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HomeMy WebLinkAbout2012-08-27 - Finance-Accounting Committee Meeting Agenda Packet Yorba Linda Water District AGENDA YORBA LINDA WATER DISTRICT FINANCE-ACCOUNTING COMMITTEE MEETING Monday, August 27, 2012, 4:00 PM 1717 E Miraloma Ave, Placentia CA 92870 COMMITTEE STAFF Director Robert R. Kiley, Chair Steve Conklin, Acting 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. Unaudited Financial Statements for the Period Ending June 30, 2012 Recommendation. That the Committee recommend the Board of Directors receive and file the Unaudited Financial Statements for the Period Ending June 30, 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. Broker Dealer Approval 3.2. July Investment Report and Budget To Actual Results (To be provided at next meeting.) 3.3. Status of Strategic Plan Initiatives 3.4. Future Agenda Items and Staff Tasks 4. ADJOURNMENT 4.1. The next meeting of the Finance-Accounting Committee will be held September 26, 2012 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: August 27, 2012 To: Finance-Accounting Committee From: Steve Conklin, Acting General Manager Presented By: Stephen Parker, Finance Dept: Finance Manager Prepared By: Delia Lugo, Senior Accountant Subject: Unaudited Financial Statements for the Period Ending June 30, 2012 SUMMARY: Presented are the Unaudited Financial Statements for the Period Ending June 30, 2012 for the District. STAFF RECOMMENDATION: That the Committee recommend the Board of Directors receive and file the Unaudited Financial Statements for the Period Ending June 30, 2012. DISCUSSION: For the period ending June 30, 2012, staff is presenting unaudited statements in the CAFR format. As all year-end accruals have been made, these numbers should not differ materially from what the audited CAFR will present next month. We have included the traditional budget to actual statements for the District as a whole, as well as the individual water and sewer funds. Water Operating Revenue fell short of the annual budget, at 93.7%. Other Operating Revenue exceeds the annual budget by 7.6%. This is primarily due to receiving unbudgeted revenue in relation to the Vista Del Verde development. An item to note is the Extraordinary Item in the amount of $5 million, which is a one-time District expense pertaining to the Freeway Complex Fire settlement. Sewer Other Operating Revenue is well over budget due to the Vista Del Verde development. Sewer Other Non-Operating revenue also exceeded the budget, primarily due to receiving $264,000 from the City of Yorba Linda for the Sewer Transfer. With the issuance of the 2003 and 2008 Certificates of Participation (COP's), the District covenanted "... to fix, prescribe and collect rates and charges for Water Service which will be at least sufficient to yield during each Fiscal Year, Net Revenues equal to 110% of the Debt Service for such Fiscal Year." Honoring these covenants allows the District to maintain high bond rating and provides confidence in the financial markets for any bond resales and future issuances. To confirm the covenant is upheld, a calculation is made quarterly and presented to the Finance- Accounting Committee and received and filed by the Board of Directors. Accordingly, the unaudited debt service ratio through June 2012 is shown in the attached calculation as 209%. This shows strong financial health for the District as it pertains to the debt service ratio. STRATEGIC PLAN: FR 1-G: Continue to Improve Communications of the Districts Financial Information to the Board of Directors, Member Agencies, Management, and the Financial Community ATTACHMENTS: Name: Description: Type: FY 2012 4th Qtr Consolidated Balance Sheet.xlsx FY 2012 4th Qtr Consolidated Balance Sheet Backup Material FY 2012 4th Qtr Consolidated Stmt.xlsx FY 2012 4th Qtr Combined Statement Backup Material FY 2012 4th Qtr Water Stmt.xlsx FY 2012 4th Qtr Water Statement Backup Material FY 2012 4th Qtr Sewer Stmt.xlsx FY 2012 4th Qtr Sewer Statement Backup Material FY 2011-12 4th Qtr DS Calc.xlsx FY 2012 4th Qtr Debt Service Ratio Backup Material YORBA LINDA WATER DISTRICT UNAUDITED COMBINING SCHEDULE OF NET ASSETS June 30, 2012 (With June 30, 2011 for comparison purposes) ASSETS June 2012 June 2011 CURRENT ASSETS: Cash and cash equivalents $ 20,152,582 $ 29,985,508 Investment 2,157,786 2,143,130 Accounts receivable-water and sewer services 3,813,696 3,642,530 Accounts receivable- property taxes 128,479 114,949 Accrued interest receivable 18,981 22,049 Prepaid expenses &other deposits 243,771 246,919 Inventory 288,204 233,613 TOTAL CURRENT ASSETS 26,803,499 36,388,698 NONCURRENT ASSETS: Bond issuance costs 725,802 755,728 Other post-employment benefit(OPEB) asset 32,630 - Capital assets: Non-depreciable 10,959,085 5,223,388 Depreciable, net of accumulated depreciation 190,090,770 176,410,400 TOTAL NONCURRENT ASSETS 201,808,287 182,389,516 TOTAL ASSETS 228,611,786 218,778,214 LIABILITIES CURRENT LIABILITIES: Accounts payable 4,894,637 4,506,830 Accrued expenses 152,907 130,306 Accrued interest payable 474,418 483,171 Certificates of Participation -current portion 925,000 890,000 Compensated absences 266,861 251,798 Customer and construction deposits 230,597 281,156 Deferred revenue 413,531 416,525 TOTAL CURRENT LIABILITIES 7,357,951 6,959,786 LONG-TERM LIABILITIES (LESS CURRENT PORTION): Deferred annexation revenue 14,064,550 14,406,176 Compensated absences 800,582 755,395 Other post-employment benefit(OPEB) liability - 122,065 Certificates of Participation 41,353,129 42,299,117 TOTAL LONG TERM LIABILITIES (LESS CURRENT PORTION) 56,218,261 57,582,753 TOTAL LIABILITIES 63,576,212 64,542,539 NET ASSETS: $ 165,035,574 $ 154,235,675 YORBA LINDA WATER DISTRICT UNAUDITED COMBINING SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS For the period ended June 30, 2012 (With fiscal year ended June 30, 2011 for comparison purposes) June 2012 June 2011 OPERATING REVENUES: Water sales $ 24,998,675 $ 22,686,251 Sewer revenues 1,785,805 1,274,579 Other operating revenues 854,155 1,035,545 TOTAL OPERATING REVENUES 27,638,635 24,996,375 OPERATING EXPENSES Variable water costs 12,275,854 11,268,306 Personnel services 6,981,798 6,902,995 Supplies and services 3,811,296 3,686,333 Depreciation and amortization 6,595,723 5,279,860 TOTAL OPERATING EXPENSES 29,664,671 27,137,494 OPERATING INCOME/(LOSS) (2,026,036) (2,141,119) NONOPERATING REVENUES (EXPENSES): Property taxes 1,273,855 1,258,769 Investment income 277,137 274,152 Interest expense (1,626,191) (1,172,503) Other nonoperating revenues 795,982 739,062 Other nonoperating expenses (108,988) (406,575) TOTAL NONOPERATING REVENUES/EXPENSES 611,795 692,905 NET INCOME/(LOSS) BEFORE CAPITAL CONTRIBUTIONS (1,414,241) (1,448,214) EXTRAORDINARY ITEM(S) (5,000,000) - CAPITAL CONTRIBUTIONS 17,214,140 706,319 CHANGES IN NET ASSETS 10,799,899 (741,895) NET ASSETS- BEGINNING OF YEAR 154,235,675 154,977,570 NET ASSETS- FOR PERIOD END JUNE 30, 2012 $ 165,035,574 $ 154,235,675 Yorba Linda Water District Summary Financial Report Water&Sewer Funds For the Period Ending June 30, 2012 Original YTD YTD YTD Budget Actual Under(Over) %of FY 2012 FY 2012 Budget Budget Revenue (Operating): Water Revenue (Residential) $17,904,893 $16,120,680 $1,784,213 90.04% Water Revenue (Commercial & Fire Det.) 1,726,651 1,820,913 (94,262) 105.46% Water Revenue (Landscape/Irrigation) 3,757,058 3,687,643 69,415 98.15% Water Revenue (Service Charge) 3,406,392 3,369,439 36,953 98.92% Sewer Charge Revenue 1,548,550 1,580,369 (31,819) 102.05% Locke Ranch Assessments 159,862 205,436 (45,574) 128.51% Other Operating Revenue 754,361 854,155 (99,794) 113.23% Total Operating Revenue: 29,257,767 27,638,635 1,619,132 94.47% Revenue (Non-Operating): Interest 190,000 277,137 (87,137) 145.86% Property Tax 1,232,000 1,273,855 (41,855) 103.40% Other Non-Operating Revenue 499,369 795,982 (296,613) 159.40% Total Non-Operating Revenue: 1,921,369 2,346,974 (425,605) 122.15% Total Revenue 31,179,136 29,985,609 1,193,527 96.17% Expenses (Operating): Variable Water Costs (G.W., Import& Power) 13,671,538 12,275,854 1,395,684 89.79% Salary Related Expenses 7,941,306 6,981,798 959,508 87.92% Supplies &Services 4,070,833 3,811,298 259,535 93.62% Total Operating Expenses 25,683,677 23,068,950 2,614,727 89.82% Expenses (Non-Operating): Interest on Long Term Debt 1,906,426 1,626,191 280,235 85.30% Other Expense 123,193 108,986 14,207 88.47% Total Non-Operating Expenses: 2,029,619 1,735,177 294,442 85.49% Total Expenses 27,713,296 24,804,127 2,909,169 89.50% Net Income(Loss) Before Capital Contributions 3,465,840 5,181,482 1,715,642 149.50% Extraordinary Item(s) - (5,000,000) (5,000,000) 0.00% Contributed Capital - 17,214,140 17,214,140 0.00% Net Income(Loss) Before Depreciation 3,465,840 17,395,622 13,929,782 501.92% Depreciation &Amortization 5,561,699 6,595,723 (1,034,024) 118.59% Total Net Income(Loss) ($2,095,859) $10,799,899 $12,895,758 -515.30% Capital- Direct Labor - - Yorba Linda Water District Water Fund For the Period Ending June 30, 2012 YTD YTD YTD Budget Actual Under(Over) % of FY 2012 FY 2012 Budget Budget Revenue (Operating): Water Revenue (Residential) $17,904,893 $16,120,680 $1,784,213 90.04% Water Revenue (Commercial & Fire Det.) 1,726,651 1,820,913 (94,262) 105.46% Water Revenue (Landscape/Irrigation) 3,757,058 3,687,643 69,415 98.15% Water Revenue (Service Charge) 3,406,392 3,369,439 36,953 98.92% Other Operating Revenue 697,360 750,138 (52,778) 107.57% Total Operating Revenue: 27,492,354 25,748,813 1,743,541 93.66% Revenue (Non-Operating): Interest 170,000 253,478 (83,478) 149.10% Property Tax 1,232,000 1,273,855 (41,855) 103.40% Other Non-Operating Revenue 495,394 538,405 (43,011) 108.68% Total Non-Operating Revenue: 1,897,394 2,065,738 (168,344) 108.87% Total Revenue 29,389,748 27,814,551 1,575,197 94.64% Expenses(Operating): Variable Water Costs(G.W., Import& Power) 13,671,538 12,275,854 1,395,684 89.79% Salary Related Expenses 6,953,531 6,128,396 825,135 88.13% Supplies &Services: Communications 369,303 199,031 170,272 53.89% Contractual Services 527,888 407,877 120,011 77.27% Data Processing 119,645 116,676 2,969 97.52% Dues & Memberships 55,973 53,649 2,324 95.85% Fees & Permits 140,030 146,443 (6,413) 104.58% Insurance 221,526 212,138 9,388 95.76% Materials 361,161 483,520 (122,359) 133.88% District Activities, Emp Recognition 20,758 12,064 8,694 58.12% Maintenance 418,603 398,748 19,855 95.26% Non-Capital Equipment 79,221 94,574 (15,353) 119.38% Office Expense 45,686 42,245 3,441 92.47% Professional Services 794,406 873,649 (79,243) 109.98% Training 49,964 34,709 15,255 69.47% Travel &Conferences 48,221 19,194 29,027 39.80% Uncollectible Accounts 35,340 21,833 13,507 61.78% Utilities 114,855 65,142 49,713 56.72% Vehicle Equipment 278,209 279,932 (1,723) 100.62% Supplies&Services Sub-Total 3,680,788 3,461,424 219,364 94.04% Total Operating Expenses 24,305,857 21,865,674 2,440,183 89.96% Expenses(Non-Operating): Interest on Long Term Debt 1,906,426 1,625,866 280,560 85.28% Other Expense 117,193 90,488 26,705 77.21% Total Non-Operating Expenses: 2,023,619 1,716,354 307,265 84.82% Total Expenses 26,329,476 23,582,028 2,747,448 89.57% Net Income(Loss) Before Capital Contributions 3,060,272 4,232,523 1,172,251 138.31% and Transfers Extraordinary Item(s) - (5,000,000) (5,000,000) 0.00% Transfers(To)/From - (85,111) (85,111) 0.00% Capital Contributions - 98,241 98,241 0.00% Net Income(Loss) Before Depreciation 3,060,272 (754,347) (3,814,619) -24.65% Depreciation &Amortization 4,628,999 5,359,085 (730,086) 115.77% Total Net Income(Loss) ($1,568,727) ($6,113,432) ($4,544,705) 389.71% Yorba Linda Water District Sewer Fund For the Period Ending June 30,2012 YTD YTD YTD Budget Actual Under(Over) %of FY 2012 FY 2012 Budget Budget Revenue(Operating): Sewer Charge Revenue $1,548,550 $1,580,369 (31,819) 102.05% Locke Ranch Assessments 159,862 205,436 (45,574) 128.51% Other Operating Revenue 57,001 104,017 (47,016) 182.48% Total Operating Revenue: 1,765,413 1,889,822 (124,409) 107.05% Revenue(Non-Operating): Interest 20,000 23,659 (3,659) 118.30% Other Non-Operating Revenue 3,975 257,577 (253,602) 6479.92% Total Non-Operating Revenue: 23,975 281,236 (257,261) 1173.04% Total Revenue 1,789,388 2,171,058 (381,670) 121.33% Expenses(Operating): Salary Related Expenses 987,775 853,402 134,373 86.40% Supplies&Services: Communications 27,797 15,133 12,664 54.44% Contractual Services 39,733 29,998 9,735 75.50% Data Processing 9,006 9,055 (50) 100.55% Dues&Memberships 4,213 4,783 (570) 113.53% Fees&Permits 10,540 7,700 2,840 73.06% Insurance 16,674 16,667 7 99.96% Materials 27,184 21,052 6,132 77.44% District Activities, Emp Recognition 1,562 907 655 58.05% Maintenance 74,267 134,187 (59,920) 180.68% Non-Capital Equipment 18,799 16,800 1,999 89.37% Office Expense 3,439 3,834 (395) 111.49% Professional Services 59,794 34,310 25,484 57.38% Training 3,761 4,320 (559) 114.87% Travel&Conferences 3,630 1,298 2,332 35.76% Uncollectible Accounts 2,660 1,162 1,498 43.68% Utilities 8,645 5,122 3,523 59.25% Vehicle Equipment 78,341 43,546 34,795 55.59% Supplies&Services Sub-Total 390,045 349,874 40,171 89.70% Total Operating Expenses 1,377,820 1,203,276 174,544 87.33% Expenses(Non-Operating): Interest Expense - 325 (325) 0.00% Other Expense 6,000 18,498 (12,498) 308.30% Total Non-Operating Expenses: 6,000 18,823 (12,823) 313.72% Total Expenses 1,383,820 1,222,099 161,721 88.31% Net Income(Loss) Before Capital Contributions 405,568 948,959 543,391 233.98% and Transfers Transfers(To)/From - 85,111 85,111 0.00% Contributed Capital - 17,115,899 17,115,899 0.00% Net Income(Loss) Before Depreciation 405,568 18,149,969 17,744,401 4475.19% Depreciation&Amortization 932,700 1,236,638 (303,938) 132.59% Total Net Income(Loss) ($527,132) $16,913,331 17,440,463 -3208.56% Yorba Linda Water District Water Fund For The Period Ending June 30, 2012 YTD Included in Actual Debt Service FY 2012 Ratio Calculation OPERATING REVENUES: Water sales $ 24,998,675 $ 24,998,676 Other operating revenues 750,138 760,138 TOTAL OPERATING REVENUES 25,748,813 26,748,813 OPERATING EXPENSES Variable water costs 12,275,854 12,276,864 Personnel services 6,125,693 6,126,693 Supplies and services 3,461,424 3,461,424 Depreciation and amortization 5,359,086 - TOTAL OPERATING EXPENSES 27,222,057 21,862,971 OPERATING INCOME/(LOSS) (1,473,244) 3,886,842 NONOPERATING REVENUES (EXPENSES): Property taxes 1,273,854 1,273,864 Investment income 253,478 263,478 Interest expense (1,625,866) - Other nonoperating revenues 538,405 638,406 Other nonoperating expenses (90,489) (90,489) TOTAL NONOPERATING REVENUES/EXPENSES 349,382 1,976,248 NET INCOME/(LOSS) BEFORE CAPITAL CONTRIBUTIONS (1,123,862) 6,861,090 EXTRAORDINARY ITEMS (5,000,000) - TRANSFERS (85,111) - CAPITAL CONTRIBUTIONS 98,241 - CHANGES IN NET ASSETS (6,025,621) 6,861,090 DEBT SERVICE RATIO CALCUATION: NET REVENUES 5,861,090 DEBT SERVICE 2,805,179 % 209% ITEM NO. 3.1 AGENDA REPORT Meeting Date: August 27, 2012 To: Finance-Accounting Committee From: Steve Conklin, Acting General Manager Presented By: Stephen Parker, Finance Dept: Finance Manager Prepared By: Stephen Parker, Finance Manager Subject: Broker Dealer Approval DISCUSSION: Staff has completed the process of vetting Kirk Jon Walske, Vice-President at Wells Fargo Institutional Securities, LLC as a broker/dealer. Resolution No. 11-24 adopted the current investment policy. Section 9 states: Before a broker/dealer is used, they are subject to investigation and approval by the General Manager or the designated representative and must submit the following: • Certification of having read and understood this investment policy resolution and agreeing to comply with the District's investment policy; • Proof of National Association of Security Dealers certification and state registration; • Compliance with federal capital adequacy regulations and provide documentation of financial solvency; • Provide audited financial statements within 120 days of fiscal year end; • Provide similar services to other public-sector clients. Mr. Walske currently provides broker/dealer services in southern California for numerous clients, including the City of Thousand Oaks, City of Tustin, Los Angeles Department of Water and Power and the Irvine Ranch Water District. Staff is still reviewing a couple of other broker/dealers, and intends to complete a large scale revision to the investment policy with legal council's help prior to making investments through Mr. Walske. ITEM NO. 3.2 AGENDA REPORT Meeting Date: August 27, 2012 To: Finance-Accounting Committee From: Steve Conklin, Acting General Manager Presented By: Stephen Parker, Finance Dept: Finance Manager Prepared By: Stephen Parker, Finance Manager Subject: July Investment Report and Budget To Actual Results (To be provided at next meeting.) DISCUSSION: Due to the recent departure of the District's Accounting Assistant II as well as the Accounting Section's focus on completing the annual audit timely, staff was unable to complete the July Investment Report or Budget to Actual Results in time to present at this Finance-Accounting Committee meeting. Both items for July as well as August will be presented at the September 26 Finance-Accounting Committee meeting. ITEM NO. 3.3 AGENDA REPORT Meeting Date: August 27, 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 August 2012 Progress FR 1: Maintain Fiduciary Res onsibilit Revise the Water and Sewer Rules General Complete Study in House Water Rules and Regulations and Fee Schedule was approved by the Board on March FR 1-C and Regulation and Evaluate Fee Manager/ and Recommend Fees g 2012. Sewer Rules and Regulations and Fee Schedule will be brought before the Schedules Regularly for Proper Finance Director Structure Update for Board in the fall of 2012. Cost of Service Coverage Adoption by December 2011 Continue to Record and Report the Quarterly the Board receives Fairly Stated Financial Activities of General full-accrual financial The Board received the March 2012 investment report at the May 10th Board meeting FR 1-F the District in a Timely and Manager/ statements. The annual and the 3rd quarter full-accrual financial statements at the June 14th Board meeting. Transparent Manner to the Board Finance Director audit is provided timely to of Directors and Member Agencies the Board and public. Continue to Improve Communications of the District's General Monthly financial information The Finance-Accounting Committee received the unaudited June 2012 full accrual FR 1-G Financial Information to the Board Manager/ is provided to management budget to actual financial statements and the year-end debt service calculation at of Directors,Member Agencies, Finance Director an d the Finance-Accounting the August 27 Committee meeting. Management,and the Financial Committee. Community Completed Strategies Lead Party Comments August 2012 Progress Finance Accounting Multi-year financial plan provided to the Board during April 11 workshop. A FR 1-A Develop a Comprehensive Multi- Finance Director Committee to consider comprehensive version is included in the FY 2012/13 budget,which was presented to Year Financial Plan Adding Sewer Model to the Board on June 14, 2012. Contract in Jun-11 Prepare a High Level Annual Budget Document and FY 2011/12 Budget and CAFR for period ending June 30, 2011 received Government FR 1-B Comprehensive Annual Financial Finance Director Include Fees in FY 2011/12 Finance Officer's Association awards for excellence. FY 2012/13 Budget approved by Report and Compete for Budget the Board on June 28, 2012. Staff will submit for CSMFO and GFOA budget awards in Recognition by the Government August. Finance Officers Association Evaluate and Revise the Sewer Revised Allocation included Completed March 2011. Consider changing allocation methodology in conjunction FR 1-D Fund Allocation Finance Director in FY 2011/12 Budget with FY 2013/14 budget process. Substantial Rate Increase FR 1-E Maintain Commitment to Strong Board of Adopted in Sept 2009 Quarterly review of debt service ratios will continue as well as integrating the ratio into Debt Services Ratio Directors followed by Pass Through forward financial projections. Increase in Aug 2010 Latest Revisions Reviewed by Review the Reserve Policy and Finance Finance-Accounting Completed review/revision of reserve policy for FY 12/13. Reserve policy adopted by FR 2-A Funding Levels Annually Director/Board Committee for Board of the Board on June 14, 2012. of Directors Directors to Consider in Jun- 11 Financial model allowed review of reserves on a long-term basis. Staff recommended a FR 2 C Implement an Approach to Ensure Finance Director/Board Rates, COP's and Other 3-year rate increase to ensure reserves are responsibly funded. Board voted to Reserves are Responsibly Funded f Di Directors of Directors Capital Financing Options approve 1.5, 1.5, 2.5%rate increase on the fixed charge plus a change in the fixed charge to be based on the meter size at the Public Hearing on June 21. Review Opportunities to Earn Card Options Discussed with FR 3-B "Cash Back"on Operating Expense Finance Director Finance-Accounting YLWD is online with Cal-CARD. through Commercial Credit Card Committee in March-Add'1 Accounts research Required Manage Cash Flow to Maximize Track Opportunities and Delia Lugo, Senior Accountant reviews the cash balances and needs daily. Mutliple FR 3-C Finance Director Effectiveness with Quarterly times a month,excess cash is transferred to investments to earn interest until the next Investment Income Investment Reports check register. Finance Board to Consider Rate The January 16, 2012 Board Workshop showed the end product of the cost of service FR 4-A Complete the Cost of Service and Director/Board Structure Alternatives in Oct and water rate study. Raftelis Financial Consultants completed a document to Water Rates Study of Directors 2011 support the District's Prop 218 notice,which was received and filed by the Board on April 26. Board of A recommendation to update the current fixed charge with a volumetric approach was Evaluate Equitable Rate Directors/ Board to Consider Rate presented to the Board during the April 11 Workshop. The Rate Increase Notice FR 4-13 Structures that Promote General Structure Alternatives in Oct approved by the Board on April 26 to be mailed to the District's customers reflects Conservation and Efficiency Manager 2011 those proposed changes.The public hearing on those changes occurred on June 21, 2012.