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Mr. Berg and staff. Both responded. There was discussion on the debt obligations and the <br /> possibility of paying off some of the bonds before their maturity to allow for an earlier <br /> timeframe to bond for our field services building expansion. Chair Dietz suggested that we <br /> discuss this option further at a future meeting. <br /> Mr. Berg reached out to the Commission to see if they had any additional questions on <br /> the management letter or the annual financial report. Commissioner Stewart had some <br /> questions on the Governmental Accounting Standards Board (GASB) Statements that were <br /> issued, in particular Statement No. 83 Certain Asset Retirement Obligations, and how <br /> those may have an impact on ERMU's future financial statements. Mr. Berg responded. <br /> Moved by Commissioner Nadeau and seconded by Commissioner Stewart to receive and <br /> file the Financial Audit for the year ending December 31, 2018. Motion carried 5-0. <br /> 4.2 2018 Year End Reserve Balance <br /> Ms. Slominski presented the year-end electric reserve balance and calculations. Staff <br /> recommended that the unrestricted balance above the target level for the Electric Utility <br /> fund be designated toward electric service territory transfer costs, future capital <br /> infrastructure costs, and energy adjustment clause (EAC) to be capped at$500,000. Chair <br /> Dietz suggested the Financial Reserves and Investment Committee discuss the option of <br /> setting aside a portion of the reserves for the field services facility expansion project. <br /> There was discussion. <br /> Ms. Slominski presented the year-end water reserve balance and calculations. Staff <br /> recommended that the unrestricted balance above the target level for the Water Utility <br /> fund be designated for future capital infrastructure costs. <br /> Moved by Commissioner Bell and seconded by Commissioner Westgaard to receive and <br /> file the year-end electric and water reserve balance and calculations. Motion carried <br /> 5-0. <br /> Mr. Adams stated that we also need a motion to designate what the unrestricted reserve <br /> balances above the target levels for the electric and water funds will be used for. <br /> Moved by Commissioner Bell and seconded by Commissioner Nadeau that$500,000 of <br /> the unrestricted reserve balance for the Electric Utility fund be designated for the <br /> Energy Adjustment Clause (EAC), and the remaining amount be designated towards <br /> electric service territory transfer costs and future capital infrastructure costs; and the <br /> unrestricted reserve balance for the Water Utility fund be designated for future capital <br /> infrastructure costs. Motion carried 5-0. <br /> 4.3 2018 Utilities Performance Incentive Compensation Distribution <br /> Elk River Municipal Utilities Commission Meeting Minutes <br /> April 9, 2019 <br /> Page 4 <br /> 31 <br />