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

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F.������������ CONDUCT OF BUSINESS

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

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��������������� 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;

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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.

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��������������� 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.

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������������������������������� 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.

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��������������� 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.