Minutes of Prudential Committee Meeting

Jericho fire district #1 (Foothills water system)

Dec. 17th, 2013

Attendees: John Irving, Brian Stevens, Fred Lavenberg, Mac Lippert, Les Allen

System technical items:

John reported that the malfunctioning heater in the filter building had been replaced at a cost of $950. (just in time we might add)

John reported that the pump house has several pipe leaks that need fixing. It appears that vibration from the on/off of the pumps has caused loosening of some joints. This will require cutting and replacing portions of pipe. John had secured an estimate from a local plumber, Steve Chase, who had multiple recommendations, for $500 to do the work. This expenditure was approved.

John also reported that the Vt gas line has been partially laid to the pump house. The under driveway piece and the in-building connections remain to be done. When completed this will replace the current dependance on the more expensive propane.

Financial:

Brian provided and explained; 1) the balance sheet, 2) a summary of income and expense, 3) a cash reconciliation. A quick summary; we have a remaining State Bond Bank liability of $275,242. This is from the 2004 reconstruction of our system upon our initial ownership, we have a bank balance of $52,177 (this includes our capital replacement fund), we have a projected YE surplus of $18,533 (before yearly additions to our Capital. Replacement Fund).

From a review of current year expense and expectations for the next year it was concluded and agreed that there is no increase in water rates required at this time.

Administration:

Les reported that a meeting is scheduled on 12/19 with VTRAN auditors who have an obligation to perform financial audits of all recipients of FEMA funds for the 2011 “Irene” hurricane. (This happened)

Les also reported receiving a notice from the State that our Wellhead(s) Protection Plan is required to be updated by June 2014. After some discussion of the requirements it was decided that Les will ask our System Operator, Simon Operations Systems, for an estimate to do this work.

Others: Annual meeting notice

The Prudential Committee set our 2014 annual meeting to be on Tuesday, January 21,2014 at 7:00 PM, in the Conference room at the Lawson library.; with the following agenda.

Article I To elect a Moderator for one year.
Article II To hear the Treasurers report.
Article III Shall the JFD#1 accept the proposed or amended budget?
Article IV Shall the JFD#1 authorize the Prudential Committee to borrow money for the temporary needs of the Fire District?
Article V To elect a JFD#1 Prudential Committee member for a period of three years.
Article VI To elect a Treasurer for one year.
Article VII to elect a Clerk for one year.
Article VIII To elect a Bill Collector for one year.
Article IX Other JFD#1 business thought proper when met.

Respectfully submitted;

Leslie Allen, Clerk JFD#1