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VILLAGE DISTRICT OF EIDELWEISS
Asset Management Committee Meeting
February 12th, 2018

Note: This meeting was captured on video and will be available on the VDOE website for specific dialogue of the committee members and the specific content of meeting.
The Asset Management Committee met at 3:00 pm exactly on Monday, February 12th, 2018. In attendance were Committee members Dinah Reiss, Nancy Cole, Tommy Gunn, Ralph Lutjen and Mike Smith.

At exactly 3:00 pm the meeting was called to order by Chairwomen Nancy Cole.

Nancy Cole passed out and made a motion to approve the agenda as presented, the was seconded by Mike Smith and the motion passed 5-0, all members voting yes. Nancy also passed out documents associated with the water loan detail and Mike Smith’s analysis of inspect/reline & repair various tanks vs the cost to replace.

Agenda:

1. Nancy Cole makes a motion to accept the minutes of January19, 2018 – Ralph Lutjen seconds the motion, the motion passed 5-0 with all members voting yes.

2. Overview – The committee reviewed adjustments to the proposed CIP plan and warrant article to align with reasonable recommendations to voters at the annual meeting in February 2018. Details are discussed later in the meeting document.

3. Review proposed Water Bond Spreadsheets;
• Ralph Lutjen review the detailed spreed sheet on how the water projects were developed and using the plan to present a plan for a 15-year bond, the first three years interest only and the remaining 12 years to pay the principal loan amount. The current estimate for interest rate is 4%.
• The goal to keep the annual water few below $500.00
• Mike Smith makes a motion for the Asset Management Committee to formally support the water bond article in the amount of $525,000. Nancy Cole seconds and all are and vote yes.

4. Mike Smith reviews the detailed analysis that he and Nancy Cole have prepared comparing the estimated costs to inspect and reline the existing water tanks vs. purchasing new tanks.
• Much dialogue on the topic took place, with no firm outcome. The committee acknowledges that relining would extend the useful life of the exiting tanks by about 20 years, the existing tanks are about 43 years old.
• But given the delta of cost, for three tanks just under $20,000 in total. With the minimum estimated useful life of 50+ years would the VDOE be better off replacing the tank rather than inspecting and or relining.

5. Diana notes that on the water project list Reinach Phase 1 is listed but no reference is made to future phases of the Reinach are not mentioned. She raises a concern voters may raise this at the annual meeting, and questions are we prepared to address this?

6. The Committee reviewed the warrant articles 1 – 23, no changes were made or suggested.

7. The Committee reviewed the analysis Mike Smith has prepared looking at electrical usage in the water pump houses and how a VFD (Variable Frequency Drive) can significantly improving the operating efficiency of the pumps and reducing electrical usage. The electrical upgrades and improvements with have a payback period as yet to be determined but will reduce the cost of proposed projects.

8. Establish Next meeting - Next meeting scheduled for Monday March 12th, 2018 @ 3:00 PM

At 4:02 pm Nancy Cole makes a motion to adjourn the meeting. Mike Smith seconds. Motion passed unanimously with all members voting yes.

Respectfully submitted,

Tommy Gunn
Committee Member