BOND OVERSIGHT COMMITTEE

 

Approved Minutes of the May 5, 2008 meeting

 

 

Call to order at 7:01pm by Wes William, Chairperson.

 

Present:

Committee Members:  Wes William, Kevin Dever, Diane Go, Rolito Recio

Staff:  Michael Crilly, Superintendent, Steven Fuentes, Associate Superintendent – Business Services, Robert Devine, Project Manager

 

Minutes of the January 14, 2008 meeting were approved as submitted.

 

Steven Fuentes reviewed the Facilities Master Plan which was sent under separate cover to committee members.  Mr. Fuentes explained the process followed in developing the plan and the usage of the plan to guide in directing expenditure of bond proceeds.  There was discussion about projects costing more or less than what is included in the plan and how that effects the total budget.  Mr. Devine explained different types of bidding procedures the district is using in an effort to control cost and more accurately predict project cost.  A different method was used for the Terra Nova Phase 1 Modernization which also suited itself to the tight construction schedule.

 

The committee inquired about reviewing projects.  Mr. Devine offered to meet with any interested party to visit a site.  Committee members were informed they may be better served by visiting projects with Mr. Devine then asking questions of site staff who may not have been part of the entire project planning.

 

Mr. Devine presented a status update of current projects in various stages of planning or construction. 

 

Mr. Fuentes reviewed a bond expenditure report containing information through 03/31/2008.  Mr. Recio asked about bond proceeds.  Mr. Fuentes gave a brief explanation of bonding capacity, assessed valuations and the process that occurs in issuing and the timing of the sale of bonds.

 

Mr. Fuentes reviewed the district’s Deferred Maintenance expenditures for 2007/08.  He explained part of the committee’s charge is to ensure that the district is coordinating the use of available facility funding to ensure the all funds are being used efficiently in concert with bond proceeds.

 

Mr. Fuentes continued with a discussion of a requirement for an annual performance audit.  This audit would be given to the committee for review.  The committee then would be required to present an annual report to the governing board of the district.  The annual report will then be shared with the community.  There was discussion about the best possible means to accomplish this task.  In addition to being posted on the website, the committee felt that a simple postcard might suit the purpose advising the community that the report is available on the website or upon request.

 

Mr. Fuentes asked that the committee meet again in this Fall.  The next committee meeting will be on Monday, September 22nd at 7:00pm.

 

The meeting was adjourned at 8:35pm.