Call to Order

 C. Karnei

8:00 a.m.

 1.

Approval of Minutes

• December 13, 2005 -- Committee Meeting

 C. Karnei

8:00 a.m. (5 min.)

2.

Election of Committee Chair & Vice Chair

 C. Karnei

8:05 a.m. (5 min.)

3.

Finance and Audit Charter Review

 S. Byone

9:15 a.m. (5 min.)

4.

Audit Report Acceptance

• Benefits Plan

 N. McIntire

8:10 a.m. (5 min.)

5.

Committee Briefs

• ERM Stoplight
• ICMP
• Credit Statistics
• Large Projects/PMO

• C. Moseley
• C. Yager
• D. Meek
• R. Connell

8:15 a.m. (20 min.)

6.

Quarterly Investment Performance Review

 C. Yager

8:35 a.m. (10 min.)

7.

Preliminary 2005 Budget Variance -- VOTE

 M. Petterson

8:45 a.m. (10 min.)

8.

Overview of Corporate Policy Framework

 C. Moseley

9:00 a.m. (15 min.)

9.

Future Finance and Audit Committee Meeting Agenda Items:

• ABC Objectives & Timeline
• PWC Audit Plan
• Scope of Third-party Internal Control Review
• SAS 70 Unqualified Opinion Planning
• Revised Capital Project Prioritization Criteria
• Review Credit Working Group Charter (Feb/Mar)
• Fee Filing Update
• Committee Briefs

 S. Byone

9:20 a.m. (15 min.)

Adjourn to Executive Session

 C. Karnei

9:25 a.m.