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CALL TO
ORDER
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The annual meeting of the Board of
Trustees of the Oxnard Union High School District Retiree Health Benefits
Trust was called to order by Board Chair Edmonds at 2:00 p.m., December 7,
2006, in the Oxnard Union High School District Board Room, 309 South K
Street, Oxnard, California 93030.
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Trustees present: Wayne Edmonds, Scott Lee, Eric Ortega,
Jan Henry , and Roger Rice
Trustee absent: Vicki Holmbom
Legal Counsel
present: Anthony Trembley, Laura
McAvoy (arrived at 2:52 pm)
Legal Counsel absent: None
Recording Secretary present: Grace D. Tuazon
Guests present: Dr. Jody Dunlap, OUHSD
Superintendent, Randy Winton, OUHSD Assistant Principal-Business Services,
Jim Rose, OFT President, and other interested persons.
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PLEDGE OF
ALLEGIANCE
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Counsel Trembley led
the Pledge of Allegiance.
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ADOPTION OF AGENDA
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On motion of Trustee Lee, seconded
by Trustee Henry and carried, the agenda was adopted, as presented. Items were then considered in the
order in which they appear in these minutes.
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ADOPTION OF MINUTES
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On motion of Trustee Ortega,
seconded by Trustee Lee and carried, the minutes of the regular meeting of August
18, 2006, was approved, as presented.
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AUDIENCE TO ADDRESS THE BOARD
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None.
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ANNUAL ELECTION OF OFFICERS
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Pursuant to Article 5.5 of the Benefit Trust agreement,
the election of new officers was held.
Chair Edmonds opened the floor for election of new officers.
It was moved by Scott Lee that Jan Henry be elected as
Chairperson. Eric Ortega
seconded the motion. Jan Henry
was elected unanimously as Chair.
Jan Henry will serve the first 12 months as Chair.
It was moved by Eric Ortega that Roger Rice be elected as
Co-Chairperson. Scott Lee
seconded the motion. Roger Rice was
elected unanimously as Co-Chair.
Roger Rice will serve the second 12 months as Chair.
Outgoing Chairperson Wayne Edmonds conducted the
remainder of the meeting.
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APPROVAL OF INVOICES
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Upon motion of Trustee Lee, seconded
by Trustee Henry and carried, invoice from Nordman, Cormany, Hair &
Compton in the amount of $ 757.80 was approved for payment, as presented.
Upon motion of Trustee Ortega,
seconded by Trustee Rice and carried, invoice from Musick, Peeler &
Garrett LLP in the amount of $ 281.80 was approved for payment, as presented.
Upon motion of Trustee Ortega,
seconded by Trustee Henry and carried, invoice from All Places in the amount
of $ 165.00 was approved for payment, as presented. Trustee Lee abstained.
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APPROVAL OF ENGAGEMENT LETTER
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Upon motion of Trustee Lee, seconded
by Trustee Rice and carried, the Letter of Engagement for tax services with
Vance, Thrift & Biller, was approved, as presented.
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APPROVAL OF CHECKING ACCOUNT CHANGE
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Upon motion of Trustee Ortega,
seconded by Trustee Lee and carried, to change the checking account type with
City National Bank, as presented.
It was further moved by Trustee
Ortega, seconded by Trustee Rice and carried, that Chair Henry draft a letter
to the district asking for an advance in the amount of $ 54,100, which is to
be deducted from the OFT and District
contributions.
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ACTUARIAL REPORT
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Randy Winton, OUHSD Assistant
Superintendent-Business Services reported the present value of all benefits
for all employees is $157,202,195. Mr. Winton reported that the accrued
liability (actuarially determined) is $115,479,463. He added that the annual
service cost for future retirees is $4,334,439, which is the amount of money
the district should put in the bank to make certain retirees are fully
funded. Mr. Winton added that $2,295,850 needs to be put in the bank to cover
the unfunded liability for future retirees; $723,568 is the current cost to
cover unfunded liability for current retirees. Therefore, 7,353,857 (unfunded
liabilities for both current and future retirees, along with the annual
service cost for future retirees) is the total amount the district should put
in the bank on a yearly basis to cover the unfunded liability.
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INFORMATIONAL ITEMS
CSEBO
City National Bank
Open Comments
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Steven Gama, Director of Risk
Management, reported that as of October 31, 2006, the Estimated Income and
Expense Report of the Coastal Schools Employee Benefits Organization (CSEBO) Select
Care Medical balance is $ 926,018.88.
Board Chair Edmonds reported that as
of October 31, 2006, the City National Bank Investments account reflects an
ending balance of $ 26,360,533.82.
Board Chair Edmonds also reported that as of October 31, 2006, the
City National Bank Money Market account shows an ending balance of $ 5,945.63.
Trustee Rice announced that Wayne
Edmonds and his reappointment will be presented to the OUHSD Trustees for
approval at their December 13th board meeting.
Outgoing Chair Edmonds acknowledged
Trustee Lee’s role in the development of the Trust.
Chair Henry reported that Blue Cross
PPO will start covering hearing aids.
Trustee Lee thanked outgoing Chair
Edmonds for his one year of chairmanship.
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ITEMS FOR FUTURE CONSIDERATION
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·
GASB 45: Anthony
Trembley
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FUTURE MEETINGS
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Thursday, February
16, 2007 – 2:00 p.m., in the Oxnard Union High School District Board Room
Counsel Trembley and
Recording Secretary Tuazon left at 3:25 pm.
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CLOSED SESSION
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Board Chair Edmonds
announced the Board was going into closed session to discuss confidential
materials relating to:
Ø Conference
With Legal Counsel--Potential Litigation; Significant Exposure To Litigation
Pursuant to Government Code Section 54956.9(b): 1 case (PVSD Unification)
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RECONVENE IN PUBLIC: REPORT
OF CLOSED SESSION ACTION
ADJOURNMENT
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The Board reconvened
in open session at 3:45 p.m., and announced that no action had been taken.
There being no
further items of business, Board Chair Edmonds adjourned the meeting at 3:50 p.m.
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