Call to Order

C. Karnei

7:30 AM

1.

Approval of June 17, 2005 Minutes

C. Karnei

(5 min)

2.

Budget Status & Schedule

D. Kasper

(15 min)

3.

Financial

• Floating vs Fixed Rate -- PUC Response (possible vote)
• Forecast of Financials for 2005 year end

S. Byone
M. Petterson

(10 min)

(5 min)

4.

Credit Update

• Status of TAC Task Force activity
• Status of TNT Credit
• Collateral Status with QSE’s

C. Yager

(10 min)

5.

Audit Updates

• Financial Audits -- 2004/2003
• SAS 70 -- Plan/Briefing
• Internal Audit 2005 Plan

S. Barry
S. Barry
E. Ettorre

(10 min)
(5 min)
(10 min)

6.

Capitalized Project Update

R. Connell

(10 min)

7.

Deloitte & Touche

• Completion of ICMP implementation

R. Penshorn

(15 min)

8.

Future Agenda Items

• Budget Presentation (public meeting Aug. 3; Special F&A Committee Meeting Aug 8)
• Enterprise Risk Management (ERM)
• Internal Control Management Process (ICMP)
• Selection process for 2006 Auditors

R. Bowman/T. Schrader

(5 min)

Next Finance & Audit Committee Meeting -- August 16, 2005

Adjourn to Executive Session

C. Karnei

9:10 AM