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February 16, 2006 <br />Page 5 <br />In response to Board inquiries, Fried[ said he did not have information on <br />the use pattern of the site. <br />It was moved by Lange, seconded by Holt, and carried 5-0 to award a <br />contract in care of M.D. Structural Contractors, in the amount of <br />$52,070 and a 10% contingency amount of $5,207 for a total of $57,277 <br />for the purchase and installation of Russell Neighborhood Park play <br />equipment; funds from CIP account #'13.801.811.80310.001 10-1. <br />E. Approval To Ratify Definition Of Compensation <br />Lewanda defined compensation as that pay which is subject to PERS and <br />taxes. She said that this definition clarifies how the executive benefit is to <br />be applied, provides for the consistent application of it as envisioned when <br />the benefit was implemented, and facilitates easier compliance with PERS. <br />In response to Gibson's inquiry, Lewanda clarified that overtime is not <br />subject to PERS. <br />It was moved by Lange, seconded by Berger, and carried 5-0 to ratify <br />the determination that compensation is defined as that pay which is <br />subject to PERS and taxes. Such compensation includes funds which <br />would be subject to tax but for an employee's election to put funds <br />into a tax deferred vehicle such as a Flexible Spending Account or <br />Section 457 Deferred Compensation Plan, and that "salary" and <br />"compensation" have the same meaning. <br />9. ITEMS FOR DISCUSSION <br />None <br />10. REPORTS AND ANNOUNCEMENTS <br />A. Correspondence Regarding Park Dedication Fees Received — No <br />Comment <br />B. Report Of Investments — December 2005 — No Comment <br />C. Activity Summaries — September, October, November 2005 <br />Lange noted the increased attendance at the skatepark. <br />