HomeMy WebLinkAbout2010-09-13 - Finance-Accounting Committee Meeting Minutes
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE -ACCOUNTING COMMITTEE MEETING
September 13, 2010
A meeting of the Finance-Accounting Committee was called to order by Director Collett
at 8:00 a.m. The meeting was held at the District's Administrative Office at 1717 E
Miraloma Ave, Placentia CA 92870.
COMMITTEE STAFF
Director Ric Collett Pat Grady, Assistant General Manager
Director William R. Mills, Alternate Stephen Parker, Finance Director
1. PUBLIC COMMENTS
None.
2. ACTION CALENDAR
2.1. July 2010 Budget to Actual Results
Mr. Parker presented the July 2010 financial report. He explained that
water operating revenue was lower than normal mostly due to water
conservation by the customers. The budget was based on 15%
conservation and through July, customers are conserving over 23%. Mr.
Parker also explained that Production - in their efforts to lower variable
water costs for the year - have purchased more import water prior to the
MWD increase, which takes effect on January 1, 2011. This in turn has a
higher percentage of water costs hitting in the early months of the year, as
the less expensive groundwater will be pumped in greater quantities in the
second half of the fiscal year. Mr. Parker further clarified that salary
related expenses were lower than expected because approximately half of
the expenses paid in July were accrued back to Fiscal Year 2009/10. He
explained that this would continue until the last month of the fiscal year.
Lastly Mr. Parker pointed out that supplies and services and depreciation
and amortization were in line with their budgeted expectations. The
Committee reviewed, received and filed the July 2010 Budget to Actual
Results.
2.2. Monthly Investment Report for July 2010
Mr. Parker noted that CIP spending has decreased the COP Revenue
Bond 2008 Fund by over $600,000 from the prior month. He also
explained that the Water Operating Fund is negative as a result of a
semiannual payment of the OCWD Replenishment Assessment. He
acknowledged that the reserve policy that the Board had approved in May
will allow for a Water Operating Fund to be built up to the point where
borrowing from other funds would not have to take place thoughout the
year. However, as the District is only two months into the fiscal year,
there has not been enough of a build-up as of yet. Mr. Parker explained
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that in future years the semianual payment will not cause the Water
Operating Fund to go negative. The Committee received and filed the
Monthly Investment Report for July 2010.
3. DISCUSSION ITEMS
3.1. 2010 Audit Update (Verbal Report)
Mr. Parker indicated the auditors had left the field, but were still working
on providing the draft of the financial statements to the District. He
explained that a timeline has been established that will allow for the final
CAFR to be presented to the Finance-Accounting Committee during the
October meeting, and presented to the full Board for adoption at the
following meeting.
3.2. Future Agenda Items and Staff Tasks
None.
4. ADJOURNMENT
4.1. The Committee adjourned at 8:29 a.m. The next regular meeting of the
Finance-Accounting Committee will be held on October 11, 2010 at 4:00
p.m.
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