HomeMy WebLinkAbout2010-12-20 - Finance-Accounting Committee Meeting Minutes
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE MEETING
December 20, 2010
A meeting of the Finance-Accounting Committee was called to order by Director Collett
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 Ric Collett, Chair Ken Vecchiarelli, General Manager
Director Robert R. Kiley Stephen Parker, Finance Director
1. PUBLIC COMMENTS
None.
2. ACTION CALENDAR
2.1. October 2010 Budget to Actual Results
Mr. Vecchiarelli presented the October budget to actual results and shared
that water operating revenue was lower than normal for the summer
months, mostly due to our customer water demands down 23% while our
budgeted estimate was a decrease in demands of 15%. As it was Director
Kiley's first time looking at the budget to actual report, Mr. Vecchiarelli
described the types of charges that would go into the various supplies and
services line items and described some of the variances from budgeted
expectations year-to-date. Mr. Parker added some explanations of why
there were variances of other supplies and services line items. Director
Collett explained that certain charges occur at different times throughout
the year and the timing of these expenses throw off the percentages from
a straight line approximation in the year to date results. The Committee
received and filed the October budget to actual results.
2.2. October 2010 Investment Report
Mr. Parker reviewed the content of the October investment report in detail
to familiarize Director Kiley with the components of the report. He pointed
out that our yield dipped from the previous months to 0.78%, but was still
significantly higher than the 0.42% when the District was investing with
Wells Capital earlier in the year. The Committee received and filed the
October investment report.
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3. DISCUSSION ITEMS
3.1. Committee Activities Recap and Forward Planning Objectives (Staff
Presentation)
Mr. Vecchiarelli and Mr. Parker discussed the items that had been
presented to the Finance-Accounting Committee in 2010. Director Collett
identified that the items proposed for the 2011 calendar year would most
likely be discussed in more detail in future Board Workshops. Staff
affirmed this and briefly discussed the timing of these workshops with the
upcoming budget calendar activities.
3.2. Future Agenda Items and Staff Tasks
None.
4. ADJOURNMENT
4.1. The Committee adjourned at 5:43 p.m. The next regular meeting of the
Finance-Accounting Committee will be held on January 10, 2011 at 4:00
p.m.
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