HomeMy WebLinkAbout2012-04-23 - Finance-Accounting Committee Meeting Agenda Packet Yorba Linda
Water District
AGENDA
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE MEETING
Monday, April 23, 2012, 4:00 PM
1717 E Miraloma Ave, Placentia CA 92870
COMMITTEE STAFF
Director Robert R. Kiley, Chair Ken Vecchiarelli, General Manager
Director Phil Hawkins Stephen Parker, Finance Manager
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. Investment Report for Period Ending March 2012
Recommendation: That the Committee recommend the Board of Directors receive
and file the Investment Report for the Period Ending March 31, 2012.
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. March 2012 Budget to Actual Results
3.2. FY 2012/13 Budget Calendar Update
3.3. 2003 COP Advanced Refunding Update
3.4. Line of Credit Update (Verbal Report)
3.5. Status of Strategic Plan Initiatives
3.6. Rescheduling May 2012 Meeting Date
3.7. Future Agenda Items and Staff Tasks
4. ADJOURNMENT
4.1. The date and time of the next Finance-Accounting Committee meeting will be discussed
under Item No. 3.6.
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: April 23, 2012
To: Finance-Accounting Committee
From: Ken Vecchiarelli, General
Manager
Presented By: Stephen Parker, Finance Dept: Finance
Manager
Prepared By: Delia Lugo, Senior Accountant
Subject: Investment Report for Period Ending March 2012
SUMMARY:
Staff is submitting the March 2012 Monthly Investment Reports for the Committee's review.
STAFF RECOMMENDATION:
That the Committee recommend the Board of Directors receive and file the Investment Report for
the Period Ending March 31 , 2012.
DISCUSSION:
The Investment Portfolio Report presents the market value and percent yield for all 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. The
total yield for the month ending March 2012 decreased to 0.95%. This is the result of the yield
change of investments held in CaITRUST's Medium Term portfolio from 1 .27% to 1 .07%.
The overall decrease in the investment balance from the previous month is approximately $954,000.
A couple of the larger balance changes include a decrease in the Reserve for Debt Service fund of
$769,000 due to the March 2012 debt service interest payment for the 2003 and 2008 COPs, a
decrease of $584,000 between the Water Capital Projects fund and the 2008 COP Revenue fund
for the payment of capital project invoices received, and an increase of $396,000 in the Water
Operating fund.
STRATEGIC PLAN:
FR 3-C: Manage Cash Flow to Maximize Investment Income
ATTACHMENTS:
Nam Description: Type:
Invst Rpt 3-12.xlsx March 2012 Investment Report Backup Material
Invst Agenda Backup - Mar 2012.xlsx Agenda Backup Backup Material
Yorba Linda Water District
Investment Portfolio Report
March 31, 2012
Market % Percent
Value Cost of Total Institution Yield
Checking Account:
$ 80,757 $ 80,757 Wells Fargo Bank
$ 80,757 $ 80,757 0.31% Total 0.00%
Money Market Accounts:
$ 9,953 $ 9,953 Wells Fargo Money Market 0.05%
2,709 2,709 US Bank(2008 Bond Reserve) 0.04%
$ 12,662 $ 12,662 0.05% Total 0.05%
Federal Home Loan Bank:
$ 2,160,071 $ 2,144,397 US Bank(2008 Bond Reserve) 1.35%
$ 2,160,071 $ 2,144,397 8.35% 1.35%
Pooled Investment Accounts:
$ 3,921,075 $ 3,921,075 Local Agency Investment Fund 0.38%
1,200,288 1,200,313 Ca1TRUST Short Term 0.40%
18,484,818 18,427,668 Ca1TRUST Medium Term 1.07%
$ 23,606,181 $ 23,549,056 91.29% 0.92%
$ 25,859,671 $ 25,786,873 100% Total Investments 0.95%
Per Government Code requirements,the Investment Report is in compliance with the Yorba
Linda Water District's Investment Policy, and there are adequate funds available to meet
budgeted and actual expenditures for the next six months.
Delia Lugo, Senior Accountant
3/31/12
Investment Summary Report
Below is a chart summarizing the yields as well as terms and maturities for the month of March 2012:
Avg. Portfolio Avg. Portfolio #of
Month Yield Without Yield With Days to
of 2012 CaITRUST CaITRUST Maturity
March 0.71% 0.95% 91
Below is are charts comparing operating fund interest for current and prior fiscal years.
Actual Interest 3/31/2011 3/31/2012
Monthly- March $ 25,685 $ 20,424
Year-to-Date $ 181,740 $ 189,297
Budget 2010/2011 2011/2012
Interest Budget, March YTD $ 117,000 $ 142,500
Interest Budget, Annual $ 156,000 $ 190,000
Interest earned on investments is recorded in the fund that owns the investment.
Investment Summary Comparison Between Current and Previous Month
The distribution of investments in the portfolio both in dollars and as a percentage of the total portfolio by funds
is as follows:
February 2012 % Alloc March 2012 % Alloc
Fund Description Balance 2/29/2012 Balance 3/31/2012
Water Operating Reserve $ 2,546,136 9.64% $ 3,232,353 12.55%
Water Emergency Reserve 1,006,102 3.80% 1,006,122 3.90%
Water Capital Project Reserve 17,014,820 64.33% 16,645,068 64.57%
Water Reserve for Debt Service 1,174,012 4.44% 405,143 1.57%
COP Revenue Bond 2008- Reserve 2,161,995 8.17% 2,160,071 8.38%
COP Revenue Bond 2008 217,145 0.82% 2,709 0.01%
Sewer Operating 227,211 1.62% 201,916 0.78%
Sewer Emergency Reserve 1,005,452 3.80% 1,005,473 3.90%
Sewer Capital Project Reserve 1,094,745 3.38% 1,120,060 4.34%
$ 26,447,618 100.00% $ 25,778,914 100.01%
Wells Fargo Bank Checking
Water Operating 251,368 (39,274)
Sewer Operating 114,598 120,031
365,966 80,757
Totals $ 26,813,584 $ 25,859,671
ITEM NO. 3.1
AGENDA REPORT
Meeting Date: April 23, 2012
To: Finance-Accounting Committee
From: Ken Vecchiarelli, General
Manager
Presented By: Stephen Parker, Finance Dept: Finance
Manager
Prepared By: Delia Lugo, Senior Accountant
Subject: March 2012 Budget to Actual Results
DISCUSSION:
Attached are the District's budget to actual summary results for the Water Fund, Sewer Fund and a
combined statement for both funds pertaining to the reporting month of March 2012. Through the
month of March 2012, the District water revenue is trending slightly below expectations. Water
operating revenue is 69.3% of annual budget, which is lower by approximately 2.1% from the
historical trend for the first nine reporting months of the fiscal year. Our 20 by 2020 baseline is 286.1
gallons per capita per day (GPCD), with a target of 228.9. For the current fiscal year through March
2012, the reduction of 38.4 GPCD brings us 67% of the way to our goal.
Other Operating Revenue is 82% of annual budget for the month of March. This is primarily due to
the activity that was reported in the previous months in relation to the Vista Del Verde project.
The majority of the Water Fund's individual Supplies and Services expenses are trending below or
on budget, with the exception of Dues and Memberships and Insurance due to timing differences,
while Materials are higher primarily due to unbudgeted replacement meter purchases.
Sewer Other Operating Revenue is well over budget due to the Vista del Verde Project as reported
in previous months. Sewer Other Non-Operating revenue is also well over budget, primarily due to
receiving $264,000 from the City of Yorba Linda for the sewer transfer.
The Sewer Funds' Supplies and Services expenses are trending below or on budget, with the
exceptions of Dues and Memberships and Insurance, which are higher due to timing differences,
while Materials and Maintenance are higher due to the cost of sewer main repairs on Woodcrest,
Los Altos Trail, Yorba Linda Blvd, and at the flood control easement. Training is higher due to
unbudgeted class A driver's license training as previously reported.
ATTACHMENTS:
Name: Description: Type:
March 2012 Combined.xls March 2012 Consolidated Statement Backup Material
March 2012 Water.xlsx March 2012 Water Statement Backup Material
March 2012 Sewer.xls March 2012 Sewer Statement Backup Material
Yorba Linda Water District
Summary Financial Report
Water&Sewer Funds
For Nine Months Ending March 31, 2012
Original YTD YTD YTD
Budget Actual Under(Over) % of
FY 2012 FY 2012 Budget Budget
Revenue (Operating):
Water Revenue (Residential) $17,904,893 $11,683,793 $6,221,100 65.25%
Water Revenue (Commercial & Fire Det.) 1,726,651 1,389,299 337,352 80.46%
Water Revenue (Landscape/Irrigation) 3,757,058 2,878,491 878,567 76.62%
Water Revenue (Service Charge) 3,406,392 2,525,516 880,876 74.14%
Sewer Charge Revenue 1,548,550 1,142,760 405,790 73.80%
Locke Ranch Assessments 159,862 121,997 37,865 76.31%
Other Operating Revenue 754,361 668,492 85,869 88.62%
Total Operating Revenue: 29,257,767 20,410,348 8,847,419 69.76%
Revenue (Non-Operating):
Interest 190,000 189,297 703 99.63%
Property Tax 1,232,000 780,018 451,982 63.31%
Other Non-Operating Revenue 499,369 673,862 (174,493) 134.94%
Total Non-Operating Revenue: 1,921,369 1,643,177 278,192 85.52%
Total Revenue 31,179,136 22,053,525 9,125,611 70.73%
Expenses (Operating):
Variable Water Costs (G.W., Import& Power) 13,671,538 9,239,980 4,431,558 67.59%
Salary Related Expenses 7,941,306 5,253,881 2,687,425 66.16%
Supplies &Services 4,070,833 2,614,301 1,456,532 64.22%
Total Operating Expenses 25,683,677 17,108,162 8,575,515 66.61%
Expenses (Non-Operating):
Interest on Long Term Debt 1,906,426 1,416,831 489,595 74.32%
Other Expense 123,193 97,588 25,605 79.22%
Total Non-Operating Expenses: 2,029,619 1,514,419 515,200 74.62%
Total Expenses 27,713,296 18,622,581 9,090,715 67.20%
Net Income(Loss) Before Capital Contributions 3,465,840 3,430,944 34,896 98.99%
Contributed Capital - 17,061,312 17,061,312 0.00%
Net Income(Loss) Before Depreciation 3,465,840 20,492,256 23,958,096 591.26%
Depreciation &Amortization 5,561,699 4,923,825 637,874 88.53%
Total Net Income(Loss) ($2,095,859) $15,568,431 $23,320,222 -742.82%
Capital -Direct Labor - (292,830) 292,830
Yorba Linda Water District
Water Fund
For Nine Months Ending March 31, 2012
Mar YTD YTD YTD
Budget Actual Actual Under(Over) %of
FY 2012 FY 2012 FY 2012 Budget Budget
Revenue(Operating):
Water Revenue (Residential) $17,904,893 $955,115 $11,683,793 $6,221,100 65.25%
Water Revenue (Commercial &Fire Det.) 1,726,651 122,878 1,389,299 337,352 80.46%
Water Revenue (Landscape/Irrigation) 3,757,058 207,129 2,878,491 878,567 76.62%
Water Revenue (Service Charge) 3,406,392 280,918 2,525,516 880,876 74.14%
Other Operating Revenue 697,360 33,259 568,429 128,931 81.51%
Total Operating Revenue: 27,492,354 1,599,299 19,045,528 8,446,826 69.28%
Revenue(Non-Operating):
Interest 170,000 18,381 173,385 (3,385) 101.99%
Property Tax 1,232,000 62,398 780,018 451,982 63.31%
Other Non-Operating Revenue 495,394 26,309 416,358 79,036 84.05%
Total Non-Operating Revenue: 1,897,394 107,088 1,369,761 527,633 72.19%
Total Revenue 29,389,748 1,706,387 20,415,289 8,974,459 69.46%
Expenses (Operating):
Variable Water Costs(G.W., Import& Power) 13,671,538 714,869 9,239,980 4,431,558 67.59%
Salary Related Expenses 6,953,531 690,375 4,587,835 2,365,696 69.33%
Supplies&Services:
Communications 369,303 15,492 136,861 232,442 37.06%
Contractual Services 527,888 24,751 290,962 236,926 55.12%
Data Processing 119,645 3,021 59,509 60,136 49.74%
Dues&Memberships 55,973 808 52,479 3,494 93.76%
Fees&Permits 140,030 14,570 94,962 45,068 67.82%
Insurance 221,526 38,396 220,655 871 99.61%
Materials 361,161 40,835 362,893 (1,732) 100.48%
District Activities, Emp Recognition 20,758 870 9,735 11,023 46.90%
Maintenance 418,603 (4,329) 274,069 144,534 65.47%
Non-Capital Equipment 79,221 7,813 49,309 29,912 62.24%
Office Expense 45,686 2,077 32,251 13,435 70.59%
Professional Services 794,406 11,750 468,325 326,081 58.95%
Training 49,964 999 22,053 27,911 44.14%
Travel &Conferences 48,221 252 13,896 34,325 28.82%
Uncollectible Accounts 35,340 - 21,833 13,507 61.78%
Utilities 114,855 4,243 48,544 66,311 42.27%
Vehicle Equipment 278,209 29,882 194,464 83,745 69.90%
Supplies&Services Sub-Total 3,680,788 191,430 2,352,800 1,327,988 63.92%
Total Operating Expenses 24,305,857 1,596,674 16,180,615 8,125,242 66.57%
Expenses (Non-Operating):
Interest on Long Term Debt 1,906,426 155,938 1,416,506 489,920 74.30%
Other Expense 117,193 6,581 81,648 35,545 69.67%
Total Non-Operating Expenses: 2,023,619 162,519 1,498,154 525,465 74.03%
Total Expenses 26,329,476 1,759,193 17,678,769 8,650,707 67.14%
Net Income(Loss) Before Capital Contributions
and Transfers 3,060,272 (52,806) 2,736,520 323,752 89.42%
Transfers(To)/From - - (85,111) (85,111) 0.00%
Capital Contributions - - 16,537 16,537 0.00%
Net Income(Loss) Before Depreciation 3,060,272 (52,806) 2,667,946 255,178 87.18%
Depreciation &Amortization 4,628,999 444,743 4,010,277 618,722 86.63%
Total Net Income(Loss) ($1,568,727) ($497,549) ($1,342,331) ($363,544) 85.57%
Capital - Direct Labor - (232,982) 232,982 -
Yorba Linda Water District
Sewer Fund
For Nine Months Ending March 31,2012
Mar YTD YTD YTD
Budget Actual Actual Under(Over) %of
FY 2012 FY 2012 FY 2012 Budget Budget
Revenue(Operating):
Sewer Charge Revenue $1,548,550 $126,184 $1,142,760 $405,790 73.80%
Locke Ranch Assessments 159,862 9,286 121,997 37,865 76.31%
Other Operating Revenue 57,001 477 100,063 (43,062) 175.55%
Total Operating Revenue: 1,765,413 135,947 1,364,820 400,593 77.31%
Revenue(Non-Operating):
Interest 20,000 2,043 15,912 4,088 79.56%
Other Non-Operating Revenue 3,975 (2,002) 257,504 (253,529) 6478.09%
Total Non-Operating Revenue: 23,975 41 273,416 (249,441) 1140.42%
Total Revenue 1,789,388 135,988 1,638,236 151,152 91.55%
Expenses(Operating):
Salary Related Expenses 987,775 96,178 666,046 321,729 69.90%
Supplies&Services:
Communications 27,797 1,166 11,634 16,163 41.85%
Contractual Services 39,733 1,916 22,543 17,190 56.74%
Data Processing 9,006 227 2,077 6,929 23.06%
Dues&Memberships 4,213 193 4,424 (211) 105.01%
Fees&Permits 10,540 897 7,113 3,427 67.49%
Insurance 16,674 2,890 16,581 93 99.44%
Materials 27,184 711 20,101 7,083 73.94%
District Activities, Emp Recognition 1,562 66 732 830 46.85%
Maintenance 74,267 23,894 93,934 (19,667) 126.48%
Non-Capital Equipment 18,799 732 11,452 7,347 60.92%
Office Expense 3,439 156 2,428 1,011 70.61%
Professional Services 59,794 841 25,451 34,343 42.56%
Training 3,761 59 3,911 (150) 104.00%
Travel&Conferences 3,630 17 1,076 2,554 29.65%
Uncollectible Accounts 2,660 - 1,162 1,498 43.68%
Utilities 8,645 373 3,971 4,674 45.93%
Vehicle Equipment 78,341 3,086 32,911 45,430 42.01%
Supplies&Services Sub-Total 390,045 37,224 261,501 128,544 67.04%
Total Operating Expenses 1,377,820 133,402 927,547 450,273 67.32%
Expenses(Non-Operating):
Interest Expense - - 325 (325) 0.00%
Other Expense 6,000 - 15,940 (9,940) 265.67%
Total Non-Operating Expenses: 6,000 - 16,265 (10,265) 271.08%
Total Expenses 1,383,820 133,402 943,812 440,008 68.20%
Net Income(Loss) Before Capital Contributions
and Transfers 405,568 2,586 694,424 (288,856) 171.22%
Transfers(To)/From - - 85,111 85,111 0.00%
Contributed Capital - 84,996 17,044,775 17,044,775 0.00%
Net Income(Loss) Before Depreciation 405,568 87,582 17,824,310 16,841,030 4394.90%
Depreciation&Amortization 932,700 107,367 913,548 19,152 97.95%
Total Net Income(Loss) ($527,132) ($19,785) $16,910,762 $16,821,878 -3208.07%
Capital-Direct Labor (3,225) (24,437) 24,437
ITEM NO. 3.2
AGENDA REPORT
Meeting Date: April 23, 2012
To: Finance-Accounting Committee
From: Ken Vecchiarelli, General
Manager
Presented By: Stephen Parker, Finance Dept: Finance
Manager
Prepared By: Stephen Parker, Finance
Manager
Subject: FY 2012/13 Budget Calendar Update
DISCUSSION:
Attached is the revised FY 2012/13 Budget Calendar as well as a page that shows the changes that
have occurred since it was last presented in red.
STRATEGIC PLAN:
FR 1-B: Prepare a High Level Annual Budget Document and Comprehensive Annual Financial
Report and Compete for Recognition by the Government Finance Officers Association
ATTACHMENTS:
Name: Description: Type:
Budget Calendar - FY 12.13 4.23.12.pdf Budget Calendar Backup Material
BUDGET CALENDAR FOR FISCAL YEAR 2012/13
DATE BOARD/COMMITTEE SCHEDULE
JANUARY
January 17,2012 Manager's Meeting Discuss Budget Calendar and Process
Personnel&Capital budget discussion
January 23,2012 Finance-Accounting Committee Review the Budget Calendar
FEBRUARY
February 2,2012 Planning-Engineering-Operations Committee Capital Improvement Projects budget(v 0.5)
February 23,2012 Board of Directors Capital Improvement Projects budget(v 1.0)
February 27,2012 Finance-Accounting Committee Finance budget(v 1.0), Draft Budget(v 1.0)
MARCH
March 5, 2012 Public Affairs-Communications-Tech Committee IT&Public Affairs budget(v 1.0)
March 12,2012 Planning-Engineering-Operations Committee Engineering and Operations budget(v 1.0)
March 14,2012 Exec-Admin-Organizational Committee Board of Directors and Administration budget(v 1.0)
March 20,2012 Personnel-Risk Mgmt Committee Labor and benefits(v 1.0), HR budget(v 1.0)
APRIL
April 9,2012 Public Affairs-Communications-Tech Committee IT budget(v 2.0)
April 11,2012 Board Workshop-Budget Budget presented to Board for review and discussion
Reserve policy discussion, CIP Budget(v 2.0)
April 26,2012 Board of Directors Possible Prop 218 decision
MAY
May 24,2012 Board of Directors Draft Budget(Full Board)
May 28,2012 Finance-Accounting Committee Reserve policy recommendation
JUNE
* June 21,2012 Board of Directors Prop 218 Public Hearing
Budget review and possible adoption (Full Board)
June 28,2012 Board of Directors Budget review and possible adoption (Full Board)
* Tentative date
BUDGET CALENDAR FOR FISCAL YEAR 2012/13
DATE BOARD/COMMITTEE SCHEDULE
JANUARY
January 17,2012 Manager's Meeting Discuss Budget Calendar and Process
Personnel&Capital budget discussion
January 23,2012 Finance-Accounting Committee Review the Budget Calendar
FEBRUARY
February 2,2012 Planning-Engineering-Operations Committee Capital Improvement Projects budget(v 0.5)
February 23,2012 Board of Directors Capital Improvement Projects budget(v 1.0)
February 27,2012 Finance-Accounting Committee Finance budget(v 1.0), Draft Budget(v 1.0)
MARCH
March 4-12,2012 Planning-Engineering-Operations Committee Engineering and Operations budget(v 1.0)
March 5,2012 Public Affairs-Communications-Tech Committee IT&Public Affairs budget(v 1.0)
nn.reh 4 2042 Board of Dore.te Fs Capital improvement Prej ets budget(y 7 0)/.f needed)
March 4-3-20,2012 Personnel-Risk Mgmt Committee Labor and benefits(v 1.0), HR budget(v 1.0)
March 2&14,2012 Exec-Admin-Organizational Committee Board of Directors and Administration budget(v 1.0)
n4-reh 22 2012 Beard of i,iFeGt FS Capital lffl a v.,..-ent Prej ets budget(y 3.0)(if needed)
nnareh 26 2012 Fonane n,.ea unting r,,...mittee Finance budget(y 2.0)/if needed), Reset,, palmey analysis(y 1.0)
k nn-reh 29 2012 Planning Engineering (1..e..bans Commit Engineering and(1..e..bans budget(y 2.0)(if needed)
APRIL
April 2-9,2012 Public Affairs-Communications-Tech Committee IT u Publie Affairs budget(v 2.0)(of needed)
* April&11,2012 Board Workshop-Budget Budget presented to Board for review and discussion
Reserve policy discussion,CIP Budget(v 2.0)
April 40 2012 PeFs..nnel Risk nngmt Committee HR budget(y 2.0)/if needed), I abor and Benefits(y 2.0)
z
April 42-26,2012 Board of Directors Possible Prop 218 decision
April 17 2012 Cxee Admin Organizational Committee Beard of DoreeteFs and Administration budget(y 2.0) needed)
MAY
May 24,2012 Board of Directors Draft Budget(Full Board)
May 28,2012 Finance-Accounting Committee Possirvr�ibleTrci^~R~Reserve policy recommendation
*
May 31,2012 Board of Directors Prop 218 Public Hearing
June 21,2012 Budget review and possible adoption(Full Board)
JUNE
Iu ne 14,2042 Board of DoreeteFs Budget review and possible a deption (Full Board)
June 28,2012 Board of Directors Budget review and possible adoption(Full Board)
* Tentative date
ITEM NO. 3.3
AGENDA REPORT
Meeting Date: April 23, 2012
Dept: Finance
Subject: 2003 COP Advanced Refunding Update
ATTACHMENTS:
Name: Description: Type:
Calendar and Schedule.pdf Refunding Proposed Timeline Backup Material
FIELDMAN ROLAPP
.+r ASL[OC 1Al I1 S
Yorba Linda Water District
Refunding Revenue Bonds
(Highland Reservoir Renovation and Richfield Plant - Phase 3 Renovation Project)
Series 2012A
CALENDAR
Board Mccting= mccts on the 2nd and 4th Thursday
----------------------------------------------------------------------------------
Agcnda Dcadlinc = duc 8 days bcforc Board Mccting
---------------------------------------------------------------------------------
Holidays/Dark Days
i MAY 2012 i
S M T W T F S S M T W T F S S M T W T F S
1 2 3 4 5 6 7 1 2 3 4 5 1 2
8 9 10 11 12 13 14 6 7 8 9 10 11 12 3 4 5 6 7 8 9
15 16 17 18 19 20 21 13 14 15 16 17 18 19 10 11 12 13 14 15 16
22 23 24 25 26 27 28 20 21 22 23 24 25 26 17 18 19 20 21 22 23
29 30 27 28 29 30 31 24 25 26 27 28 29 30
i
S M T W T F S
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31
FRA Projcct Igo. 12137
FRA133097.XlS-,, Pagc 1 of 3
FIELDMAN I ROLAPP
&ASSOCIATES
Yorba Linda Water District
Refunding Revenue Bonds
(Highland Reservoir Renovation and Richfield Plant-Phase 3 Renovation Project)
Series 2012A
SCHEDULE
Revised on:
Thursday,April 19,2012
SC -Special Counsel-Stradling Yocca Carlson&Rauth
DC -Disclosure Counsel-Stradling Yocca Carlson&Rauth
GC -General Counsel-Kidman,Behrens&Tague
FA - Financial Advisor-Fieldman,Rolapp&Associates
I - Issuer-Yorba Linda Water District
T -Trustee-U.S.Bank National Association
U - Underwriter-To Be Determined
UC - Underwriter Counsel-To Be Determined
VA-Verification Agent-Causey Demgen&Moore
Responsible Date Description
Parties
Thursday,April 12,2012 Board of Directors of the District approves moving forward with 1 Complete
refunding of 2003 COPS
Tuesday,April 24,2012 Draft of Request of Qualifications for Underwriting Services 1,FA
circulated
All hands kick-off conference call @_:00_M to discuss
+/- Thursday,April 26,2012 All
refunding
Request of Qualifications for Underwriting Services distributed to
+/- Friday,April 27,2012 prospective Investment Bankers I,FA
Week of Monday,April 30,2012 1st draft of legal documents circulated SC
Week of Monday,May 07,2012 1 st draft of POS circulated DC
+/- Friday,May 11,2012 Receipt of Statement of Qualifications for Underwriting Services I,FA
Week of Monday,May 14,2012 1 st draft of Rating Presentation circulated FA
All hands conference call @_:00_M to review documents and
+/- Wednesday,May 16,2012 All
rating presentation
Week of Monday,May 21,2012 2nd drafts of legal documents and POS and 1st draft of Purchase SC,DC
Agreement circulated
Selection of Underwriter is completed I,FA
Week of Monday,May 28,2012 2nd draft of Rating Presentation circulated FA
All hands conference call @_:00_M to review documents and
+/- Wednesday,May 30,2012 All
rating presentation
Week of Monday,June 04,2012 Near final legal documents,POS and Purchase Agreement SC/DC/UC
circulated
Credit packages sent to rating agencies FA,U
FRA Project No. 12157
FRA133097.xlsx Page 2 of 3
FIELDMAN I ROLAPP
&ASSOCIATES
Yorba Linda Water District
Refunding Revenue Bonds
(Highland Reservoir Renovation and Richfield Plant-Phase 3 Renovation Project)
Series 2012A
SCHEDULE
Date Description Responsible Status
Parties
Wednesday,June 06,2012 Agenda Deadline for June 14th Board of Directors Meeting 111
Thursday,June 07,2012 Rating agencies presentation conference calls I,C,FA
+/- Wednesday,June 13,2012 Receive ratings from S&P and Fitch I,FA,U
Board of Directors Meeting @ 8:30 AM:
Thursday,June 14,2012 Adopt Resolution approving issuance of refunding bonds and I,SC,DC,FA,U
forms of the legal documents,POS,and Purchase Agreement
Monday,June 18,2012 Near final POS circulated for final review and comment DC
Print,post and distribute POS DC
+/- Monday,June 25,2012 Pre-pricing conference call 1,FA,U
Pre-pricing numbers verified by Verification Agent VA
+/- Tuesday,June 26,2012 Pricing conference call and award sale 1,FA,U
Pricing numbers verified by Verification Agent VA
Purchase Agreement finalized and executed 1,U,UW
SLGS order placed for Escrow Fund T
+/- Wednesday,June 27,2012 Official Statement circulated for final review DC
Initial draft of Verification Report circulated VA
+/- Friday,June 29,2012 Print,post and distribute Official Statement DC
Final version of Verification Report circulated VA
+/- Monday,July 09,2012 Preclosing All
+/- Tuesday,July 10,2012 Closing All
Defeasance of the 2003 Certificates of Participation T
Tuesday,October 01,2013 Prepayment of the 2003 Certificates of Participation T
FRA Project No. 12157
FRA133097.xlsx Page 3 of 3
ITEM NO. 3.5
AGENDA REPORT
Meeting Date: April 23, 2012
Subject: Status of Strategic Plan Initiatives
DISCUSSION:
Attached are the strategies identified in the 2011-2013 Strategic Plan that relate to Fiscal
Responsibility, which are overseen by the Finance-Accounting Committee. Included is an update on
each strategy relating to Fiscal Responsibility.
ATTACHMENTS:
Name: Description: Type:
Strategic Plan Tracking- FA.xlsx Strategic Plan Tracking-FA Backup Material
Strategic Plan Initiatives Status Report
Finance-Accounting Committee
Strategies
Lead Party
Comments
Apr 2012 Progress
FR 1: Maintain Fiduciary Res onsibilit
Finance Accounting
Committee to
Multi-year financial plan provided to the Board during April 11
FR 1-A
Develop a Comprehensive
Finance Director
consider Adding
workshop. A comprehensive version will be included in the FY 2012/13
Multi-Year Financial Plan
Sewer Model to
budget.
Contract in Jun-1 1
Revise the Water and
Complete Study in
Sewer Rules and
House and
General
Regulation and Evaluate
Recommend Fees
Approved by the Board on March 8, 2012. New fees went into
FR 1-C
Fee Schedules Regularly
Manager/
Structure Update for
effect April 1, 2012.
for Proper Cost of Service
Finance Director
Adoption by
Coverage
December 2011
FR 3: Identify and Develop Additional Revenue Options
Card Options
Review Opportunities to
Discussed with
Earn"Cash Back" on
FR 3-B
Operating Expense
Finance Director
Finance-Accounting
YLWD is online with Cal-CARD.
Committee in March-
through Commercial
Add'l research
Credit Card Accounts
Required
FR 4: Provide a Rate Structure that Promotes Water Use Efficienc
Complete the Cost of
Finance
Board to Consider
The January 16, 2012 Board Workshop showed the end product of the
FR 4-A
Service and Water Rates
Director/Board
Rate Structure
cost of service and water rate study. Raftelis Financial Consultants is
Alternatives in Oct
working on a document to support the District's Prop 218 notice,
Study
of Directors
2011
which will be presented to the Board on April 26.
Evaluate Equitable Rate
Board of
Board to Consider
A recommendation to update the current fixed charge with a
Structures that Promote
Directors/
Rate Structure
volumetric approach was presented to the Board during the April
FR 4-B
Conservation and
General
Alternatives in Oct
11 Workshop. The Prop 218 notice being provided to the Board on
Efficiency
Manager
2011
April 26 will reflect these proposed changes.
Completed
Prepare a High Level
Annual Budget
Completed Budget June 2011. CAFR submitted to the FAC and Board
Document and
in October 2011. YLWD received the Excellence in Budgeting Award
Comprehensive Annual
Include Fees in FY
from CSMFO on the FY 2011/12 Budget in January. YLWD was
FR 1-13
Financial Report and
Finance Director
2011/12 Budget
notified that it received it's first ever Distinguished Budget
Compete for Recognition
Presentation Award and second Certificate of Achievement for
by the Government
Excellence in Financial Reporting from the Government Finance
Finance Officers
Officers Association in March 2012.
Association
Revised Allocation
Evaluate and Revise the
Completed March 2011. Consider changing allocation methodology in
FR 1-D
Finance Director
included in FY
Sewer Fund Allocation
conjunction with FY 2013/14 budget process.
2011/12 Budget
Substantial Rate
Maintain Commitment to
Increase Adopted in
Board of
Quarterly review of debt service ratios will continue as well as
FR 1-E
Strong Debt Services
Sept 2009 followed by
Directors
integrating the ratio into forward financial projections.
Ratio
Pass Through
Increase in Aug 2010
Latest Revisions
Reviewed by Finance-
Review the Reserve Policy
Finance
Completed review/revision of reserve policy in June 2011. Submitted
FR 2-A
and Funding Levels
Director/Board
Accounting
draft 2012 reserve policy to PAC in March 2012 and the Board at
Annually
of Directors
Committee for Board
April 11 workshop.
of Directors to
Consider in Jun-11
Implement an Approach
Finance
Rates, COP'S and
Financial model allowed review of reserves on a long-term basis.
Staff recommended a 3-year rate increase to ensure reserves are
FR 2-C
to Ensure Reserves are
Director/Board
Other Capital
responsibly funded. Board will vote on initiating Prop 218 process
Responsibly Funded
of Directors
Financing Options
on April 26.
Track Opportunities
Manage Cash Flow to
Delia Lugo, Senior Accountant reviews the cash balances and needs
and Effectiveness
FR 3-C
Maximize Investment
Finance Director
daily. Mutliple times a month, excess cash is transferred to investments
with Quarterly
Income
to earn interest until the next check register.
Investment Reports