HomeMy WebLinkAbout2009-05-12 - Finance-Accounting Committee Meeting Minutes
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE - ACCOUNTING COMMITTEE MEETING
May 12, 2009
A meeting of the Finance-Accounting Committee was called to order by Director
Beverage at 4:05 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
Sandi Van Etten, Senior Accountant
1. PUBLIC COMMENTS
None.
2. ACTION ITEMS
2.1 Monthly Financial Statements for March 2009
The financial statements were discussed and accepted as presented.
2.2 Monthly Investment Report for March 2009
The investment report was discussed and accepted as presented. Staff
pointed out that US Bank's government securities/treasury fund paid 0%
interest on the revenue bonds in March. The bank's contact said the
District may switch the bond funds to a Prime Obligation fund which is
yielding .35 basis points. The Committee recommended we do this, unless
any additional bank fees would zero out the interest earned.
2.3 Revised YTD/Monthly Financial Reports
Staff presented alternative report formats generated by the new software
systems. The Committee decided to use a combined one page summary
report but to have the detail reports separated by water and sewer funds.
3. DISCUSSION ITEMS
3.1 Monthly Portfolio Report for April 2009
Staff had called Keith Khorey prior to the meeting; he said there were no
concerns with the portfolio. No further action was taken.
3.2 Future Agenda Items and Staff Tasks
Water rates were discussed. Director Beverage requested staff prepare a
report that compares depreciation expense, overhead expense and water
operating pass-through costs. He would like a further comparison of their
status at the time the last rate increase was approved as well as the status
of the current projections.
ADJOURNMENT
The Committee adjourned at 4:58 p.m. The next regular meeting of the Finance-
Accounting Committee will be held June 9, 2009 at 4:00 p.m.
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