| MID
Board Report Archive
Modesto Irrigation District (MID) Board Meeting of Tuesday, September 30, 2008
Media contact: MID Public Affairs Department, Kate Hora, 209 526-7454
The next MID Board meetings will be Oct. 7 starting at 1:00 PM, Oct. 21; Nov 4 and 18. There will be no Board meeting on Nov. 11 owing to Veterans Day.
The MID Board of Directors will hold a Public Hearing on proposed changes to MID 2009 electric rates and service rules on Tuesday, Nov. 4 at 9 a.m. in the MID Board Room, 1231 11th Street. Modesto.
The MID Board Report is a summary of highlights of meetings of the MID Board of Directors and not a complete or official record of proceedings. Official records of proceedings of the MID Board of Directors are contained in the Minutes of meetings of the Board of Directors. For information about the Minutes, please contact the Office of the Board Secretary, 1231 Eleventh Street, Modesto, telephone 209 526-7360, 8:00 a.m. – 5:00 p.m., Monday – Friday, excluding holidays, or email Board@mid.org.
Staff reports
Water Report
Walt Ward, Assistant General Manager of Water Operations, reported that the 2008 water year ending today is the second critically dry year in a row, and forecast for 2009 is for continued dry conditions. The Hetch Hetchy system is currently at 79 percent of storage capacity. Elevation at Don Pedro Reservoir is 735 feet, about 25 feet lower than this time last year. Runoff in the Tuolumne River watershed was 60-63 percent of average for both the April-July period and the entire year. Both Turlock and Oakdale irrigation districts are looking to end their irrigation seasons soon. As the almond harvest draws to a close and irrigation customers are already calling in, staff is asking the Board to consider ending MID’s season on an upcoming Friday.
Don Pedro Board of Control Report
Director Hensley reported that year-to-date finances are at a break-even point. The new marina has been completed on schedule and all houseboats moved. Revenues for the Labor Day weekend were about two percent less than in 2007.
Financial Markets Update
MID’s financial advisor Jerry Gold, First Southwest Company, briefed the Board on recent unsettled conditions on Wall Street. “Cash is king,” with credit dried up and municipal bond markets at a virtual standstill. Contributing to lack of investor confidence are mortgage defaults, expensive oil, the weak dollar, uncertainty about government bailouts and money market funds trading below $1 a share. The interest rate on municipal bonds is unusually high compared to that of U.S. Treasury bonds.
2009 Budget Workshop
Budgets & Rates Administrator Jimi Netniss led a review and discussion of portions of the 2009 District budget. Review included capital budgets for the Electric Resources and the Transmission & Distribution divisions and the operations and maintenance budget, including purchased power and fuel costs, for the Electric Resources Division.
Approved by unanimous vote
- Resolution approving the purchase of six 8.44 megawatt reciprocating engine generator sets and associated equipment from Wartsila Corp. of Finland and authorizing the General Manager to execute a $35.9 million equipment supply and service contract with Wartsila Corp.
|
