10-25-2018 - Laserfiche WebLink

Metro Flood Diversion Authority—October 25, 2018 2 7. FINANCE UPDATE Committee report The Finance Committee met on October 24th. Mr. Steen provided a brief financial update on the overall program status. The Diversion Authority has $79,154,745 in cash on hand. The statement of net position is $79,007,520. Voucher approval The bills for the month are with Cass County Joint Water Resource District (CCJWRD) for costs associated with the Metro Flood Diversion, OHB levee, and in-town levees; Dorsey & Whitney for legal services; Cass County Government for culvert work on Main Street and Bakke Addition in Hickson; and Ohnstad Twichell, P.C. for legal services. MOTION, passed Mr. Steen moved and Mr. Jacobson seconded to approve the vouchers received through October 19, 2018, in the amount of $149,566.55. On roll call vote, the motion carried unanimously. Financial Audit Subcommittee Mr. Steen said the committee discussed conducting a financial audit in conjunction with the City of Fargo audit since the city handles the finances for the Diversion Authority. The committee recommended a subcommittee be formed to prepare for an audit for the year ending December 31, 2019. MOTION, passed Mr. Campbell moved and Mr. Piepkorn seconded to create an audit subcommittee. Motion carried. FY 2018 Adjusted Cash Budget and FY 2019 Budget Plan Mr. Nicholson distributed two handouts regarding the FY 2018 budget. The first handout includes information on the approved cash budget, expenditures through August 31, 2018, remaining fiscal year budget, and proposed revisions. The revisions are a result of the injunction, which changed the project costs expended this year. The second handout includes some of the same information along with estimated expenditures for September through December and a revised FY 2018 cash budget balance. Mr. Steen said the updated figures will help the Diversion Authority know what is available to prepare for the 2019 budget. The Finance Committee approved a recommendation to prepare the 2019 budget for the first quarter only until the Diversion Authority receives a decision on the Minnesota permit and injunction. MOTION, passed Mr. Hendrickson moved and Mr. Steen seconded to prepare the FY 2019 budget through March of 2019. Discussion: Mr. Campbell asked if this will create any issues with federal funding for the project. Mr. Steen does not foresee any issues and said the first quarter budget will serve as a placeholder with the intention to prepare a full budget after a decision is made on permitting for Plan B. On roll call vote, the motion carried unanimously. Recommended Contracting Actions Mr. Nicholson discussed two task orders approved by the Co-Executive Directors, and the following contract action for a task order, which was approved by the Finance Committee: • Houston-Moore Group, LLC (Task Order 17, Amendment 6 – 2nd Street South and Main Avenue Flood Mitigation)—add subtask B for Services During Construction (SDC) scope and budget, and extend the period of performance to June 30, 2020, in the amount of $777,864.