Michael Leue

The meeting included discussion of audited financial statements for FYE June 30, 2024, a review of completed service provider audits, the FY 2025-2026 Audit Plan, and a plan for internal audits of ACTA's financial procedures. The committee approved the FY 2025-2026 Audit Plan and the accelerated plan for Internal Audits of ACTA's Financial Procedures. A request was made to add an item to the next Board meeting agenda to discuss the debt restructuring plan.

The board is considering the approval of the Third Amendment to Agreement No. C0855 with Moss Adams LLP for independent audit services. This amendment aims to extend the agreement's term for an additional five years, lasting until April 30, 2025, and increase the contract value by $475,960. The original agreement was established in April 2015 after a Request for Proposals (RFP) process and is set to expire on April 30, 2020. The amendment includes fees for financial statement audits and single audits over the next five years, with potential cost reductions if single audits are not required.

The strategic plan aims to facilitate the safe and efficient movement of goods, enhance health and safety benefits for Corridor communities and Southern California, and maintain strong partnerships with ports and railroads. Its core strategic goals encompass achieving financial strength, ensuring infrastructure reliability, fostering effective board engagement, promoting employee fulfillment, implementing robust risk management, and encouraging sustainability. The organization is guided by values of service, collaboration, inspiration, delivery, and safeguarding, striving for environmental improvements, economic opportunities, and social inclusion.

The meeting included the approval of James P. Preusch's appointment as Interim Chief Executive Officer, with a 10% salary adjustment. A third amendment to an agreement with Moss Adams LLP for independent audit services was also approved, extending the contract through April 30, 2023, and increasing its value by $298,585.

The meeting agenda includes updates from the Ad Hoc Succession Planning Committee, approval of a resolution and pay schedule for ACTA officers and employees, approval of a salary adjustment for the Chief Financial Officer, and a performance report. Public comment on non-agenda items will be accepted. A closed session will be held to discuss labor negotiations with the Chief Financial Officer.