Mohawk Valley Water Authority – November 23, 2015

  

Chairman DeLia called the meeting to order at 5:00 PM and opened with the Pledge of Allegiance.

 

Roll Call:  Present:  Dennis Bova, Bruce Brodsky, Vincent Coyne, Elis DeLia, Mitch Ford, Frank Mutolo, Bette Szesny and Steve Zywiak.  Absent: Rocco Arcuri, Mark Ford, Scott Mahardy and Scott Williams.  Also Present:  Richard Goodney, Phil Tangorra, Jim Korfonta, Scott Gorgas, Jim Mack, Maureen Ray,  Long Gu, Anne Milograno and Ken Bobrow, Esq.

 

Chairman DeLia presided and Suzanne Harmon took the minutes.

 

Approval of the October 26, 2015 Minutes

Motion made by Mr. Bova to approve the minutes.     Seconded by: Mr. Coyne

Vote:  (8) Ayes   (0) Nays   (0) Abstain    (4) Absent      Motion Carried.

 

Demonstration of the Kiosk

Mr. Becher stated that the kiosk will be placed in the lobby of City Hall within the next few weeks for the convenience of the MVWA customers.  The kiosk will be able to handle other payments to allow the MVWA to partner with other companies, which a portion of that will offset the cost of operating the machine.

Jim Mack, IT Manager stated that the company is called Adcomp Systems.  This machine accepts cash, checks and credit cards and does not take change or return change.  If a customer over pays, that amount will be credited to their account on the next billing cycle.   There are speakers that are built into the machine to guide you through the payment process.  There are also security cameras built in that will link back into the IT desktops, which will be recorded.  There is a Verizon wireless modem in the back of the machine so the MVWA does not have to hardwire the machine into an existing system.  The kiosk has been integrated into the MVWA billing system in real time.  The cost is approximately $900 per month.  The machine holds 3,000 dollar bills/checks and when the machine is full an e-mail goes to the courier, they pick up the cash and IT will receive a confirmation e-mail. A demonstration of how the machine works was given to the Board along with a telephone credit card payment.    

 

Approval: Quarterly Investment Statement – 3rd Quarter Ending 9/30/15

Mr. Korfonta stated that this is an investment statement of the MVWA trust funds.  The Board has been presented with these statements every quarter for approval.

Motion was made by Mr. Brodsky to approve the budget.  Seconded by: Mr. Coyne

Vote:  (8) Ayes   (0) Nays   (0) Abstain    (4) Absent      Motion Carried.

 

Committee Reports:

Finance:  Mr. Korfonta stated that the October 31st report is in your binder.  The MVWA is above budget as far as revenues and consumption came up for the year.  The retirement payment is due in December.

Capital Projects:  Mr. Goodney provided pictures for your review.        

 

Executive Director’s Report:

         Mr. Becher stated that he received a draft report on the Oneida County Western Regionalization Study.  Mr. Becher felt that other things should be looked at like cost avoidance.  Once this is complete he will bring it to the Board.

         Mr. Becher stated that money was freed up in the debt service account and has to be ear marked for actual capital costs.  One change that was made was that the MVWA borrowed $4.2 million dollars and not $5 million dollars.

         Mr. Becher handed out a summary of refunding results.  He stated that the present value of prior debt to 11/17/15 at 3.037795% was $24,058,616 million dollars and the net present value savings is $2,223,342.  Overall it was a very successful bond refinancing.

         Mr. Becher handed out the rating agency reports from Moody’s and Standard & Poor’s.  The reports talk about what they liked and what their cautions were.  The take away from these reports is that they kept the MVWA bond rating the same at A1 and A+.  Mr. Becher handed out a letter from the MVWA rate consultant Ed Marcus from Amawalk Consulting Group LLC.  This is the rate certification letter that the MVWA receives every year.  Mr. Marcus does have some cautions in the letter.  Mr. Becher would like to have a Finance Committee meeting to discuss the letter and the ratings and the MVWA financial strategy moving forward.   

 

Old Business:

Chairman DeLia asked Mr. Becher if he has heard anything from Hancock & Estabrook declaratory judgment.  Mr. Becher stated that the MVWA filed for declaratory judgment a year ago.  The MVWA should know in approximately two weeks whether or not the State will try and appeal.

 

Chairman DeLia made a motion to go into Executive Session at 5:42 PM to discuss a personnel matter.

Seconded by:  Ms. Szesny    Motion Carried.

 

Motion made by Chairman DeLia to come out of Executive Session at 5:50 PM.

Seconded by:  Mr. Brodsky     Motion Carried.

 

In Executive Session the Board voted to increase the salary for the Executive Secretary for the coming year by 2.25% to take effect upon her anniversary date.

 

Respectfully submitted,

 

 

__________________________ 

Suzanne M. Harmon, Secretary 

Mohawk Valley Water Authority