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Water district reviews financial concerns

Quake coverage also on agenda

Posted: August 20, 2008 9:41 p.m.
Updated: October 22, 2008 5:02 a.m.
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The Newhall County Water District is holding a special finance meeting tonight to review a report on post-employment benefits and other financial concerns.

Topping the agenda is a review of the district’s post-employment benefits prepared by Bickmore Risk Services & Consulting.

Benefits discussed at the meeting do not include discussion about pensions.

Also, on the agenda are discussions about investment strategies and earthquake insurance.

In February — about six months before a 5.4 earthquake centered in Chino Hills rocked Santa Clarita Valley on July 29 — district staff met with its insurance agent and asked for a quote on earthquake insurance.

The requested quote for earthquake and flood insurance returned to the district carries with it a premium of $86,356.25 for coverage including $10 million per occurrence.

District staff is going to recommend that the Finance Committee make a recommendation to the full board to take out the insurance policy.

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