HomeMy WebLinkAbout2009-04-14 - Finance-Accounting Committee Meeting Minutes
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE - ACCOUNTING COMMITTEE MEETING
April 14, 2009
A meeting of the Finance-Accounting Committee was called to order by Director
Beverage at 4:00 p.m. The meeting was held at the District's Administrative Office at
1717 E Miraloma Ave, Placentia CA 92870.
COMMITTEE STAFF
Director Michael J. Beverage, Chair Ken Vecchiarelli, General Manager
Director John W. Summerfield Pat Grady, Assistant General Manager
Diane Cyganik, Finance Director
Sandi Van Etten, Senior Accountant
PUBLIC COMMENTS
None.
ACTION ITEMS
1. Investment Report ending February 28, 2009.
The Investment Report was reviewed and accepted as presented. The
Committee inquired as to whether CAMP funds could be transferred into Wells
Capital for the ID2 fund. Staff will report back after further research.
2. Monthly Financial Statements for the Period ending February 28, 2009.
The Financial Statements were reviewed and accepted as presented.
DISCUSSION ITEMS
3. Monthly Portfolio Report ending March 31, 2009. Report by Keith Khorey, Wells
Capital Management.
Finance Director Cyganik contacted Mr. Khorey before the meeting. There was
nothing critical to report. The call to Mr. Khorey was cancelled.
4. Operating and Non-Operating Expense Budget.
The first pass at the budget for expenses was presented to Committee by
Assistant General Manager Grady and General Manager Vecchiarelli. A budget
for revenue was included only for comparison purposes - it was not prepared in
the usual manner nor with in depth research. There was much discussion and
the expense budget will continue to be refined.
5. Update on Actuarial RFP's.
Finance Director Cyganik reported that she had selected the low bid by Total
Compensation Systems, Inc. after researching the references to prepare the
actuarial study for compliance with GASB 43 & 45.
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6. Future Agenda Items and Staff Tasks.
None.
ADJOURNMENT
The Committee adjourned at 5:50 p.m. The next meeting of the Finance-Accounting
Committee will be held May 12, 2009 at 4:00 p.m.
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