADJOURN With there being no further business to discuss, President Bradley Smith adjourned the January 30, 2013, Baytown Area Water Authority (BAWA) Board Regular Meeting at 9:12 A.M.