On September 1, 1998, the Contra Costa County Board of Supervisors adopted Resolution 98/438 approving the formation of the Wiedemann Ranch Geologic Hazard Abatement District (GHAD)
and appointed itself to serve as the GHAD Board of Directors.
Annual Budget (Resolution 2020-01). The GHAD Board is requested to adopt budgets for the GHAD operations each fiscal year. The GHAD Board is being requested to adopt the fiscal year
budget for 2020/2021 as prepared by the GHAD Manager which is attached to Resolution No. 2020/01. In addition, the GHAD Board is being requested to update the GHAD Manager payment
limits under the existing Consulting Services Agreement as required by that Agreement. The budget attached to Resolution No. 2020/01 identifies that limit at $119,650.
Appointment of GHAD Treasurer (Resolution 2020/02). The GHAD Board is also being asked to approve a change in the designation of the GHAD Treasurer from Watermark Asset Management,
Inc. to GHAD Treasurer, Inc. On May 19, 2009, with Resolution 2009/01, the GHAD Board of Directors appointed Watermark Asset Management as GHAD Treasurer. On December 6, 2018,
Watermark Asset Management was acquired by CAPTRUST. In October 2019, three former principals of Watermark Asset Management Inc. formed GHAD Treasurer, Inc. for the purpose of
separating treasurer advisor functions from investment functions. Services include collecting, holding, investing, appropriating, and expending GHAD funds as necessary to carry out the
operations of the GHAD in accordance with budgets approved by the GHAD Board.
Personnel acting in the capacity of GHAD Treasurer will remain the same as under Watermark Asset Management. If approved, the GHAD Treasurer will complete actions necessary to change
treasurer functions from Watermark Asset Management to GHAD Treasurer, Inc. A contract of services between GHAD Treasurer, Inc. and Wiedemann Ranch GHAD is provided.
The GHAD will not be able to continue operation starting July 1, 2020 if the budget is not approved. If the Board does not approve the change in designation of the GHAD Treasurer from Watermark
Asset Management, Inc. to GHAD Treasurer, Inc. staff requests the Board provide direction as the GHAD is required by GHAD Law to have a treasurer.