1. Call to Order
President Paulson called the regular meeting of the Board of Directors of Bartonville Water Supply Corporation to order at 7:08 P.M., Monday, February 19, 2001, at the corporation office. Paulson stated that since the guest speaker Jeff Schuetts was present, the first item on the agenda would be Item 6.
Directors in Attendance
Michael Paulson, President
Scott Kilpatrick, Vice-President
Larry Kaufman, Secretary-Treasurer
Kevin Alberts, Director
Carla Anderson, Director
Duane Johnson, Director
Dale Mutschler, Director
Consultants in Attendance
Jennifer Drury, CPA
Wayne Ginn, PE
Staff in Attendance
Jim Leggieri, General Manager
Betty Robertson, Administrator
Others in Attendance
Jeff Schuetts, Registered Financial Representative, Ken Hughes & Associates, PC
6. Discussion and Action on the Presentation by Jeff Schuetts Regarding the Retirement Plan Options Available for BWSC Employees.
Schuetts stated that he had been requested to present an alternative retirement plan other than the existing profit sharing plan. He noted that after reviewing BWSC's situation regarding size, the number of employees, and the records on file, he recommended the Simple IRA Plan that was introduced in the latter part of 1998 and has been the most popular retirement plan for small businesses. He distributed packets containing information on Simple IRA Plans and reviewed the benefits and limitations for employees and corporation contributions. Schuetts noted that the Simple IRA Plan has more flexibility as it allows employees the opportunity to defer a portion of their salaries and to control their investments thereby reducing the fiduciary liability of the corporation. He noted that if the Simple IRA Plan is adopted, the existing Profit Sharing Plan can remain in existence as a dormant account with no future contributions or it can be divested to the eligible participants as rollovers into conventional IRA's. Discussion followed on the advantages and disadvantages of the Profit Sharing Plan and the Simple IRA Plan. The Directors requested Leggieri to schedule a meeting of the employees with Schuetts and to report the consensus of the employees regarding the two plans at the March meeting. The Board extended its appreciation to Schuetts for his presentation.
2. Executive Session
At 7:37 P.M., President Paulson announced that the Board would convene in Executive Session Pursuant to Government Code, Section 551.072, Concerning:
A. All Matters Regarding Acquisition of Property for Future Pump Station/ UTRWD Point of Delivery.
B. All Matters Related to Modification of BWSC's CCN Boundary.The Board took no action and reconvened in Open Session at 8:26 P.M.
3. Public Forum
No one was present
CONSENT AGENDA
Motion by Mutschler and second by Alberts to approve the Consent Agenda. Motion approved unanimously. The items approved were:
4. Approve the Minutes of the January 18, 2001 Board Meeting.
5. Approve the January 2001 Disbursements and Financial Reports.
ITEMS FOR INDIVIDUAL CONSIDERATION
7. Discussion and Action on All Matters Pertaining to the Annual Meeting Including Setting the Date, Time, Location, and Approval of the Official Notice, Proxy, and Agenda.
Following discussion, motion by Alberts and second by Johnson to approve the annual meeting forms with the addition of an update by Leggieri on the Agenda. Motion approved unanimously.
8. Discussion and Action on the Preliminary Water Plan for the W. B. Monroe Addition in the Town of Bartonville.
Following Ginn's recommendation, motion by Kilpatrick and second by Kaufman to approve the preliminary water plan for the W. B. Monroe Addition in the Town of Bartonville. Motion approved unanimously.
9. Discussion and Action on the Preliminary Water Plan for Denkmann Plaza in the Town of Bartonville.
With Ginn's recommendation, motion by Kaufman and second by Alberts to approve the preliminary water plan for the Denkmann Plaza in the Town of Bartonville. Motion approved unanimously.
10. Discussion and Action on All Matters Regarding Acquisition of Property for Future Pump Station/UTRWD Point of Delivery.
No discussion or action was needed.
11. Discussion and Action on all Matters Related to Modification of BWSC's CCN Boundary.
Motion by Mutschler and second by Alberts to approve the modifications to BWSC's CCN boundary as discussed by Leggieri as long as the other Board approves. Motion approved unanimously.
12. Staff Report.
Leggieri reported that he wants to have all the facts; therefore, he requested clarification from Tom Taylor, Executive Director of the UTRWD, regarding the water released by Mustang WSC.
13. Consulting Engineer's Report
Ginn stated that he had nothing additional to report.
14. Review Future Agenda Items, Activities, Announcements, and Set the Time of the March Meeting.
The next meeting was scheduled for Monday, March 12, 2001 at the office. Kilpatrick requested the following item for the March agenda: Discussion and Action on Determining Methods of Identifying the Top 9% of Our Members/Consumers and Educating Them in the Added Financial Burden on the Membership and to Also Determine Actions to Limit Costs to this Group.
15. Adjournment. Motion by Kaufman and second by Mutschler to adjourn the meeting.
Motion approved unanimously. The meeting adjourned at 9:05 P.M.
Recorded by Betty Robertson, Deputy Secretary-Treasurer
Certified by Larry Kaufman, Secretary-Treasurer