Finance Committee Meeting Minutes – June 23, 2021

Metro Flood Diversion Authority Finance Committee Meeting

Minutes from June 23, 2021

Metro Flood Diversion Authority Finance Committee Meeting Minutes

A virtual meeting of the Metro Flood Diversion Authority Finance Committee was held on June 23, 2021. The following members were present: Bernie Dardis, Mayor, City of West Fargo; Dr. Tim Mahoney, Mayor, City of Fargo; Chad Peterson, Cass County Commissioner; Dan Jacobson, Chairman, Cass County Joint Water Resource District; Kent Costin, City of Fargo Finance Director; Mike Montplaisir, Cass County Auditor; Mike Redlinger, City of Fargo Assistant Administrator; Dave Piepkorn, Fargo City Commissioner; Mike Rietz, City of Moorhead Assistant City Manager; Shelly Carlson, Mayor, City of Moorhead and Rick Steen, Cass County Commissioner and Lori Johnson, Clay County Auditor/Treasurer.

1. CALL TO ORDER

Mayor Dardis called the meeting to order at 4:00 PM. Roll call was taken, and a quorum was present.

2. APPROVE MINUTES FROM MAY 2021 MEETING

MOTION PASSED

Mr. Steen moved to approve the minutes from May 2021 as presented and Mr. Jacobson seconded the motion. On a voice vote, the motion carried.

3. APPROVE ORDER OF AGENDA

MOTION PASSED

Mr. Steen moved to approve the order of the agenda and Mr. Montplaisir seconded the motion. On a voice vote, the motion carried.

4. APPROVAL OF BILLS

Mr. Costin reported that $400,241.68 are the bills payable through June 16, 2021. They are the typical bills and include $110,625.00 payable to S&P Global Ratings for the WIFIA loan rating evaluation.

MOTION PASSED

Mayor Carlson moved to approve the bills as presented by Mr. Costin and Dr. Mahoney seconded the motion. On a roll call vote, the motion carried.

5. FINANCIAL REPORT

Mr. Costin reported that 2021 YTD expenditures total $60,239,399 and the cumulative total expenditures to date are $706,246,739. Mr. Costin also reported that our current net position is $73,728,330 and that the June financials will reflect an additional $26 million due to the proceeds received from temporary improvement bond sales.

MOTION PASSED

Mr. Steen moved to approve the financial report as presented by Mr. Costin and Mr. Redlinger seconded the motion. On a voice vote, the motion carried.

6. EXECUTIVE DIRECTOR FINANCIAL REPORT

Mr. Paulsen reported that there have not been many changes and things continue to track as anticipated. The FY2021 costs for P3 support services is $3.81 million and engineering, legal and financial are all on budget.

Other mitigation projects are moving along as planned and there are no areas of concern. $76,106,466 has been spent FY2021 to date and $706 million has been spent overall.

7. CONTRACTING ACTIONS

There were no contracting actions for approval.

8. OTHER BUSINESS

a. DA Board Approved MOU and Agreement Actions

Mr. Shockley provided a summary outlining the purpose and necessity for the following MOUs:

i. Maple River WRD MOU for DCAI

ii. AT&T MOU for DCAI

iii. Cenex Pipeline, LLC MOU for DCAI 

iv. Minnkota MOU for DCAI

v. Harwood Township MOU for DCAI

MOTION PASSED

Dr. Mahoney moved to approve all the MOUs as summarized by Mr. Shockley and Mr. Steen seconded the motion. On a roll call vote, the motion carried.

b. Land Acquisition Directive for SE-2a

Mr. Vetter presented LAD-00027 for SE-2a and indicated that $2,505,350 is needed to acquire the property rights needed.

MOTION PASSED

Mr. Steen moved to approve LAD-00027 and Mr. Rietz seconded the motion. On a roll call vote, the motion carried.

c. Property Acquisition Status Report

Mr. Vetter reported that one LRED property has been resolved and a purchase agreement is forthcoming. He also reported that 578 properties have been acquired to date and there are currently 90 in LRED status.

9. NEXT MEETING

The next meeting will be July 21, 2021.

10. ADJOURNMENT

The meeting adjourned at 4:30 PM.