BOARD MEETING DATE: September 5, 2003
AGENDA NO. 21

Finance Committee

SYNOPSIS:

The Finance Committee met Friday, August 8, 2003 and discussed the issues detailed in the Committee report.

RECOMMENDED ACTION:

Receive and file this report.

William S. Craycraft, Vice-Chair
Finance Committee

Attendance: Present was Committee member William S. Craycraft. Absent were Committee members Michael Antonovich, Jane Carney, and Leonard Paulitz.

Discussion Items:

Discussion of Leasing of Workstation Space on Ground Floor: Eudora Tharp, Assistant Deputy Executive Officer/Administrative & Human Resources, informed the Committee that several parties with regular involvement with AQMD have expressed interest in leasing office space at our Diamond Bar facility. Staff is recommending the use of building space not currently occupied by tenants be used to set up work cubicles that can be leased out individually, much like a telecommuting center. The cubicles would be in an open area that does not have access to AQMD work areas. A monthly fee would be assessed for the use of the space and would include a standard business telephone with local service, voice mail and a separate analog telephone line that can be used for fax or a PC. This proposal was approved for transmittal to the Administrative Committee and Board for consideration at the October meeting.

Discussion of Hartford Investment Options – Self-Directed Brokerage Account: Ron Portnoy, Human Resources Manager, briefed the Committee regarding the addition of an employee requested self-directed brokerage account option, under the custody of Charles Schwab & Company, to be established within the AQMD’s deferred compensation plan. Participation would be entirely voluntary, and those who did not wish to establish such accounts could continue with the same investment options currently available through Hartford. Hartford has agreed to offer informational meetings and to provide detailed disclosure materials to interested employees to ensure they are fully aware of the potential risks and rewards of investing under a self-directed program. The cost to administer this program is paid by the participants, and not by the District. This proposal was approved for transmittal to the Administrative Committee and Board for consideration at the October meeting.

Other Business: None

Public Comment: None

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