HomeMy WebLinkAbout2012-12-18 - Finance-Accounting Committee Meeting Minutes MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE MEETING
December 18, 2012
A meeting of the Finance-Accounting Committee was called to order by Director Kiley at
12:14 p.m. The meeting was held at the District's Administrative Office at 1717 E
Miraloma Ave, Placentia CA 92870.
COMMITTEE STAFF
Director Robert R. Kiley, Chair Stephen Parker, Finance Manager
Director Phil Hawkins
1. PUBLIC COMMENTS
None.
2. DISCUSSION ITEMS
2.1. Investment Report for Period Ending November 30, 2012
Mr. Parker presented the November investment report. He explained that
there was an uptick in yield, from 0.68% to 0.74%. The Committee asked
if that could improve, and Mr. Parker indicated that it could, but not
significantly. He explained that investing in safe instruments for a longer
period of time would increase the yield, and he hoped to do that in 2013,
after a significant change to the investment policy was complete. He also
shared that as the District was spending down its reserves on significant
capital projects, and some potential gain contingencies had not been
actualized, yet, the amount of money that could be invested 5 years out
was quite limited. The Committee had no other questions.
2.2. Budget to Actual Results for November 2012
Mr. Parker presented the November budget to actual results. He noted
that supplies and services were trending over budget for the year as a
whole. He pointed out that expense was more than offset by salaries and
benefits being well under budget, due to a significant number of open
positions. In addition, and more importantly, water operating revenues
were coming in higher than budgeted, which caused overall net assets to
be doing well better than budgeted. The Committee had no further
questions.
2.3. Status of Strategic Plan Initiatives
Mr. Parker reported on the status of strategic plan initiatives related to
fiscal responsibility. The one non-continuous item still on the fiscal
responsibility list was updating the sewer master plan, which Mr. Parker
said would pick up again after significant progress was made with the
efficiency study.
1
2.4. Future Agenda Items and Staff Tasks
Mr. Parker explained that the January meeting — the first with a new
committee member — would include an item where Mr. Parker recapped
action and discussion items that occurred in 2012 along with expected
items to occur in 2013.
3. ADJOURNMENT
3.1. The Committee adjourned at 1:04 p.m. The next meeting of the Finance-
Accounting Committee will be held Monday, January 28, 2013 at 4:00 p.m.
2