HomeMy WebLinkAbout2010-06-14 - Finance-Accounting Committee Meeting Agenda Packet
Yorba Linda
Water District
AGENDA
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE MEETING
Monday, June 14, 2010, 8:00 AM
1717 E Miraloma Ave, Placentia CA 92870
COMMITTEE STAFF
Director John W. Summerfield, Chair Ken Vecchiarelli, General Manager
Director Ric Collett Pat Grady, Assistant General Manager
Stephen Parker, Finance Director
1. PUBLIC COMMENTS
Any individual wishing to address the committee is requested to identify themselves and state the matter on
which they wish to comment. If the matter is on this agenda, the committee Chair will recognize the individual for
their comment when the item is considered. No action will be taken on matters not listed on this agenda.
Comments are limited to matters of public interest and matters within the jurisdiction of the Water District.
Comments are limited to five minutes.
2. ACTION CALENDAR
This portion of the agenda is for items where staff presentations and committee discussions are needed prior to
formal committee action.
2.1. April Budget to Actual Results
Recommendation: That the Committee review, receive and file the April 2010
budget to actual results.
2.2. Monthly Investment Report for April 2010
Recommendation: That the Committee receive and file the April 2010 Investment
Report.
2.3. Changes to FY 2010/11 Draft Budget
Recommendation: That the Committee review and consider the changes to the
Draft Budget for FY 2010/11 and recommend the Board approve and adopt the
Final Budget for Fiscal Year 2010/11 at their regular meeting on June 24, 2010.
3. DISCUSSION ITEMS
This portion of the agenda is for matters such as technical presentations, drafts of proposed policies, or similar
items for which staff is seeking the advice and counsel of the Committee members. This portion of the agenda
may also include items for information only.
3.1. Monthly Portfolio Reports for April 2010
3.2. Future Agenda Items and Staff Tasks
4. ADJOURNMENT
4.1. The next regular meeting of the Finance-Accounting Committee will be held on July 12,
2010 at 4:00 p.m.
Items Distributed to the Committee Less Than 72 Hours Prior to the Meeting
Pursuant to Government Code section 54957.5, non-exempt public records that relate to open session agenda items
and are distributed to a majority of the Committee less than seventy-two (72) hours prior to the meeting will be available
for public inspection in the lobby of the District's business office located at 1717 E. Miraloma Avenue, Placentia, CA
92870, during regular business hours. When practical, these public records will also be made available on the District's
internet website accessible at http://www.ylwd.com/.
Accommodations for the Disabled
Any person may make a request for a disability-related modification or accommodation needed for that person to be
able to participate in the public meeting by telephoning the Executive Secretary at 714-701-3020, or writing to Yorba
Linda Water District, P.O. Box 309, Yorba Linda, CA 92885-0309. Requests must specify the nature of the disability and
the type of accommodation requested. A telephone number or other contact information should be included so the
District staff may discuss appropriate arrangements. Persons requesting a disability-related accommodation should
make the request with adequate time before the meeting for the District to provide the requested accommodation.
ITEM NO. 2.1
AGENDA REPORT
Meeting Date: June 14, 2010 Budgeted: N/A
To: Finance-Accounting Committee
Funding Source: N/A
From: Ken Vecchiarelli, General
Manager
Presented By: Stephen Parker, Finance Dept: Finance
Director
Prepared By: Stephen Parker, Finance CEQA Compliance: N/A
Director
Subject: April Budget to Actual Results
STAFF RECOMMENDATION:
That the Committee review, receive and file the April 2010 budget to actual results.
DISCUSSION:
Attached are the budget to actual results for the Water Fund, Sewer Fund and a summary of both
funds. Overall, the District is falling short on revenues and focusing strongly on balancing this factor
with tightening expenses. Major items to note are:
. Operating revenues are lagging as a percentage from prior year at 76% of budgeted revenue,
compared to the prior year figure of 105% at this same time. The largest contributor of this lag
is due to additional conservation efforts, and unless those efforts backtrack, we will end the
year below our budget revenues. Nonetheless, despite record conservation levels, revenues
as a total figure are only $890,000 lower in the current fiscal year with $18.9M.
. Variable expenses are 69% of budgeted expenses, whereas in the prior year, variable costs at
this time totaled 78%. This is due to lower water purchases based on customer conservation
and on a strategy implemented by staff to purchase higher percentages of import water in the
months of July and August, prior to the MWD rate increase implemented September 1, 2009.
Unless a change in the conservation effort occurs, we will end the year below budget on
variable expenses. In fact, due to lower water purchases, associated lower energy costs and
strategic optimization of import water purchases, variable expenses are over $250,000 lower
than at this point last year despite the substantial 19% MWD increase on September 1.
. Depreciation expense is 14% higher than the prior year due to fixed asset projects that have
been closed and have begun depreciation in the current year.
. Supplies and services are at 67% of budgeted levels, and should end the year well below
budget as a result of aggressive efforts by staff to limit expenditures in areas that are under
staff's control. These efforts will help contribute to a better bottom line than last year despite
lower revenues as a result of unprecedented conservation.
PRIOR RELEVANT BOARD ACTION(S):
On May 17, 2010, the Committee reviewed, received and filed the March 2010 budget to actual
results.
ATTACHMENTS:
Name: Description: Type:
Water Sewer April 2010.xls W&S Combined YTD April 2010 Backup Material
Water April 2010.xls Water YTD April 2010 Backup Material
Sewer April 2010.xls Sewer YTD April 2010 Backup Material
Yorba Linda Water District
Summary Financial Report
Water & Sewer Funds
For the Ten Months Ended April 30, 2010
Annual % of
Budget Actual Annual Budget
FY 09/10 YTD through Amended
Amended 10/21/09 April 30, 2010 10/21/09
Revenue (Operating):
Water Revenue (Consumption & Flat Charge) $23,027,872 $17,205,040 74.71%
(Restricted for Debt Service) - (1,960,759)
Sewer Revenue 1,276,000 989,111 77.52%
Other 648,892 707,730 109.07%
Total Operating Revenue: 24,952,764 16,941,122 75.75%
Expenses (Operating):
Variable Water Costs (G.W., Import & Power) 12,259,937 8,459,262 69.00%
Salary Related Expenses 7,355,049 5,304,568 72.12%
Supplies & Services 4,479,584 2,998,506 66.94%
Depreciation & Amortization 4,540,800 3,834,075 84.44%
Total Operating Expenses: 28,635,370 20,596,411 71.93%
Operating Income (Loss) (3,682,606) (3,655,289) 99.26%
Revenue (Non-Operating):
Interest 7,500 132,631 1768.41%
Property Taxes 1,200,000 1,105,280 92.11%
Debt Service Income (through water revenue) - 1,960,759
Other 185,500 373,167 201.17%
Total Non-Operating Revenue: 1,393,000 3,571,837 256.41%
Expenses (Non-Operating):
Interest on Long Term Debt (1,981,300) (1,626,073) 82.07%
Other Expense (201,800) (130,753) 64.79%
Total Non-Operating Expenses: (2,183,100) (1, 756, 826) 80.47%
Non-Operating Income (Loss) (790,100) 1,815,011
Net Income (Loss) (4,472,706) (1,840,278) 41.14%
Contributed Capital 265,202 297,822 112.30%
Capital - Direct Labor (373,277)
Yorba Linda Water District
Water Fund
For the Ten Months Ended April 30, 2010
FY 2010 % of
Annual April Actual Annual
Budget 2010 YTD Budget
Revenue (Operating):
Water Revenue (Residential) $17,692,953 $1,439,131 $13,333,002 75.36%
(Restricted for Debt Service) - (180,940) (1,960,759) 0.00%
Water Revenue (Commercial & Fire Det.) 1,680,500 152,902 1,376,763 81.93%
Water Revenue (Landscape/Irrigation) 3,654,419 226,638 2,495,275 68.28%
Other Operating Revenue 643,792 86,636 602,193 93.54%
Total Operating Revenue: 23,671,664 1,724,367 15,846,474 75.23%
Expenses (Operating):
Variable Water Costs (G.W., Import & Power) 12,259,937 968,519 8,459,262 69.00%
Salary Related Expenses 6,538,008 620,003 4,652,940 71.17%
Supplies & Services:
Communications 268,694 13,020 236,214 87.91%
Contractual Services 964,090 142,669 807,022 83.71%
Data Processing 116,148 4,981 69,986 60.26%
Dues & Memberships 30,068 333 26,415 87.85%
Fees & Permits 50,160 12,936 51,297 102.27%
Insurance 342,433 - 184,318 53.83%
Materials 427,424 64,096 417,941 97.78%
District Activities, Emp Recognition 13,832 480 2,451 17.72%
Maintenance 384,362 26,035 126,685 32.96%
Non-Capital Equipment 139,910 17,680 73,467 52.51%
Office Expense 66,775 1,955 25,397 38.03%
Professional Services 763,760 51,454 324,829 42.53%
Training 61,518 3,661 28,317 46.03%
Travel & Conferences 48,892 2,186 11,098 22.70%
Uncollectible Accounts 47,320 - 418 0.88%
Utilities 27,027 6,433 90,797 335.95%
Vehicle Equipment 279,683 18,954 217,484 77.76%
Supplies & Services Sub-Total 4,032,096 366,873 2,694,136 66.82%
Depreciation & Amortization 3,945,750 335,410 3,358,053 85.11%
Total Operating Expenses 26,775,791 2,290,805 19,164,391 71.57%
Operating Income (Loss) (3,104,127) (566,438) (3,317,917) 106.89%
Revenue (Non-Operating):
Interest 500 223 119,217 23843.40%
Property Taxes 1,092,000 372,541 1,105,280 101.22%
Debt Service Income (through water revenue) - 180,940 1,960,759
Other Non-Operating Revenue 172,900 28,257 377,068 218.08%
Total Non-Operating Revenue: 1,265,400 581,961 3,562,324 126.57%
Expenses (Non-Operating):
Interest on Long Term Debt (1,981,300) (163,813) (1,626,073) 82.07%
Job Closing Expense (40,000) 0.00%
Other Expense (154,500) (2,852) (128,173) 82.96%
Total Non-Operating Expenses: (2,175,800) (166,665) (1,754,246) 80.63%
Non-Operating Income (Loss) (910,400) 415,296 1,808,078
Total Income (Loss) $ (490149527) $ (1519142) $ (195099839) 37.61%
Contributed Capital $ 190,962 $ 5,237 $ 212,748 111.41%
Capital - Direct Labor $ 55,384 $ 273,761
Yorba Linda Water District
Sewer Fund
For the Ten Months Ended April 30, 2010
FY 2010 % of
Annual April Actual Annual
Budget FY 2010 YTD Budget
Revenue (Operating):
Sewer Charge Revenue $1,160,000 $99,983 $989,111 85.27%
Locke Ranch Assessments 116,000 35,417 102,801 88.62%
Other Operating Revenue 5,100 261 2,736 53.65%
Total Operating Revenue: 1,281,100 135,661 1,094,648 85.45%
Expenses (Operating):
Salary Related Expenses 817,041 108,474 651,628 79.75%
Supplies & Services:
Communications 26,654 1,288 23,571 88.43%
Contractual Services 137,255 13,528 126,292 92.01%
Data Processing 11,487 493 6,922 60.26%
Dues & Memberships 3,360 33 2,736 81.43%
Fees & Permits 6,040 912 4,448 73.64%
Insurance 33,867 - 18,229 53.83%
Materials 21,301 1,621 12,257 57.54%
District Activities 1,368 47 242 17.69%
Maintenance 29,789 918 9,108 30.58%
Non-Capital Equipment 18,631 1,547 9,583 51.44%
Office Expense 9,550 193 2,284 23.92%
Professional Services 78,240 16,252 43,408 55.48%
Training 8,632 326 3,354 38.86%
Travel & Conferences 6,893 126 1,021 14.81%
Uncollectible Accounts 4,680 - - 0.00%
Utilities 2,673 636 8,980 96.22%
Vehicle Equipment 47,068 4,388 31,937 67.85%
Supplies & Services Sub-Total 447,488 42,308 304,372 68.02%
Depreciation & Amortization 595,050 47,601 476,022 80.00%
Total Operating Expenses 1,859,579 198,383 1,432,022 77.01%
Operating Income (Loss) (578,479) (62,722) (337,374) 58.32%
Revenue (Non-Operating):
Interest 7,000 1,510 13,413 191.61%
Property Taxes 108,000 - - 0.00%
Other Non-Operating Revenue 12,600 (1,375) (3,901) -30.96%
Total Non-Operating Revenue: 127,600 135 9,513 7.46%
Expenses (Non-Operating):
Job Closing Expense (5,000) - - 0.00%
Other Expense (2,300) (304) (2,581) 112.22%
Total Non-Operating Expenses: (7,300) (304) (2,581) 35.36%
Non-Operating Income (Loss) 120,300 (169) 6,932 5.76%
Total Income (Loss) $ (458,179) $ (62,891) $ (330,442) 72.12%
Contributed Capital $74,240 $1,180 $85,074 114.59%
Capital - Direct Labor ($7,420) ($20,597)
ITEM NO. 2.2
AGENDA REPORT
Meeting Date: June 14, 2010 Budgeted: N/A
To: Finance-Accounting Committee
Funding Source: N/A
From: Ken Vecchiarelli, General
Manager
Presented By: Stephen Parker, Finance Dept: Finance
Director
Reviewed by Legal: N/A
Prepared By: Sandi Van Etten, Senior CEQA Compliance: N/A
Accountant
Subject: Monthly Investment Report for April 2010
SUMMARY:
Government Code Section 53607, et, seq., requires the person delegated to invest funds to make a
quarterly report of the investments to the legislative body.
STAFF RECOMMENDATION:
That the Committee receive and file the April 2010 Investment Report.
DISCUSSION:
Staff is submitting the April 2010 Monthly Investment Report for your review and approval. The
Investment Portfolio Report presents the market value and percent yield for all the District
investments by institution. The Investment Report Summary includes budget and actual interest and
average term portfolio information as well as market value broken out by reserve categories.
In the month of April, staff would like to point out that due to the liquidation of the Wells Capital
portfolio in anticipation of the move to CaITRUST, the number of days to maturity and average term
of the portfolio in days, dropped dramatically this month from 151 and 72, respectively, to 1 each in
the current month. In addition, both COP Revenue Bond 2008 and Water Capital Project Reserve
are approximately $1 M lower in April than March as a result of CIP projects underway. The Water
Operating Fund improved by over $0.5M due to reimbursements from Annexation for Vehicle
Equipment and Capital Outlay purchases and some abnormally small payables at the same time
that revenues were increasing with the season.
Staff will submit a Quarterly Investment Report ending June 30, 2010 for Board action upon its
approval by the Finance-Accounting Committee.
PRIOR RELEVANT BOARD ACTION(S):
Monthly Investment Reports are presented to the Finance-Accounting Committee on a regular
basis. Quarterly Investment Reports are presented to the Board of Directors. The Investment
Report for the quarter ended March 31, 2010 was received and filed by the Board of Directors on
May 27, 2010.
ATTACHMENTS:
Name: Description: Type:
Agenda, 6-14 backup-Apr.docx Backup Backup Material
Investment Report Summary
Below is a chart summarizing the yields as well as terms and maturities for the month of April
2010:
Avg. Portfolio Avg. Portfolio # of Avg. Term
Month Yield Without Yield With Days to of Portfolio
of 2010 Wells Capital Wells Capital Maturity in Days
April 0.25% 0.37% 1 1
Below is a chart comparing operating fund interest for current and prior fiscal years.
Actual Interest 4/30/09 4/30/10
Monthly, Operating Fund $ 293 $ -6,010
Year-to-Date, Operating Fund $ 5,839 $ 29,392
Budget 2008/2009 2009/2010
Interest Budget, Operating Fund, April YTD $53,750 $6,250
Interest Budget, Operating Fund, Annual $64,500 $7,500
Interest earned on investments is recorded in the Fund that owns the investment.
Investment Summary Comparison
The distribution of investments in the portfolio both in dollars and as a percentage of the total
portfolio by funds is as follows:
Fund Description Balance 4/30/10
Water Operating 352,252 0.99%
Water Emergency Reserve 2,053,153 5.74%
Water Capital Project Reserve 18,361,590 51.36%
Water Reserve for Debt Service 612,893 1.71%
COP Revenue Bond 2008 - Reserve 2,147,096 6.01%
COP Revenue Bond 2008 10,318,873 28.86%
Sewer Operating 1,195,675 3.34%
Sewer Emergency Reserve 523,081 1.46%
Sewer Capital Projects 189,133 0.53%
$35,753,746 100.00%
Wells Fargo Bank Checking
Water Operating (523,524)
Sewer Operating 49,064
($474,460
Total 35.279.286
ITEM NO. 2.3
AGENDA REPORT
Meeting Date: June 14, 2010
To: Finance-Accounting Committee
Funding Source: N/A
From: Ken Vecchiarelli, General
Manager
Presented By: Stephen Parker, Finance Dept: Finance
Director
Reviewed by Legal: N/A
Prepared By: Stephen Parker, Finance CEQA Compliance: N/A
Director
Subject: Changes to FY 2010/11 Draft Budget
STAFF RECOMMENDATION:
That the Committee review and consider the changes to the Draft Budget for FY 2010/11 and
recommend the Board approve and adopt the Final Budget for Fiscal Year 2010/11 at their regular
meeting on June 24, 2010.
DISCUSSION:
Since the FY 2010/11 Draft Budget was provided to the Board at the May 27, 2010 Board meeting,
some minor changes have been made to the budget. Staff wanted to provide information on these
changes to the Finance-Accounting Committee prior to presenting the final budget at the June 24,
2010 Board meeting. Changes that have been made include:
. Adding a part-time GIS Technician in salaries and benefits in the amount of $29,909 to help
update the District's GIS system in order to complete the water rate study that is already
underway.
. Removing an assumption that sewer would be allocated 9% ($108,000) of the property tax
money received in the year and adding that revenue back into the water fund.
. Adding $22,000 to the Vehicle Equipment and Capital Outlay to purchase GPS equipment for
the District fleet - this change allowed a $40,000 lease in the IT supplies and services budget
to be removed in exchange for a $20,000 contract in the current year.
. Merging the supplies and services detail line item Collection Agency Fee into Professional
Services.
The culmination of all of these changes provide for a negative net effect of $31,910 from the
previously presented draft budget. Breaking that down between Water and Sewer Funds provides
for an improvement in the Water Fund's bottom line by $76,982 and a decrease in the Sewer Fund's
bottom line by $108,892.
PRIOR RELEVANT BOARD ACTION(S):
The Board received a full FY 2010/11 Draft Budget document at the May 27, 2010 Board meeting.
ATTACHMENTS:
!game: Description: Type:
Supplemental Info.pdf Supplemental Info Backup Material
k
Yor b a Linda Water l...s'i 'l"IL t DRAFT 20101"'1 Bud e
Revenues & Expenses (Water and Sewer)
FY 2009/10 FY 2009110 FY 2010111
Budget Forecast Budget
Revenue: (Operating}
Water Revenue (Residential) $ 15,009,333 $ 13,215,818 $ 17,24$,481
Water Revenue (Commercial) $ 1,578,296 $ 1.563,390 $ 1,522,341
Water Revenue (Landscape) $ 3,548,543 $ 2,997,999 $ 3,588,335
Monthly Seruce Charge $ 2,891,700 $ 2,899,289 $ 3,313,674
Sewer Charge Revenue $ 1,160,000 $ 1,189,077 $ 1,112, 574
Locke Ranch Assessments $ 116,()00 $ 116,000 $ 102,828
Other Operating Revenue $ 586,892 $ 692,087 $ 607,240
Total Operating Revenue $ 24,890,764 $ 22,673,660 $ 27,495,473
Revenue (Non-Operating)
Interest $ 7,500 $ 159,127 $ 156,000
Investments $ 140,000 $ - $ -
Property Taxes $ 1,200,000 $ 1,215,808 $ 1,206,000
Other Non-Operating Revenue $ 272,702 $ 434,681 $ 253,114
Total Non-Operating Revenue $ 1,620,202 $ 1,809,616 $ 1,615,114
Total Revenue $ 26,510,966 $ 24,483,276 $ 29,110,587
Page 124
°,`orba Linda '04ate District DRAFT dF°Y 2k' 10 o ~ B ,.r et
Revenues & Expenses (Cvn't)
Water and Sewer
FY 2009110 FY 2009110 FY 2010111
Budget Forecast Budget
Expenses (Operating)
Depreciation & Amortization $ 4,540,800 $ 4,734,225 $ 5,017,876
Variable Water Costs $ 12,259,937 $ 11,846,661 $ 12,667,236
Salary Related Expenses $ 7,355,049 $ 7,288,420 $ 7.624,683
Supplies & Services
Communications $ 295,348 $ 279,674 $ 415,860
Contractual Services $ 1,101,345 $ 938,835 $ 768,485
Data Processing $ 127,635 $ 93,570 $ 120,435
Dues & Memberships $ 33,428 $ 28,815 $ 34,118
Fees & Permits $ 56,200 $ 55,746 $ 50,402
Board Election $ - $ - $ 80,000
Insurance $ 376,300 $ 270,378 $ 345,400
Materials $ 448,726 $ 393,660 $ 356,615
District Activities, Ernp. Recognition $ 15,200 $ 10,000 $ 12,800
Maintenance $ 414,150 $ 112,349 $ 367,200
Non-Capital Equipment $ 158,541 $ 82,368 $ 113,120
Office Expense $ 76,325 $ 29,524 $ 43,100
Professional Services $ 842,000 $ 509,583 $ 705,400
Training $ 70,150 $ 41,134 $ 51,0511
Travel & Conferences $ 55,785 $ 16,413 $ 44,950
Uncollectible Accounts $ 52,000 $ 42,700 $ 50,500
Utilities $ 29,700 $ 99,776 $ 123,000
Vehicle Equipment $ 326,751 $ 249,618 $ 314,150
Supplies & Services Sub-Total $ 4,479,584 $ 3,254,143 $ 3,996,585
Total Operating Expenses $ 28,635,370 $ 27,123,449 $ 29,306,380
Expenses (Non-Operating)
Interest on Long Term Debt $ 1,981,300 $ 1,947,098 $ 1,940,954
Job Closing Expense $ 45.000 $ - $ -
Other Non-Operating Expenses $ 156,800 $ 161,389 $ 103,193
Total Non-Operating Revenue $ 2,183,100 $ 2,108,487 $ 2,044,147
TOTAL EXPENSES $ 30,818,470 $ 29,231,936 $ 31,350,527
Income (Loss) $ (4,307,504) $ (4,748,660) $ (2,239,940)
Contributed Capital $ 106,000 $ 339,030 $ 145,860
Principal on Long Term Debt $ (825,000) $ (825,000) $ (855,000)
Vehicle Equipment & Capital Outlay $ (628,500) $ (778,711) $ (334,550)
Page 1 25
Yorba ..inch Wa1<i= r is-b IGt DRAFT FY 1201 Oil 1 Eud het
revenues & Expenses (Water)
FY 2009110 FY 2009110 FY 2010111
Budget Forecast Budget
Revenue (Operating
Water Revenue (Residential) $ 15,009,333 $ 13,215,818 $ 17,248,481
Water Revenue (Commercial) $ 1,578,296 $ 1,563, 390 $ 1,522,341
Water Revenue (Landscape) $ 3,548,543 $ 2,997,999 $ 3,588,335
Monthly Service Charge $ 2,891,700 $ 2,899;289 $ 3,313,674
Other Operating Revenue $ 583,792 $ 688,829 $ 574,108
Total Operating Revenue $ 23,611,664 $ 21,365,325 $ 26,246,939
Revenue (Nan-Operating)
Interest $ 540 $ 143,060 $ 142,000
Investments $ 127,400 $ - $ -
Property Taxes $ 1,092,000 $ 1,215,808 $ 1,206,000
Other Non-Operating Revenue $ 205,462 $ 433,582 $ 227,668
Total Nan-Operating Revenue $ 1,425,362 $ 1,792,450 $ 1,575,668
Total Revenue $ 25,037,026 $ 23,157,775 $ 27,822,607
Page 1 26
~f~Ca~"ba Ljnda ~6~iate! District ~ ' r'` t i 1 5 r f L CF
Revenues & Expenses (Con't)
Water
FY 2009110 FY 2009110 FY 2010111
Budget Forecast Budget
Expenses (Operating}
Depreciation & Amortization $ 3,945,720 $ 4,151,772 $ 4,403,257
Variable Water Costs $ 12,259,937 $ 11,846,661 $ 12,667,236
Salary Related Expenses $ 6,538,008 $ 6,477,095 $ 6,809,598
Supplies & Services
Communications $ 268,694 $ 254,503 $ 376,5761
Contractual Services $ 964,090 $ 854,340 $ 707.007
Data Processing $ 116,148 $ 85,149 $ 109,596
Dues & Memberships $ 30,068 $ 26.222 $ 30,778
Fees & Permits $ 50,160 $ 50,729 $ 44,020
Board Election $ - $ - $ 72,800
Insurance $ 342,433 $ 246,044 $ 314,314
Materials $ 427,424 $ 358,231 $ 337,766
District Activities, Emp. Recognition $ 13,832 $ 9,100 $ 11,648
Maintenance $ 384,362 $ 102,238 $ 325,227
Non-Capital Equipment $ 139,910 $ 74,955 $ 92,611
Office Expense $ 66,775 $ 26,867 $ 39,221
Professional Services $ 763,760 $ 460,536 $ 638,224
Training $ 61,518 $ 40,617 $ 45,735
Travel & Conferences $ 48,892 $ 14,936 $ 40,602
Uncollectible Accounts $ 47,320 $ 38,857 $ 45,955
Utilities $ 27,027 $ 90,796 $ 111,930
Vehicle Equipment $ 279,683 $ 227,152 $ 285,877
Supplies & Services Sub-Total $ 4,032,096 $ 2,961,272 $ 3,629,887
Total Operating Expenses $ 26,775,761 $ 25,436,800 $ 27,509,978
Expenses (Non-Operating)
Interest on Long Term Debt $ 1,981,300 $ 1,947,098 $ 1,940,954
Job Closing Expense $ 40,000 $ - $ -
Other Non-Operating Expenses $ 154,500 $ 153,808 $ 102,193
Total Non-Operating Revenue $ 2,175,800 $ 2,100,906 $ 2,043,147
TOTAL EXPENSES $ 28,951,561 $ 27,537,706 $ 29,553,125
Income (Loss) $ (3,914,535) $ (4,379,931) $ (1,730,518)
Principal on Long Term Debt $ (825,000) $ (825,000) $ (855,000)
Vehicle Equipment & Capital Outlay $ (622,500) $ (772,711) $ (266,5:0)
Contributed Capital $ 91,000 $ 291,180 $ 92.807
- Page 1 27
Yorb L, a 'V`v'ator District DRAo F7 `t' C' ` 'L4Cd.,,.
Revenues & Expenses (Sewer)
FY 2009/10 FY 2009/10 FY 2010/11
Budget Forecast Budget
Revenue (Operating)
Sewer Charge Revenue $ 1,160.000 $ 1,189,477 $ 1,112,574
Locke Ranch Assessments $ 116,000 $ 916,000 $ 102,828
Other Operating Revenue $ 3,100 $ 3,258 $ 33,132
Total Operating Revenue $ 1,279,100 $ 1,308,335 $ 1,248,534
Revenue (Non-Operating
Interest $ 7,000 $ 16,067 $ 14,000
Investments $ 12,600 $ - $ -
Property Taxes $ 108,000 $ - $ -
Other Non-Operating Revenue $ 67,240 $ 1.099 $ 25,446
Total Ion-Operating Revenue $ 194,840 $ 17,166 $ 39,446
TOTAL REVENUE $ 1,473,940 $ 1,325,501 $ 1,287,980
Page 30
`t::i-ba Lurid a `hater U' 1 strict o RAF i f7Y 2010 A I Bu get
Revenues & Expenses (Can't)
Sewer
FY 2009110 FY 2009110 FY 2010111
Budget Forecast Budget
Expenses (Operating]
Depreciation & Amortization $ 595,050 $ 582,453 $ 614,619
Salary Related Expenses $ 817,041 $ 811,325 $ 815,085
Supplies & Services
Communications $ 26,654 $ 25,171 $ 39,284
Contractual Services $ 137,255 $ 84,495 $ 61.478
Data Processing $ 11,487 $ 8.421 $ 10,839
Dues & Memberships $ 37360 $ 21593 $ 3,340
Fees & Permits S 6,040 $ 5:017 $ 6,382
Board Election $ - $ - $ 7,200
Insurance $ 33,867 $ 24,334 $ 31,086
Materials $ 21,301 $ 35.429 $ 18,849
District Activities, Emp. Recognition $ 1,368 $ 900 $ 1,152
Maintenance $ 29,789 $ 10.111 $ 41,973
Non-Capital Equipment $ 18.631 $ 7;413 $ 20,509
Office Expense $ 9.550 $ 2657 $ 3,879
Professional Services $ 78240 $ 45,862 $ 67.176
Training $ 8.632 $ 3.702 $ 5,314
Travel & Conferences $ 6,893 $ 1,477 $ 4,348
Uncollectible Accounts $ 4.680 $ 3,843 $ 4,545
Utilities $ 2,673 $ 8.980 $ 11,070
Vehicle Equipment $ 47,068 $ 22,486 $ 28,273
Supplies & Services Sub-Total $ 447,488 $ 292,873 $ 366,697
Total Operating Expenses $ 1,859,579 $ 1,686,661 $ 1,796,401
Expenses (Mon-Operating)
Job Closing Expense $ 5,000 $ - $ -
Other Non-Operating Expenses $ 2,300 $ 7,581 $ 1,000
Total Nan-Operating Revenue $ 7,300 $ 7,581 $ 1,000
TOTAL EXPENSES $ 1,866,879 $ 1,694,232 $ 1,797,401
Income (Loss) $ (392,939) $ (368,731) $ (509,421)
Vehicle Equipment & Capital Outlay $ (6,000) $ (6,000) $ (68,000)
Contributed Capital $ 9,000 $ 47,850 $ 53,053
Page 1 3 p
ITEM NO. 3.1
AGENDA REPORT
Meeting Date: June 14, 2010
Subject: Monthly Portfolio Reports for April 2010
ATTACHMENTS:
Name: Dosciiption: a ype:
YLWD Overview Pagel.pdf April Portfolio 1 Backup Material
YLWD_SummaryPage2.pdf April Portfiolio 2 Backup Material
YLWD Cash FlowPage3.pdf April Portfolio 3 Backup Material
YLWD Holdings Page4.pdf April Portfolio 4 Backup Material
Account Overview
Yorba Linda Water District
Account #18611500
Funding Date: 10/25/2005
Portfolio Statistics as of: 4/30/2010
Account Characteristics:
Portfolio Yield to Maturity 0.53%
Total Unrealized Gains/(Losses) - Current: 9,381
Total Net Realized Gains/(Losses) - Since Inception: 6,650
Total Long-Term Investments: -
Total Short Duration Investments/Money Market Secs: 15,787,222
Total Market Value: 15,787,222
Total Number of Issues in the Portfolio: 19
MARKET DATA
Overnight Fed Funds Rate: 0.00%
6-Month T-Bill Yield: 0.23%
12-Month T-Note Yield: 0.42%
WELLS CAPITAL MANAGEMENT
Portfolio Summary Report
For the period : 04/01/10 to 04/30/10
Yorba Linda Water District
18611500
Portfolio Characteristics
0.60
Portfolio Breakdown
15.8%
Market Value:
15,787,222.10
0.60
Aa /AA
Market Value
% of Account
Unrealized G /L:
9,381.26
0.40
Agency Discount Note
1,000,000.00
6.33%
Other
0.0%
0.30
Commercial Paper
2,497,363.75
15.82%
Yield To Maturity:
0.53%
Fixed Rate
1,979,426.75
12.54%
* Moody's Ratings - Primary
0.10
Floating Rate
1,173,920.90
7.44%
Portfolio Duration:
0.15 Years
000
Money Market Fund
8,627,135.59
54.65%
Avg. Days to Maturity:
67
Pending_Cash
0.11
0.00%
US Agency Fixed Rate
509,375.00
3.23%
Avg. Portfolio Credit Quality:
Aa1
Total
15,787,222.10
100.00%
Market Data
0430/10
03/31/10
Yields:
6 Month Treasury Bill:
0.23%
0.23%
2 Year Treasury Note:
0.96%
1.02%
5 Year Treasury Note:
2.42%
2.54%
Fed Funds Target:
0-0.25%
0 - 0.25%
Credit Quality* Effective Maturity Distribution
o/n 2 to 90 91 to 180 181 to 1 year 1 to 2 years > 2 years
The above information is an estimate of certain investment calculations and does not represent your audited statement of record.
0.60
P1 /MIG1/VMIG1 /A -1
15.8%
Aaa /AAA
9.6%
0.60
Aa /AA
9.1%
A/A
10.9%
0.40
Baa /BBB
0.0%
Other
0.0%
0.30
Cash /Overnights
54.6%
Not Rated
0.0%
100.0%
0.20
* Moody's Ratings - Primary
0.10
S &P Ratings - Secondary
Fitch Ratings - Tertia rY
000
o/n 2 to 90 91 to 180 181 to 1 year 1 to 2 years > 2 years
The above information is an estimate of certain investment calculations and does not represent your audited statement of record.
YORBA LINDA WATER DISTRICT
Statement of Cash Flows/Earnings forARril 2010
1- Beginning Period Balances As of 3/31/2010
Total Original Cost 17,310,714
+ Net Amort/Accr to Date (55,513)
=Adjusted Book Value: 17,255,202
+ Accrued Interest Receivable 53,517
+ Unrealized Gain/(Loss) 20,750
= Total Market Value Plus Accrued Interest 17,329,468
11: Period Income Earned
+ Ending Accrual 41,244
- Begininning Accrual (53,517)
+ Interest Received 24,534
- Interest Paid at Purchase -
+ Interest Received at Sale 3,541.67
= Interest Earned in Period 15,802
+ (Amort)/Accr This Period (6,964)
= Monthly Portfolio Income $ 8,837
+ Contributions -
- Withdrawals (1,500,000)
+ Realized Gain/(Loss) 4,407
- Fees Paid This Period (2,879)
- Prior Period Unrealized Gain/Loss (20,750)
+ End Of Period Unrealized Gain/Loss 9,381
+ Net Receipts/Deliveries in Kind 0.00
+ Adjustments 0.00
= Net Change to the Portfolio (1,516,805)
=Total Market Value Plus Accrued
Interest 15,828,466
Ill: End of Period Balances As of 4/30/10
Total Original Cost 15,809,697
+ Net Arnort/Accr to Date (31,856)
= Adjusted Book Value 15,777,841
+ Accrued Interest Receivable 41,244
+ Unrealized Gain/(Loss) 9,381
= Total Market Value Plus Accrued
Interest 15,828,466
Reconciliation Di11~,rence. -
Wells Capital Management
Holdings Report
Securities Held as of: 4/30/10 on a Trade Date Basis
Identifier Credit Ratings
Par Value Security Description
Coupon
Final
Effective Days Duration Market Price Market
Market Value Holdings as YTM at
Maturity to Eff Value
Maturity
Moody's S &P Fitch
Interest Account or Reset
0.22
101.034
I. Cash & Cash Equivalents (Original maturity of 90 days or less)
333,747
2.08%
Cash
03/22/11
326
0.88
U.S. DOLLARS
0 PENDING CASH
308,737
1.95%
Money Mkt Securities
01/15/11
260
0.69
Agency Discount Note
310,601
316,674
1.97%
Money Market Fund
06/15/10
46
0.12
VP7000038 NR NR NR
8,627,136 WF ADV MONEY MKT TR #645
0.122
1.92%
Cash & Cash Equivalents Total
8,627,136
260
0.69
II. Marketable Securities (Original maturity greater than 90 days)
206,111
209,056
IIA: Short Term Securities (Remaining maturity of less than 365 days)
0.76%
06/28/10
Corporate Securities
0.16
100.034
325,109
Corporate Obligation
2.06%
0.39%
05/06/10
Fixed Rate
0.02
100.001
500,005
026609AM9 Al AA AA-
250,000 AMERICAN HOME PRODUCTS
6.950
03/15/11
073928W90 Aa3 A+ AA-
325,000 BEAR STEARNS CO INC
5.850
07/19/10
22237LPA4 A2 A A+
300,000 COUNTRYWIDE FUNDING CORP
4.000
03/22/11
38141GAZ7 Al A A+
300,000 GOLDMAN SACHS GROUP INC
6.875
01/15/11
617446DX4 A2 A A
300,000 MORGAN STANLEY
8.000
06/15/10
68402LAE4 A2 A A
200,000 ORACLE CORP
5.000
01/15/11
Floating Rate
3.17%
0.30%
09/07/10
402479BZ1 A2 A A
325,000 GULF POWER -SR NT
0.388
06/28/10
91159HGP9 Aa3 A+ AA-
500,000 US BANCORP
0.649
05/06/10
Govt Securities
0.18
99.961
499,805
Agency Discount Note
3.17%
0.30%
09/03/10
3133XNHZ5 AGY AGY AGY
500,000 FHLB
3.625
12/17/10
313385WR3 AGY AGY AGY
1,000,000 FHLB
0.000
05/11/10
Commercial Paper
0.44
99.802
499,012
12619UG62 P -1 A -1 F -1+
500,000 CRC FUNDING LLC CPDN
0.000
07/06/10
13170SJ71 P -1 A -1+ F -1+
500,000 CALYON NORTH AMERICA INC
0.000
09/07/10
17177MG63 P -1 A -1 F -1+
500,000 CIESCO LP CPDN
0.000
07/06/10
80281KJ32 P -1 A -1+ F -1+
500,000 SANTANDER CNTL HISPANO CPC
0.000
09/03/10
90262DK87 P -1 A -1 NR
500,000 UBS FINANCE LLC DISC P/N
0.000
10/08/10
Short Term Securities Total
6,500,000
IIB: Long -Term Securities (Remaining maturity greater than 365 days)
Corporate Securities
Floating Rate
36962G2N3 Aa2 AA+ NR
350,000 GENERAL ELEC CAP CORP
0.320
08/15/11
0 0 0.00%
05/01/10 1 0.00 100.000 8,627,136 8,627,388 54.65% 0.12%
1 0.00 8,627,136 8,627,388 54.65% 0.12%
03/15/11
Yorba Linda Water District
0.86
18611500
Effective Days Duration Market Price Market
Market Value Holdings as YTM at
Maturity to Eff Value
+Accrued Percentage of Purchase
Maturity
Interest Account or Reset
0 0 0.00%
05/01/10 1 0.00 100.000 8,627,136 8,627,388 54.65% 0.12%
1 0.00 8,627,136 8,627,388 54.65% 0.12%
03/15/11
319
0.86
105.500
263,750
265,970
1.67%
6.95%
07/19/10
80
0.22
101.034
328,360
333,747
2.08%
2.30%
03/22/11
326
0.88
102.479
307,437
308,737
1.95%
2.26%
01/15/11
260
0.69
103.534
310,601
316,674
1.97%
2.45%
06/15/10
46
0.12
100.784
302,351
311,418
1.92%
1.93%
01/15/11
260
0.69
103.056
206,111
209,056
1.31%
0.76%
06/28/10
59
0.16
100.034
325,109
325,225
2.06%
0.39%
05/06/10
6
0.02
100.001
500,005
500,743
3.17%
0.65%
12/17/10
231
0.62
101.875
509,375
516,122
3.23%
0.35%
05/11/10
11
0.03
100.000
1,000,000
1,000,000
6.33%
0.55%
07/06/10
67
0.18
99.961
499,805
499,805
3.17%
0.30%
09/07/10
130
0.36
99.871
499,355
499,355
3.16%
0.40%
07/06/10
67
0.18
99.961
499,805
499,805
3.17%
0.30%
09/03/10
126
0.34
99.878
499,388
499,388
3.16%
0.43%
10/08/10
161
0.44
99.802
499,012
499,012
3.16%
0.58%
120
0.32
6,550,463
6,585,055
41.49%
1.06%
08/15/11 472 0.04 99.659 348,807 349,037
2.21% 0.32%
The above information is an estimate of certain investment calculations and does not represent your audited statement of record. Page: 1 of 2
Holdings Report
Securities Held as of: 4/30/10 on a Trade Date Basis
Identifier Credit Ratings Par Value Security Description
Moody's S &P Fitch
Fixed Rate
892332AQO Aa2 AA A+ 179,000 TOYOTA MOTOR CREDIT
892332AQO Aa2 AA A+ 71,000 TOYOTA MOTOR CREDIT
Long Term Securities Total: 600,000
Marketable Securities Total: 7,100,000
Portfolio Total: 15,727,136
The above information is an estimate of certain investment calculations and does not represent your audited statement of record. Page: 2 of 2
Yorba Linda Water District
18611500
Coupon Final
Effective
Days
Duration Market Price
Market
Market Value
Holdings as
YTM at
Maturity
Maturity
to Eff
Value
+Accrued
Percentage of
Purchase
Maturity
Interest
Account
or Reset
5.450 05/18/11
05/18/11
383
1.01 104.327
186,745
191,162
1.18%
1.17%
5.450 05/18/11
05/18/11
383
1.01 104.327
74,072
75,824
0.47%
1.17%
434
0.45
609,624
616,023
3.86%
0.68%
147
0.33
7,160,086
7,201,078
45.35%
1.03%
67
0.15
15,787,222
15,828,466
100.00%
0.53%
The above information is an estimate of certain investment calculations and does not represent your audited statement of record. Page: 2 of 2