Memo. Presentation: HM Payson Daniel Lay (Attachment B) Environmental Results: Presentation by Anne Hewes, Environmental Manager

Transcription

1 Memo DATE: December 10 th, 2015 TO: FROM: SUBJECT: Chairman and Members of the Board Kevin H. Roche, CEO/General Manager Agenda for the Executive Committee Meeting There is an ecomaine Executive Committee Meeting scheduled for December 17 th, 4:00 PM. The agenda for this meeting is as follows: 1. Approval of the Minutes (Attachment A) 2. Audit Committee Report Mike Shaw, Chair 3. Finance Committee Report Matthew Frank, Chair Presentation: HM Payson Daniel Lay (Attachment B) 4. Recycling Committee Report Erik Street, Chair 5. Manager s Report o o Power Purchase Agreement Authorization to approve Environmental Results: Presentation by Anne Hewes, Environmental Manager Stack Test & CEMS Results (Attachment C) o Review of Financial Statements FY 16 Financial Summary (Attachment D1) Statement of Revenue & Expenses (Attachment D2) Statistical Data (Attachment D3) Tonnage Graph (Attachment D4) Statement of Cash Balances (Attachment D5) Summary Analysis of All Tons by Community (Attachment D6) Historical Generations Summary (Attachment D7) o Legislative Update Proposed Solid Waste Bill (Attachment E) 6. Other: Future Meetings: Executive Committee Meeting: December 17 th 4PM Finance Committee Meeting: January 12 th, 4PM Full Board Meeting: January 21 st, 4PM Recycling Committee Meeting: January 28 th, 4PM Executive Committee Meeting: February 11 th, 4PM Full Board Meeting: March 17 th, 4PM Recycling Committee Meeting: March 24 th, 3PM Finance/Budget Workshop: March 24 th, 4PM Audit Committee Meeting: April 21 st, 3PM Full Board Meeting: April 21 st, 4PM Finance Committee Meeting: May 19 th, 3PM Executive Committee Meeting: May 19 th, 4PM Recycling Committee Meeting: May 26 th, PM Full Board/Annual Meeting: June 16 th, 11:30AM The Executive Committee may wish to go into Executive Session for any of the above items under Section 405 of Title 1 of the Maine Revised Statutes (per the following legislative website: 12/10/2015

2 ATTACHMENT A Memo DATE: September 21 ST, 2015 TO: FROM: Chairman and Members of the Board Kevin H. Roche, CEO/General Manager SUBJECT: Executive Committee Minutes September 17 th, 2015 There was an Executive Committee Meeting held on the date noted above. The meeting was called to order by Jim Gailey, Chairman. The Chairman expressed the condolences of the Executive Committee to the ecomaine staff on the loss of Carolyn Knights. Item #1 - Minutes of May 28 th & June 18th: Ed Suslovic made a motion to accept the minutes as written from both Executive Committee Meetings. The motion was seconded by Linda Boudreau. All in Favor. Item #2 - Audit Committee Report Mike Shaw, Chair: The Audit Committee met today with the following items discussed: Draft Audit Report for FY 15 Selection of the Auditors for next FY Scheduling the Committee to meet in October 2015 to discuss Auditors for next fiscal year The Committee recommended the Draft Audit Report be accepted for the October Full Board Meeting. Item # 3 - Finance Committee Report Matthew Frank, Chair: The Finance Committee met on September 14 th and the following items discussed: Cash Disbursements No issues Financial Statements Year to Date 5 Year Financial Plan Assessments, Rebates & Tipping fees The committee made the following recommendations: 1. Leave tipping fees at $70.50 for FY No Rebates 3. No Assessments 4. Replenish the $.5MM cash reserve for recycling markets 5. Special Meeting in October to further discuss 5year financial plan. There was a lengthy discussion on the reserve fund and the cash flow. Matthew Frank noted that the committee will be meeting in October and strongly recommends full Board participation.

3 Item # 4 - Recycling Committee Report Erik Street, Chair: The Recycling Committee last met on May 28 th, 2015 and the following items were discussed. Recycling Work of Art Program Education Grants Paid Media Erik Street reminded the committee of the upcoming Recycling Open House and encouraged all to attend. The next Recycling Committee Meeting is scheduled for September 24 th, 2015 Item # 5 - Sub-Committee on the Gorham Property Troy Moon, Chair: The Sub-Committee met on July 27 th & August 31 st, There was a discussion of the history of the land and the feasibility study. A lengthy discussion followed. The recommendation of the Sub-committee is to sell the Gorham property (by owner) at $2.2 MM. The committee recommended that the Gorham Property recommendations go to the full board for approval. Mike McGovern motioned to recommend to the full board. The motion was seconded by Richard Brobst. AIF. Item # 6 - Update and Discussion the Regional Hauler Permitting & Compliance Program: Kevin Roche has had several discussions with haulers. Based on the meetings he had the following recommendations: Put the program on hold for now and work with haulers on tonnage If issues of diversion become problematic bring back to the board Work with communities on modernizing their ordinances Mike McGovern motioned to suspend the program. The motioned was seconded by Len Van Gaasbeek. All in favor. Item # 7 - Managers Report: Kevin Roche reviewed financial statements for FY 15 & FY 16. Richard Brobst made a motion to adjourn. The motion was seconded by David Morton. All in favor. Present: Shawn Babine, Linda Boudreau, Richard Brobst, Deborah Cabana, David Cole, Matthew Frank, Jim Gailey, Caleb Hemphill, Roger Hicks, Suzanne Knight, Mike McGovern, Troy Moon, David Morton, Anthony Plante, Rod Regier, Bill Shane, Mike Shaw, Erik Street, Ed Suslovic & Len Van Gaasbeek Visitor: Gary Foster Staff: Arthur Birt, Denise Mungen, Kevin Roche & Kevin Trytek

4 ATTACHMENT B November 2015 ecomaine Portfolio Review Daniel M. Lay, Esq. Managing Director Molly C. Reinfried, CFP Relationship Manager Jenny Lynd Robinson Investment Assistant Portland // Damariscotta // hmpayson.com

5 ECOMAINE COMBINED Account #: ECOMAINE Report Period: 12/31/ /30/2015 Asset Allocation Detail US Govt Bonds 22.35% CD-Other Banks 9.11% Cash & Equiv 11.54% Managed Equity 14.13% Federal Agencies 42.29% Market Percent Value of Total Cash & Equiv 2,400, CD-Other Banks 1,895, US Govt Bonds 4,650, Federal Agencies 8,799, Managed Equity 2,939, Foreign Equity Funds 121, Total Account 20,807,

6 ecomaine Market Value vs. Invested Capital as of 9/30/ $ MILLIONS Account Value Invested Capital /31/14 3/31/15 6/30/15 9/30/15 Total Investment Gains -$152,000 Net Contributions $826,000 Beginning Value 12/31/14 $20,132,000 Ending Value 9/30/15 $20,807,000 2

7 ecomaine Performance Consolidated Accounts as of 9/30/2015 Since Inception Fiscal Year to Date 12/31/2014* Total Account -1.26% -0.71% Benchmark ¹ Fixed Income (Bonds) 0.52% 1.09% BofAML Treas % 0.98% Lipper Short US 0.19% 0.67% Equity (Stocks) % -8.01% Benchmark ² -7.86% -8.01% ¹ Benchmark is comprised of 85% Fixed Income, 11.25% S&P 500 and 3.75% MSCI ACWIexUS ² Benchmark is comprised of 75% S & P 500 and 25% MSCI ACWIexUS * Annualized

8 ecomaine Asset Allocation as of 10/30/2015 Policy Limits Current Allocation Account Name Account Number Mkt Value < Risk>Liq Fixed Income >Risk<Liq Equity Cash Fixed Income* Equity Fixed Income Duration Profile Policy Goal ecomaine Operating Cash Reserve $8,196, % 0% 15% 85% 0% <2 years 6 mo. operating expenses ecomaine Recycle Revenue and Cost Share Reserve $500, % 0% 9% 91% 0% < 2 years $500,000 reserve ecomaine Short Term Capital Reserve $3,276, % 0% 13% 87% 0% < 2 years 12 mo. ST capital spending ecomaine Long Term Capital Reserve $3,974, % 33% 4% 65% 31% > 3years = or > $3MM or LT capital spending ecomaine Discretionary Landfill Close Reserve $4,690, % 50% 5% 52% 43% > 3 years reserve to fund liability in 2038 ecomaine Landfill Close Reserve $300, % 0% 8% 92% 0% 2 5 years $300,000 reserve * Permissable Fixed income Investments include: Certificates of Deposit & Demand Accounts (FDIC Ins.) US Treasury Obligations Federal Agency Debt not to exceed 3 yrs in maturity (FHLB, FFCB, FNMA, FHLMC, SLMA) Money Market Mutual Funds (Gov't Funds) 4

9 November 04, 2015 Appraisal With Unrealized G/L and Income CSU-ECOMAINE Account Number: CSU-3617 Description Units Unit Cost Total Cost Price Market Value Percent Gain/Loss Income Yield Cash and Equivalents FEDERATED GOVT OBLIGS TX-MGD INSTL 2,129, ,129, ,129, % % FEDERATED PRIME VALUE OBLIGATIONS INSTL 3, , , % % UNINVESTED CASH % % Total 2,132, ,132, ,132, % % Fixed Income Certificates of Deposit SYNOVUS BK COLUMBUS GA CTF DEP DTD 12/10/2014 INT AT MAT.5% 12/10/2015 GOLDMAN SACHS BK USA NY CTF DEP DTD 12/24/2014 INT AT MAT.45% 12/24/ , , , % , % 245, , , % , % DISCOVER BK CTF DEP DTD 02/11/2015 INT AT MAT.5% 02/11/ , , , % , % APPLE BK FOR SVGS NY CD DTD 09/09/2015 INT AT MAT.4% 03/09/2016 UNITED BK VERNON ROCKVILLE CT CTF DEP DTD 12/30/ % 06/30/ , , , % , % 245, , , % , % ALLY BK MIDVALE UTAH CD DTD 06/11/ % 06/12/ , , , % , % AMERICAN EXPRESS CENTURION BK INSTL CTF DEP DTD 12/11/ % 12/11/2017 WELLS FARGO BK N A CD DTD 03/25/2015 STEP 1.5% 03/25/ , , , % 1, , % 245, , , % , % Total 1,890, ,889, ,891, % 1, , % Corporate Bonds and Notes FEDERAL HOME LOAN MORTGAGE CORP NOTE DTD 05/14/2012 1% 06/29/ , , , % % FEDERAL NATIONAL MORTGAGE ASSN NOTE DTD 04/27/ % 06/22/ , , , % , % Total 115, , , % , % CSU-ECOMAINE (CSU-3617) 5

10 November 04, 2015 Description Units Unit Cost Total Cost Price Market Value Percent Gain/Loss Income Yield US Government Bonds and Notes U S TREASURY NOTE DTD 01/31/ % 01/31/2016 1,280, ,281, ,280, % , % U S TREASURY NOTE DTD 11/30/2014.5% 11/30/ , , , % 2, , % U S TREASURY NOTE DTD 01/31/ % 01/31/ , , , % , % U S TREASURY NOTE DTD 06/30/ % 06/30/ , , , % , % U S TREASURY NOTE DTD 09/30/ % 09/30/ , , , % , % U S TREASURY NOTE DTD 01/31/ % 01/31/ , , , % , % U S TREASURY NOTE NTS DTD 05/31/2013 1% 05/31/ , , , % 2, , % U S TREASURY NOTE DTD 11/30/2012 1% 11/30/ , , , % , % U S TREASURY NOTE DTD 09/30/2013 2% 09/30/ , , , % , % Total 5,430, ,425, ,428, % 2, , % Federal Agencies FEDERAL FARM CREDIT BANK BD DTD 09/01/ % 09/01/2016 1,000, ,000, , % , % FEDERAL FARM CREDIT BANK DTD 10/13/ % 10/13/ FEDERAL FARM CR BKS DEBENTURE DTD 12/11/ % 12/11/ FEDERAL HOME LN MTG CORP DTD 07/27/ % 07/27/ FEDERAL NATIONAL MORTGAGE ASSN NOTE DTD 02/27/ % 02/27/ FEDERAL HOME LN MTG CORP DTD 07/22/ % 04/22/ , , , % -1, , % 2,225, ,225, ,226, % 1, , % 270, , , % , % 1,125, ,125, ,129, % 4, , % 2,225, ,225, ,229, % 4, , % FEDERAL HOME LOAN BANK DDEBENTURE DTD 12/30/2014 2% 12/30/ Core Equity Consumer Discretionary 500, , , % 1, , % Total 8,095, ,094, ,104, % 9, , % Total15,530, ,525, ,538, % 12, , % DISCOVERY COMMUNICATIONS INC A 3, , , % % MCDONALDS CORP , , % 10, , % TWENTY FIRST CENTURY FOX INC COM CL B SHS 3, , , % 4, % VIACOM INC CLASS B 1, , , % -28, , % Consumer Staples Total 8, , , % -14, , % CSU-ECOMAINE (CSU-3617) 6

11 November 04, 2015 Description Units Unit Cost Total Cost Price Market Value Percent Gain/Loss Income Yield AMBEV SA SPONSORED ADR 13, , , % -6, , % PROCTER & GAMBLE CO 1, , , % -6, , % SYSCO CORP 2, , , % 9, , % WAL-MART STORES INC 2, , , % -52, , % Total 19, , , % -56, , % Energy BP PLC SPONS ADR 2, , , % -4, , % DRIL-QUIP INC , , % -1, % EXXON MOBIL CORP 1, , , % 10, , % OCCIDENTAL PETROLEUM CORP 1, , , % -2, , % WILLIAMS COMPANIES INC 2, , , % -9, , % Total 8, , , % -7, , % Financials AFLAC INC 2, , , % 12, , % BANK OF AMERICA CORP 11, , , % 19, , % BERKSHIRE HATHAWAY INC B 1, , , % -4, % JPMORGAN CHASE & CO COM 1, , , % 10, , % Total 16, , , % 37, , % Health Care GILEAD SCIENCES INC , , % 4, , % JOHNSON AND JOHNSON , , % 6, , % MYLAN N V SHS 2, , , % -50, % PFIZER INC , , % , % Total 4, , , % -39, , % Industrials CUMMINS INC , , % -14, , % DANAHER CORP , , % 5, % GENERAL ELECTRIC CO 3, , , % 21, , % PRECISION CASTPARTS CORP , , % 13, % Total 5, , , % 26, , % Information Technology ALPHABET INC CAP STK CL C , , % 12, % APPLE INC 1, , , % -5, , % CSU-ECOMAINE (CSU-3617) 7

12 November 04, 2015 Description Units Unit Cost Total Cost Price Market Value Percent Gain/Loss Income Yield INTEL CORP 2, , , % 5, , % INTERNATIONAL BUSINESS MACHINES , , % -10, , % MICROSOFT CORP 2, , , % 27, , % ORACLE CORP 2, , , % -4, , % US Equity Strategy Funds Total 9, , , % 25, , % ISHARES S&P 100 (MKT) , , % , % Other Equity Foreign Equity Funds Total , , % , % Total 73, ,236, ,208, % -27, , % EMERGING MARKETS CORE EQUITY PORTFOLIO 7, , , % -15, , % Total 7, , , % -15, , % Total 7, , , % -15, , % Total Portfolio 17,743, ,040, ,010, % -30, , % CSU-ECOMAINE (CSU-3617) 8

13 ATTACHMENT C

14

15

16

17

18 ATTACHMENT D1

19 ATTACHMENT D2

20 ATTACHMENT D3

21 ATTACHMENT D4

22 ATTCHMENT D5

23 ATTACHMENT D6

24 ATTACHMENT D7

25 ATTACHMENT E

26

27

28

29

30

31

32

33