Board of Trustees Meeting (April 1)
The General Manager’s status report has taken on a new look with projects listed with identified target completion dates. Trustee Schmitz requested the Effluent Pipeline Project be changed from a TBD date to a specific date and requested this be identified as high priority.
The Board unanimously agreed to retain Eide Bailly, LLP as the District’s audit firm for the fiscal year ending June 30, 2020.
The Board reviewed and discussed at length the proposed Audit Committee Charter. The language in the Charter would replace the content of Policy 15.1.0. After many questions and comments, the Board decided more time was needed to review and provide input. After compiling the input, the Audit Charter will be brought back to the Board for review and potential action.
The Board unanimously approved the District’s outdoor no-smoking policy. Scroll down to the Press Release section of the newsletter to view the content of the press release.
Director of Finance Paul Navazio presented the preliminary capital improvement project summary and budget. Mr. Navazio emphasized this is preliminary and much review and rework is needed, given the anticipated impacts of the pandemic. He is working on reformatting the reports to ensure the numbers accurately roll-up to the summary page. This will allow Board members and the public to drill down, should they be interested in more detail, while having numbers that tie together.
The Board discussed the process and timing should the District determine Enterprise Fund accounting for the Community Services and Beach Funds are required to comply with GASB 34 and are more suitable to account for these funds business-type activities. Since these Funds’ inception, Enterprise Fund accounting was used. In 2015, the District made a change to Governmental fund accounting for Community Services and the Beach Funds and established Special Revenue, Capital Projects, and Debt Service Funds. Enterprise accounting is used for business-type activities where fees and charges for services are determined to recover the costs of providing the goods or services. The Director of Finance will be reviewing the material provided to the independent auditor and the Department of Taxation to understand the reasoning for the change in 2015. He will bring back a recommendation and implementation plan to the Board in the upcoming months.
Audit Committee Meeting (March 11)
The Audit Committee approved requesting the Board of Trustees approve up to $35,000 to be used to engage an independent expert to review and provide guidance related to issues raised regarding the District’s 2019 CAFR as well as guidance on accounting policies used in preparation of the District’s financial statements. The committee is to obtain a cost estimate and return to the Board of Trustees for approval.
The committee also approved requesting the Board of Trustees approve up to $45,000 to facilitate an internal controls assessment and policies and procedures for the District. Interim General Manager Winquest spoke in support of this effort and has given direction to newly hired Director of Finance Paul Navazio to develop a plan for internal controls. Trustee Schmitz will work with the Director of Finance and Interim General Manager WInquest to develop a scope of work.
The committee discussed the draft Audit Committee Charter. Updates were identified. After further refinement, Trustee Schmitz will provide it to the Board Clerk for distribution and review by the committee members.
Board Of Trustees Meeting (March 11)
The Board voted 4-1 to approve the Tennis Center renovation final design budgeted at $1,170,000 and authorized staff to publicly advertise for construction bids.
The Board unanimously approved a three-tiered season pass pricing structure for Diamond Peak’s 20/21 ski season which includes early-bird pricing, a $20 increase in non-resident season passes, and no increase to the resident ski season and daily passes.
The Board unanimously approved restricting $9,656,890 to Phase II of the effluent export pipeline project. All future funds collected will also be restricted to this project.
The Board approved in a 3/2 vote, with Trustees Wong and Morris opposing, the authorization for the Audit Committee Chair to engage an independent expert for a sum not to exceed $35,000 to give an opinion and/or guidance on the accounting and reporting issues raised by the Board of Trustees regarding the District’s 2019 CAFR.
The Board unanimously approved the authorization for the Audit Committee Chair to engage an independent expert for the sum not to exceed $45,000 to facilitate internal controls assessment including but not limited to recommending internal control policies and procedures for District businesses and functions.
The preliminary District operational budget was reviewed and discussed.