HomeMy WebLinkAbout2010-07-12 - Finance-Accounting Committee Meeting Minutes
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE -ACCOUNTING COMMITTEE MEETING
July 12, 2010
A meeting of the Finance-Accounting Committee was called to order by Director
Summerfield 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 John W. Summerfield, Chair Ken Vecchiarelli, General Manager
Director Ric Collett Stephen Parker, Finance Director
1. PUBLIC COMMENTS
None.
2. ACTION CALENDAR
2.1. May Budget to Actual Results
Mr. Parker presented the May monthly financials and pointed out that the
decrease in revenues as a result of increased conservation was offset by
the decreased water production cost - both as a result of conservation,
and presence of mind by staff to use as much import water as possible
prior to last September's large rate increase. In addition, depreciation
expense was higher as a result of the current years' projects that were
closed through May hitting the books. Lastly, supplies and services were
well below budget as a result of aggressive cuts made by staff.
2.2. Monthly Investment Report for May 2010
Mr. Parker presented the monthly investment report and highlighted that
our portfolio yield was literally double the average portfolio yield for the
first four months of the year as a result of moving to CaITRUST and
placing a large portion of our investments in their Medium Term account.
The number of days to maturity and average term of the portfolio
increased dramatically as well, but Mr. Parker explained that we are still
able to access the entire portfolio within a 30 day period. Therefore the
District has the benefit of being a part of a pool which includes longer-
termed investments, but without the limitation of being able to access that
money quickly.
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3. DISCUSSION ITEMS
3.1. Monthly Portfolio Reports for May 2010
Mr. Parker showed the final Wells Capital portfolio report. He indicated
that because our investment in CalTRUST is invested in a pool rather than
individual investments as was done with Wells Capital, we would no
longer have a monthly portfolio report. The Committee was comfortable
with this report dropping off from future meetings.
3.2. Future Agenda Items and Staff Tasks
None.
4. ADJOURNMENT
4.1. The Committee adjourned at 4:17 p.m. The next regular meeting of the
Finance-Accounting Committee will be held on August 9, 2010 at 4:00
p.m.
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