NORTH COAST RAILROAD AUTHORITY (NCRA)

FINANCE COMMITTEE MEETING

 

Ukiah Valley Conference Center

200 S. School Street

March 30, 2007

3:00 p.m.

 

Approved Minutes

 

A.            CALL TO ORDER

 

                Director Kelley called the meeting to order at 3:05 p.m.

 

B.            ROLL CALL

 

                Committee Members Present:  Colfax, Kelley, Simonson, Ziedrich

                Committee Members Absent:  None

                Also Present:  Executive Director Mitch Stogner, Legal Counsel Christopher Neary, and Recording Secretary Heather Newell.

 

C.            AGENDA APPROVAL

 

                The Agenda stood as presented.

 

D.            MATTERS FROM COMMITTEE MEMBERS

 

                No matters

 

E.             PUBLIC COMMENTS

 

                No Public Comment

           

 

F.             CONDUCT OF BUSINESS

 

1.                    Discussion and Possible Action Regarding Draft Agency Budget for Fiscal Year 2007-2008.

               

                Staff Recommendation:  Approve Adoption of Draft Budget for Fiscal year 2007-08.

 

Executive Director Stogner presented the Committee with the Preliminary Draft Agency Budget for fiscal year 2007-08. 

 

Upon Motion by Director Kelley, seconded by Director Colfax, carried unanimously the Preliminary Draft Agency Budget was approved with the following changes:

 

                  77303 – Automobile Expense changed to $8,000.00 to reflect higher gasoline prices;

                  75210 County Retirement  changed to reflect that retirement is through CalPERS;

                  Long Term debt is to be listed as an attachment to the Budget;

                  76540 – Contract Service Fees – break out to show contractors;

                   

Committee also directed staff to present Preliminary Draft Budget for fiscal year 2007-08 to the full Board at a future meeting.

 

 

2.                    Discussion and Possible Action Regarding Mustola Management Contract Extension.

               

                Staff Recommendation:  Approve Amendment extending contract with Mustola Management until April 31, 2007 and increase compensation $6,500.00.

 

Executive Director Stogner told the Committee that because Caltrans has rescheduled the follow-up audit, the agency needs to retain the services for an additional term to take advantage of the additional time to prepare for the follow-up Audit.

 

Upon Motion by Director Simonson, seconded by Director Kelley, and carried unanimously the Mustola Management contract Amendment # 2 was approved.

 

                3.             Discussion and Possible Action Regarding RFP for Accounting Services.

                               

                                Staff Recommendation: Approve Issuance of RFP for Specialized Accounting Services.

 

                Executive Director Stogner told the Committee that in order to have an acceptable accrual accounting system, NCRA needs an on-call CPA to prepare quarterly financials, and oversee financial activity to ensure that the accrual basis of accounting is being adhered to.

               

                Upon Motion by Director Kelley, seconded by Director Colfax, approved unanimously, the Committee approved NCRA issuance of an RFP for an on-call CPA.

 

G.            ADJOURNMENT

 

                The meeting was adjourned to the Property Committee Meeting at 3:00 p.m.