HomeMy WebLinkAbout2009-06-08 - Finance-Accounting Committee Meeting Minutes
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE - ACCOUNTING COMMITTEE MEETING
June 9, 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 Diane Cyganik, Finance Director
Sandi Van Etten, Senior Accountant
1. PUBLIC COMMENTS
None.
2. ACTION CALENDAR
2.1 Monthly Financial Statements for April 2009
The Financial Statements were reviewed and accepted as presented.
2.2 Monthly Investment Report for April 2009
The investment report was reviewed and accepted as presented.
3. DISCUSSION ITEMS
3.1 Fiscal Year 2008-2009 Financial Audit Entrance Conference - Nitin Patel,
CPA of Diehl, Evans & Company
Mr. Patel presented an overview of the upcoming audit. He discussed the
new Government Accounting Standards Board pronouncements that have
been passed and are now in effect. Director Beverage asked for an
update on the rate covenant in the bonds issued in 2003 and 2008, after
Mr. Patel mentioned that the District's net revenues to debt service ratio
would be one of the items looked at during the audit and the findings
would be reflected in the report. August 10th was confirmed as the start
date for this fiscal year's audit.
3.2 U.S. Bank's Government Securities Treasury Fund Update
Ms. Cyganik reported that the Finance department had contacted U.S.
Bank regarding the options available as to where to put our bond funds.
They recommended two funds, explained the pros and cons of each one,
and Finance chose to go with the bank's money market fund which is
currently yielding .30% compared to the current fund which is not earning
interest.
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3.3 Monthly Portfolio Report for May 2009
Staff had called Keith Khorey prior to the meeting; he reported there were
no credit concerns with the portfolio. The Committee stated they had no
need to call Keith. Director Beverage requested Ms. Cyganik contact Mr.
Khorey regarding the U.S. Treasuries that were sold on Monday, June grn
to determine who purchased the securities. He also pointed out the priority
shift of bondholder repayment in the Chrysler bankruptcy and was
concerned a new precedent was forming whereby the bondholder would
no longer be first in line for payment.
3.4 Future Agenda Items and Staff Tasks
A.) Report to the Committee the approximate number of ratepayer calls
received by Customer Service regarding the April "catch-up" bills, whether
or not the calls have tapered off and if so, the time period this happened.
B.) Review the last water rate increase proposal and projections made by
staff, and compare those numbers to actuals to determine the effect the
rate increase had on the District's bottom line.
4. ADJOURNMENT
4.1 The Committee adjourned at 5:05 p.m. The next regular meeting of the
Finance-Accounting Committee will be held July 14, 2009 at 4:00 p.m.
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