April 1st, 2003  


Ukiah Valley Conference Center

200 South School Street, Ukiah, Mendocino County, California



A.              CALL TO ORDER – at 10:12 am.


B.               ROLL CALL 

Committee Members present:  Bob Simonson, Budge Campbell, and Allan Hemphill.

Also present:  Blane Jolliff and Eric Roeser from Sonoma County Auditor-Controller’s Office, Stacey Edgmon and Phil Aycock of Aycock & Edgmon Accounting, NCRA Executive Director Doug Christy and Executive Assistant Dina Polkinghorne


C.              AGENDA APPROVAL

Executive Director Christy asked to add A STAFF UPDATE item to the agenda under CONDUCT OF BUSINESS.


Director Hemphill moved to accept the agenda with additions, Director Simonson 2nd, none opposed, motion carried. 


D.              PUBLIC COMMENTS



            (Stephanie Coleman of Caltrans joined the meeting at 10:17 am)




1.               Staff Update
A. Signature Requirement
Executive Director Christy reported that currently there is a signature requirement assigned to all expenditures over $2,500; $2,500 and over requires the signature of the Executive Director and one Board member, expenditures of $10,000 or more requires two board member signatures. He then recommended to the committee to consider increasing the requirement of just the Executive Director’s signature to $10,000 due to the frequency of increased expenditures and the difficulty in acquiring additional board signatures as required. 


Director Hemphill inquired about the check writing procedures. Executive Director Christy explained the specific Sonoma County AP procedures.


Director Campbell said he was more interested in the internal control, i.e. a monthly report for the board listing all expenditures.


Stacey Edgmon supported increasing the amount to $10,000 as the current internal procedure is working well. Stephanie Coleman found no issues with increasing the amount as well.


Executive Director Christy stated that he was looking for the opinions of the committee at this point and would put the issue to the full board in May, 2003.  The committee then requested that a report of all expenditures be provided to the board within the CONSENT CALENDAR of each board meeting.



B.    Expenditure Summary

Executive Director Christy passed out the un-audited quarterly financial submission to the CTC. Mr. Christy explained that he keeps this as a running, updated history of NCRA revenues, expenditures, and debt repayments. He stated that he would be using this as a worksheet to follow along with the audit, as presented, during the meeting and make the necessary adjustments for the next CTC submittal.



2.                Presentation of the draft Single Year Audit 2001/2002 

Aycock and Edgmon presented the draft single year audit 2001/2002. Each page, and most financial entries were reviewed and explained. Minor adjustments and changes were recommended by the committee and agreed upon by the audit team. These changes and update will be reflected in the DRAFT Final for acceptance at the April 16th, 2003 board meeting.


3.               Update Debt Repayment Strategy

Time did not permit a full review of this item. Another Finance Committee meeting will be scheduled prior to NCRA’s requirement of a 5/12/2003 deadline for Caltrans/CTC review.






G.        ADJOURNMENT       1:20 PM