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Home My WebLink AboutAEA Board Meeting Jan 30 2003Alaska Industrial Development and Export AuthorityAl 10. Alaska Energy Authority AGENDA ALASKA ENERGY AUTHORITY Board of Directors January 30,2003 Anchorage,Alaska CALL TO ORDER BOARD OF DIRECTORS ROLL CALL PUBLIC ROLL CALL PUBLIC COMMENTS PRIOR MINUTES __-November 19,2002 OLD BUSINESS NEW BUSINESS A.Appointment of Executive Director,Resolution No.2003-01 DIRECTOR COMMENTS A.Director's Status Report of AEA Programs and Projects B.Next Meeting Date -Follows AIDEA Board meeting Dates BOARD COMMENTS ADJOURNMENT H:\All\bfuglestad\BOARD\Agenda AEA.doc 813 West Northern Lights Boulevard *Anchorage,Alaska 99503NATfaArnaANaAmAAnestPAeRaA Alaska Industrial Development and Export Authority ALASKA ENERGY AUTHORITY BOARD OF DIRECTORS January 30,2003 -11:51 a.m. Anchorage,and Juneau,Alaska 1.CALL TO ORDER Chairman Barry called the meeting of the Alaska Energy Authority to order on January 30,2003, at 11:51 a.m.A quorum was established. 2.BOARD OF DIRECTORS ROLL CALL Directors present in Anchorage:Mr.Mike Barry (Chairman/Public Member),Deputy Commissioner Larry Persily (Designee for Department of Revenue),and Commissioner Edgar Blatchford (Department of Community and Economic Development). 3.PUBLIC ROLL CALL Staff present in Anchorage:Ronald W.Miller (Executive Director),James A.McMillan (Deputy Director-Credit),Sue Weimer,(Loan Servicing Officer),Valorie Walker (Deputy Director-Finance), Brenda J.Fuglestad (Administrative Manager),Karl Reiche (Projects Development Manager),and Lynn Kenney (Development Specialist). Others attending in Anchorage:Keith Laufer (Foster Pepper Rubini &Reeves),Brian Bjorkquist (Department of Law),Theresa Nangle Obermeyer (Self),Ken Vassar (Wohlforth Vassar Johnson &Brecht)and Debbie Reinwand (Bradley Reid). 4.PUBLIC COMMENTS Ms.Obermeyer commented about the law firm of Wohlforth,Vassar,Johnson,and Brecht. §.PRIOR MINUTES -November 19,2002 The November 19,2002 minutes were approved as presented. 6.OLD BUSINESS There was no old business. 7.NEW BUSINESS 7A.Resolution No.2003-01,Resolution of the Alaska Energy Authority Relating to the Appointment by the Authority of an Executive Director 813 West Northern Lights Boulevard *Anchorage,Alaska 99503 AEA Board Meeting January 30,2003 Meeting Minutes Page 2 Mr.McMillan stated that effective January 30,2003,the resolution appoints Ronald W.Miller as Executive Director and also re-appoints James A.McMillan to continue his duties as Deputy Director-Credit and Assistant Secretary of the Authority. MOTION:Commissioner Blatchford moved to approve Resolution No.2003-01.Seconded by Deputy Commissioner Persily.There being no discussion,the question was called.A roll call vote was taken and the motion passed unanimously. 8.DIRECTOR COMMENTS There were no Director comments. 9.BOARD COMMENTS There were no Board member comments.- 10.ADJOURNMENT There being no objection and no further business of the Board,the meeting was adjourned at 11:55 a.m. Aor b De MestaCapesA.McMillan,Assistant Secretary Alaska industrial Development and Export Authority aii WR tien Alaska Energy Authority ALASKA ENERGY AUTHORITY BOARD OF DIRECTORS November 19,2002 -1:37 p.m. Anchorage,Juneau,and Shungnak,Alaska 1.CALL TO ORDER Chairman Hughes called the meeting of the Alaska Energy Authority to order on November 19, 2002,at 1:37 p.m.A quorum was established. 2.BOARD OF DIRECTORS ROLL CALL Directors present in Anchorage:Mr.Wilson Hughes (Chairman/Public Member),Deputy Commissioner Larry Persily (Designee for Department of Revenue),and Commissioner Deborah Sedwick (Department of Community and Economic Development). Directors present in Shungnak:Ms.Helvi Sandvik (Public Member). Directors present in Juneau:Commissioner Joe Perkins (Department of Transportation and Public Facilities). 3.PUBLIC ROLL CALL Staff present in Anchorage:James A.McMillan (Acting Executive Director),Sue Weimer,(Acting Deputy Director-Credit),Valorie Walker (Deputy Director-Finance),Brenda J.Fuglestad (Administrative Manager),Lynn Kenney (Development Specialist),and Brenda J.Applegate (Accountant). Others attending in Anchorage:Tim Bradner (Alaska Journal of Commerce),Keith Laufer (Foster Pepper Rubini &Reeves),Brian Bjorkquist (Department of Law),Jim Yarmon (Polaris Fund), Kathy Porterfield and Charlie Kosak (KPMG LLP),and Ken Vassar (Wohlforth Vassar Johnson & Brecht). 4.PUBLIC COMMENTS There were no public comments. 5.PRIOR MINUTES -October 10,2002 The October 10,2002 minutes were approved as presented. 6.OLD BUSINESS There was no old business. 813 West Northern Lights Boulevard *Anchorage,Alaska 99503NATILALCOIWNAN2ACAVANDIATAANNAA AEA Board Meeting November 19,2002 ' Meeting Minutes Page 2 7.NEW BUSINESS 7A.Financial Statements/Audit Report (KPMG LLP) Ms.Kathy Porterfield,Managing Partner with KPMG LLP,summarized the audited financial statements,and letter to the Board. She said that the Authority adopted the provisions of GASB (Governmental Accounting Standards Board)Statement No.34,which is a new reporting model that governments need to adopt.The first three pages of the financial statements contain management discussion and analysis,which is new and required by GASB.It is designed to be a description of the changes in the financial statements between the most recent years. The audit covers only the most recent fiscal year as the Authority decided not to restate the 2001 financial statements to comply with the new reporting model.There are changes in the balance sheet as a result of the GASB standards.The GASB standards do not change how you account for things,but it affects how you display them in the financial statements. Ms.Porterfield said the purpose of the audit is for KPMG to gain reasonable assurance that the financial statements are free of material misstatement.KPMG conducted appropriate audit procedures and has concluded that the financial statements are fairly stated in all material respects in accordance with generally accepted accounting principles,resulting in an unqualified or a clean opinion.KPMG obtained reasonable assurance during the audit that the financial statements are free of material misstatement. +l Ms.Porterfield said that the only significant item in the financial statements is on page seven, the Statement of Revenue,Expenses and Changes in Net Assets,where the loss on the sale of the Four Dam Pool is noted.She referred the Board to note five,stating that concurrent with the sale of the Four Dam Pool Project there was forgiveness of an approximately $180 million loan due the Alaska Energy Authority that could not be written off until it was forgiven,which was this current fiscal year. 8.DIRECTOR COMMENTS There were no Director comments. 9.BOARD COMMENTS There were no Board member comments. 10.ADJOURNMENT There being no objection and no further business of the Board,the meeting was adjourned at ¢.Ok Ohne. Janes A.McMillan,Secretary ALASKA ENERGY AUTHORITY RESOLUTION NO.2003-01 RESOLUTION OF THE ALASKA ENERGY AUTHORITY RELATING TO THE APPOINTMENT BY THE AUTHORITY OF AN EXECUTIVE DIRECTOR WHEREAS,the By-Laws of the Alaska Energy Authority (the "Authority”)allow the members of the Authority to appoint an Executive Director of the Authority; WHEREAS,the By-Laws of the Authority further provide that the Executive Director of the Authority is the Secretary-Treasurer of the Authority; WHEREAS,it is in the public interest and in the best interests of the Authority that Ronald W.Miller be appointed Executive Director of the Authority;and WHEREAS,it is in the best interest of the Authority that James A.McMillan be re- Authority. NOW,THEREFORE,BE IT RESOLVED BY THE ALASKA ENERGY AUTHORITY AS FOLLOWS: Section 1.Effective January 30,2003,Ronald W.Miller is appointed Executive Director and Secretary-Treasurer of the Authority. Section 2.Effective January 30,2003,James A.McMillan is re-appointed to continue his duties as Deputy Director-Credit and Assistant Secretary of the Authority. Section 3.From time to time,as may be required on a temporary basis,when the Executive Director is unavailable,the Executive Directormay designate any Assistant Secretary of the Authority to act on his behalf.The person so designated shall have all the duties and powers of the Executive Director of the Authority during the period the Executive Director is unavailable. section 4.The Executive Director of the Authority or any Authority staff member designated by him is hereby authorized to sign,on behalf of the Authority,all contracts,deeds "and other instruments made by the Authority and related documents. DATED at Anchorage,Alaska,this 30"day of January,2003. (SEAL)Chair ATTEST Secretary