NID Board Hears Report on District’s Financial Position and Forecast

March 13, 2017

Contact:
Susan Holt
(530) 271-6735

FOR IMMEDIATE RELEASE:

NID Board Hears Report on District’s Financial Position and Forecast

At the Wednesday (Mar. 8) NID Board of Director’s meeting, the Board was updated on the District’s financial position and fiscal forecast. Prudent oversight of financial activities assists with adherence to investment policies, and demonstrates NID’s exceptional management of District assets.

NID’s Finance Manager/Treasurer, Marvin Davis, reported overall cash reserves at $96.9 million, with $20.3 restricted for Series 2016A Bonds. The District will create a $500,000 capital reserve for recreation and a $1.5 million reserve for a Community Investment Program.

“NID is solid and financially strong,” explained Davis. The short-term cash forecast extending through December 2017 contains an estimated $11.8 million. The long-term maturity ladder currently includes $60.2 million with 65% held in 5 year investments, subject to financial variables.

Regular financial reports are essential to fulfilling the District’s commitment to fiscal transparency and excellence. To achieve this outstanding standard, NID’s finance department prepares monthly reports, including short-term cash forecasts, long-term capital spending, and a portfolio maturity ladder. Board policy requires actual versus budget updates and investment reports to be provided to the Board quarterly.

In other business, Board Members:

• heard a demonstration on Placer County’s implementation of the Sustainable Ground Water Management Act (SGMA) presented by Placer County Principal Management Analyst, Brett Storey.

• awarded a $108,805.50 contract to Open Systems International for the design and implementation of the Hydroelectric-wide Supervisory Control and Data Acquisition (SCADA) Upgrade Project. The project will improve operational efficiencies in monitoring and control of District powerhouses.

• heard an update on a Sphere of Influence (SOI) expansion project meant to incorporate currently underserved areas within District boundaries.

• approved developing a plan to provide audio recordings of District Board meetings to be posted on NID’s website.
The next regular meeting of the NID Board of Directors will be held at 9 a.m. on Wednesday, March 22, at the NID Business Center located at 1036 West Main Street, Grass Valley. NID Board meetings are open to the public.

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