1.

Call to order Executive Session

M. Espinosa

8:00am

 2.

a.  Approval of executive session minutes (Vote) (05/20/08)

M. Espinosa

8:00am

b.  Internal Audit status report

B. Wullenjohn

8:02am

c.  EthicsPoint update

B. Wullenjohn

8:05am

d.  Quarterly private discussion with Chief Audit Executive

B. Wullenjohn

8:10am

e.  Business continuity plan and 2008 SAS 70 audit

B. Wullenjohn / S. Grendel

8:15am

f.  2009 Audit services planning

B. Wullenjohn

8:20am

Recess Executive Session

8:35am

Convene General Session

 3.

Approval of general session meeting minutes (Vote) (05/20/08)

M. Espinosa

8:35am

 4.

Application of the 2007 actual vs budget revenue requirement variance (Vote)

M. Petterson

8:37am

 5.

Review procedures for handling reporting violations

M. Petterson

8:50am

 6.

Credit update

C. Yager

8:55am

 7.

Review of liquidity management and debt capacity

C. Yager

9:10am

 8.

Review the company’s dealings with any financial institutions that are also market participants

C. Yager

9:25am

 9.

Update on investments

C. Yager

9:30am

 10.

Review of delegation of authority

M. Petterson

9:35am

 11.

Financial statement audit wrap-up

S. Barry

9:40am

 12.

Committee Briefs (Q&A only)

All

9:45am

 13.

Future agenda items

S. Byone

9:50am

Adjourn ISO meeting

M. Espinosa

9:55am