HomeMy WebLinkAbout2013-05-31 - Finance-Accounting Committee Meeting Agenda PacketYorba Linda
Water District
AGENDA
YORBA LINDA WATER DISTRICT
FINANCE - ACCOUNTING COMMITTEE MEETING
Friday, May 31, 2013, 8:30 AM
1717 E Miraloma Ave, Placentia CA 92870
1. CALL TO ORDER
2. ROLL CALL
COMMITTEE
Director Phil Hawkins, Chair
Director Gary T. Melton
STAFF
Stephen Parker, Finance Manager
3. 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.
4. ACTION CALENDAR
This portion of the agenda is for items where staff presentations and committee discussions are needed prior to
formal committee action.
4.1. Fats, Oils and Grease (FOG) Discharge Permit Fees
Recommendation. That the Committee recommend the Board of Directors approve
Resolution No. 13 XX, Adopting Fats, Oils and Grease Fees.
4.2. Financial Reserves Policy for FY 2013/14
Recommendation. That the Committee recommend the Board of Directors approve
Resolution No. 13 XX Adopting the Financial Reserves Policy for Fiscal Year
2013/14.
4.3. Appropriations Limit for FY 2013/14
Recommendation. That the Committee recommend the Board of Directors approve
Resolution No. 13 XX Adopting the Appropriations Limit for Fiscal Year 2013114.
4.4. Unaudited Financial Statements for the Period Ending March 31, 2013
Recommendation. That the Committee recommend the Board of Directors receive
and file the Unaudited Financial Statements for the Period Ending March 31, 2013.
5. 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.
5.1. Short -Term Financing Options (Verbal Report)
5.2. CalPERS Employer Contribution Rate Increase (Verbal Report)
5.3. Investment Report for Period Ending April 31, 2013
5.4. Budget to Actual Results for April 2013
5.5. Broker Dealer Approval
5.6. Future Agenda Items and Staff Tasks
6. ADJOURNMENT
6.1. The next Finance - Accounting Committee meeting is scheduled to be held Monday, June
24, 2013 at 12:00 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.
AGENDA REPORT
Meeting Date:
May 31, 2013
To:
Finance - Accounting Committee
From:
Steve Conklin, Acting General
Manager
Presented By:
Stephen Parker, Finance
Manager
Prepared By:
Ariel Bacani, Engineering
Technician II
Dept:
Subject: Fats, Oils and Grease (FOG) Discharge Permit Fees
SUMMARY:
ITEM NO. 4.1
Finance
In 2004, the District adopted Ordinance 04 -01, regulating Food Service Establishments (FSE) fats,
oils and grease (FOG) discharge into the sewer system. The State Water Resources Control Board
Order No. 2006 -0003 later mandated the District to enforce this regulation. In response, the District
required all FSE within its sewer jurisdiction to comply with the FOG Program and apply for an
annual FOG Wastewater Discharge Permit. On June 12, 2008, the Board of Directors passed and
adopted Resolution No. 08 -05, establishing FOG Fees. those fees were recently reviewed and staff
recommends updating the fee amounts.
STAFF RECOMMENDATION:
That the Committee recommend the Board of Directors approve Resolution No. 13 -XX, Adopting
Fats, Oils and Grease Fees.
DISCUSSION:
Staff reviewed costs associated with maintaining the FOG Program including printing, labor and
equipment. Staff also compared costs with neighboring agencies. After administering the FOG
Program in -house for several years, staff has improved efficiencies by reducing counsel review and
eliminating Orange County Health Care Agency ( OCHCA) FOG review, resulting in a significant
reduction in staff costs to administer the program and perform inspections.
Based on its findings, staff recommends the elimination of the OCHCA inspection services and the
reduction of the following FOG Fees:
Initial Permit: Reduce fee from $490.00to $145.00
This initial permit fee includes the costs of District staff time to develop and implement the FOG
Control Program, including administrative cost, initial site inspections and material reproduction.
Annual /Renewal FOG Permit: Reduce fee from $290.00 to $145.00 This permit fee is based on
District cost to administer the program and conduct annual inspections.
Non - Compliance Fee: Reduce fee from $290.00 to $200.00 This fee is assessed in the event the
FSE fails to comply with the District FOG Ordinance.
Mitigation Fee: Reduce fee from $1,650.00 to $1,500.00 (Minimum)
This fee is the minimum cost associated with District personnel responding to a sanitary sewer
problem relating to mitigating the effects of fats, oils and grease contributed or caused by a failure of
a FSE to comply with the FOG program. If mitigation costs exceed the minimum stated fee, all
additional costs will be invoiced based on the District's current time and material rates.
PRIOR RELEVANT BOARD ACTION(S):
The Board of Directors adopted Resolution No. 08 -05 in June 12, 2008, establishing the current
FOG fees.
ATTACHMENTS:
Description: Type:
Resolution No 13 -OX - Adopting FOG Fees.doc Resolution No. 13 -OX -Adopting FOG Fees Resolution
RESOLUTION NO. 13 -OX
RESOLUTION OF THE BOARD OF DIRECTORS OF
YORBA LINDA WATER DISTRICT ADOPTING
FATS, OILS AND GREASE FEES
WHEREAS, in 2002, the Santa Ana Regional Water Quality Control Board enacted
Rule R8- 2002 -0014 requiring all sewage agencies to adopt the
requirements of a new Waste Water Discharge Requirement (WDR); and,
WHEREAS, in 2006, the Santa Ana Regional Water Quality Control Board Rule R8-
2002 -0014 was rescinded and a new statewide permit adopted based on
R8- 2002 -0014; and,
WHEREAS, the WDR and statewide permit require many municipalities, including the
Yorba Linda Water District, to increase the level of maintenance,
operations, and capital improvement repairs to their sewer systems and to
have in place a fats, oils, and grease control program; and,
WHEREAS, on July 22, 2004 the Board of Directors adopted Ordinance 04 -01,
creating a Fats, Oils and Grease Control Program for Food Service
Establishments (FSE) in the City of Yorba Linda and portions of the cities
of Anaheim, Brea and Placentia requiring a permit for sewer discharges,
which could contain fats, oils, and grease, and imposing requirements for
monitoring of and elimination of fats, oils, and grease from sewer
discharges for such establishments; and,
WHEREAS, Ordinance 04 -01 authorizes the adoption by resolution of a Fats, Oils and
Grease Wastewater Discharge Permit Fee and Grease Disposal Mitigation
Fee to cover the costs of increased maintenance and administration of the
sewer system as a result of the Food Service Establishments' inability to
remove Fats, Oils, and Greases from its wastewater discharge, to require
Food Service Establishments to implement other programs that are
considered appropriate to protect the District's sanitary sewer system and
states that the fees collected pursuant to this Resolution shall be used to
finance costs necessitated by the services provided by the District.
NOW, THEREFORE, BE IT RESOLVED, by the Board of Directors of the Yorba Linda
Water District to adopt the Fats, Oils, and Grease Fees as follows:
Section 1: The fees adopted for the Yorba Linda Water District Fats, Oils, and
Grease Permit Program are as follows:
a. Initial Permit and Application Fee $145.00 each FSE
b. Annual /Renewal FOG Permit $145.00 annual /FSE
c. Non - Compliance Fee $200.00 each occurrence
Resolution No. 13 -OX Adopting Fats, Oils and Grease Fees
d. Mitigation Fee $1,500.00 minimum cost*
* If mitigation costs exceed the minimum stated fee, all additional costs will be
invoiced based on the District's current salaries, rates, benefits, and equipment in
effect at the time.
Section 2: The fees adopted herein shall take effect on July 1, 2013 and Resolution
No. 08 -05 is hereby rescinded on July 1, 2013.
PASSED AND ADOPTED this 13th day of June 2013 by the following called vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
Gary Melton, President
Yorba Linda Water District
ATTEST:
Steven R. Conklin, Secretary
Yorba Linda Water District
Reviewed as to form by General Counsel:
Arthur G. Kidman, Esq.
Kidman Law LLP
Resolution No. 13 -OX Adopting Fats, Oils and Grease Fees 2
ITEM NO. 4.2
AGENDA REPORT
Meeting Date:
May 31, 2013
To:
Finance - Accounting Committee
From:
Steve Conklin, Acting General
Manager
Presented By:
Stephen Parker, Finance Manager Dept: Finance
Reviewed by Legal: Pending
Prepared By:
Stephen Parker, Finance Manager
Subject:
Financial Reserves Policy for FY 2013/14
STAFF RECOMMENDATION:
That the Committee recommend the Board of Directors approve Resolution No. 13 -XX Adopting the
Financial Reserves Policy for Fiscal Year 2013/14.
DISCUSSION:
Attached is the proposed Financial Reserves Policy for FY 2013/14. This item has not changed since it
was submitted to the Finance - Accounting Committee for review last month.
The difference from last year's version is the addition of a Debt Service Reserve, which is currently funded
annually and listed in monthly Investment Reports, but not mentioned in the District's Financial Reserves
Policy.
The initial impact of adding the Debt Service Reserve would be having staff fund the reserve by moving
any excess Operating Reserve balances to the Debt Service Reserve to establish the reserve's minimum
level. After that initial transfer, no further annual funding beyond what is funded through existing rates
would be necessary. The other impact of this addition would be raising the minimum reserve threshold by
the Debt Service Reserve balance of $2.7 million. Adding this reserve to the District's policy will not
recommend or require any future rate increases to fund the reserve.
STRATEGIC PLAN:
FR 2 -A: Review the Reserve Policy and Funding Levels Annually
PRIOR RELEVANT BOARD ACTION(S):
The Board adopted the current Financial Reserves Policy by approving Resolution No. 12 -12 on June 14,
2012.
ATTACHMENTS:
Name. Description: Type:
Resolution 13-
XX Adopting Financial Reserves Policy.doc Resolution Backup Material
Financial Reserves Policy - FY 13.14 5.31.13.docx Draft Reserve Policy Backup Material
RESOLUTION NO. 13 -XX
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE YORBA LINDA WATER DISTRICT
ADOPTING THE FINANCIAL RESERVES POLICY
AND RESCINDING RESOLUTION 12 -12
WHEREAS, the purpose of the Yorba Linda Water District's (YLWD) Financial
Reserves Policy is to ensure that the District continues to have sufficient
funding available to meet its operating, non - operating, capital and debt
service obligations; and
WHEREAS, adequate reserves and sound financial policies maintain YLWD's bond
ratings in the capital markets, provide financing flexibility and sustain debt
covenant compliance; and
WHEREAS, the District has completed a comprehensive Asset Management Plan and
has prepared a rate study and five -year financial plan; and
WHEREAS, the Financial Reserves Policy recommends establishing various reserve
categories, defines the purpose and use of these funds and identifies
target levels and priority funding of the reserves; and
WHEREAS, the current policy is being revised as changes have been made to the
existing Financial Reserves Policy.
NOW THEREFORE, the Board of Directors of the Yorba Linda Water District does find,
determine, and resolve:
Section 1. The financial reserves policy is attached hereto as Exhibit "A"
Section 2. This Financial Reserves Policy adopted herein takes effect on July 1,
2013 and Resolution No. 12 -12 is hereby rescinded on June 30, 2013.
PASSED AND ADOPTED this 13th day of June 2013 by the following called vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
Gary Melton, President
Yorba Linda Water District
ATTEST:
Steven R. Conklin, Secretary
Yorba Linda Water District
Reviewed as to form by General Counsel:
Arthur G. Kidman, Esq.
Kidman Law, LLP
RESERVE POLICY
A. GENERAL POLICY:
Maintaining adequate reserves is an essential part of sound financial management. The Yorba
Linda Water District Board of Directors realizes the importance of reserves in providing reliable
service to its customers, financing of long -term capital projects and funding availability for
emergencies should the need arise. Interest derived from reserve balances shall be credited to the
reserve account from which it was earned.
B. CATEGORIES:
YLWD shall accumulate, maintain and segregate its reserve funds into the following categories:
Restricted and Designated Reserves
1. Board Designated Reserves; and
2. Contractually Restricted Reserves.
C. SCOPE:
This policy will assist the Board of Directors in establishing:
1. Target levels for reserve funds;
2. Requirements for the use of reserve funds; and
3. Periodic review requirements for each reserve.
D. PERIODIC REVIEW:
Staff and the YLWD Board shall review the reserve balances and targets annually as a part of the
annual budget process. The Finance - Accounting Committee will continue to review all reserve
and investment balances monthly, with a quarterly report going to the full Board.
E. RESTRICTED AND DESIGNATED RESERVES:
1. Board Designated Reserves:
These are reserve funds earmarked for the purpose of funding such items as new capital
facilities, repair or replacement of existing facilities and general operating reserves designated
for a specific purpose and use by the Board of Directors.
1.0 Operating Reserve
A. Definition and Purpose — Established to cover temporary cash flow deficiencies that
occur as a result of timing differences between the receipt of operating revenue and
expenditure requirements and unexpected expenditures occurring as a result of doing
business.
May 31, 2013 Page 1 of 4
B. Target Level — The Government Finance Officers Association (GFOA) recommends
that funding should be no less than one to two months (or 8% - 17 %) of the District's
annual operating budget. The District's current target will be a minimum of 8% and a
maximum of 17% of the annual operating budget for both the water and sewer funds.
C. Events or Conditions Prompting the Use of the Operating Reserve — This reserve may
be utilized as needed to pay outstanding operating expenditures prior to the receipt of
anticipated operating revenues.
1.1 Emergency Reserve
A. Definition and Purpose — Established to provide protection recovery to the District
and its customers for losses arising from an unplanned event or circumstance. The
reserve level combined with YLWD's existing insurance policies should adequately
protect YLWD and its customers in the event of a loss.
B. Target Level —Established at a minimum level equal to $1,000,000 for the water fund
and shall accumulate interest and annual contributions as determined by the District's
annual operation to a maximum level of $4,000,000. The target for sewer will be a
minimum of $250,000 and a maximum of $1,000,000.
C. Events or Conditions Prompting the Use of the Emergency Reserve — This reserve
shall be utilized to cover unexpected losses experienced by the District as a result of a
disaster or other unexpected loss. Any reimbursement received by the District from
insurance companies as a result of a submitted claim shall be deposited back into the
reserve as replenishment for the loss.
1.2 Capital Replacement Reserve
A. Definition and Purpose — Established to provide capital repair and replacement
funding as the District's infrastructure deteriorates over its expected useful life.
B. Target Level —The Board - approved 2010 Asset Management Plan recommended that
the annual contribution to this reserve be at a minimum level of $1,820,000 for the
water fund and $345,000 for the sewer fund, less money set aside for the Maintenance
Reserve. Funding with available funds based on the District's operations shall be
allocated quarterly.
C. Events or Conditions Prompting the Use of the Capital Replacement Reserve —
Through the annual budget process, staff shall recommend anticipated asset
replacement projects. The Board of Directors shall take action to approve
recommended project appropriations from the capital replacement reserve. Should
unplanned replacement be necessary during any fiscal year, the Board of Directors
may take action to amend the budget and appropriate needed funds as required.
1.3 Maintenance Reserve
A. Definition and Purpose — Established to provide funding for non - scheduled capital
asset repair and replacement.
May 31, 2013 Page 2 of 4
B. Target Level — $200,000 subject to an annual review.
C. Events or Conditions Prompting the Use of the Maintenance Replacement Reserve —
Unplanned failure of assets including but not limited to pumps, motors and major
facility repairs.
1.4 Debt Service Reserve
A. Definition and Purpose — Established to provide funding for semi - annually scheduled
debt service payments.
B. Target Level — The District's highest annual debt service payment — currently
$2,723,509.
C. Events or Conditions Prompting the Use of the Debt Service Reserve — Semi - annual
debt service payments will be made out of this fund, with funding on the water rate
replenishing the fund annually.
1.5 Employee Liabilities Reserve
A. Definition and Purpose — The purpose is to cover employees' accrued vacation and
other compensatory time and to ensure the complete funding associated with the
liability incurred for employees whom have met the requirements necessary for
district paid health benefits at retirement.
B. Target Level — The annual contribution will be $100,000 ($93,000 for water and
$7,000 for sewer) to be evaluated and /or adjusted annually thereafter based on an
analysis of current employees' vacation and sick time accrued and actuarial
determinations of future retiree costs. As of November 2, 2011, an actuary
determined that the District's Other Post Employment Benefit (OPEB) liability was
$1,433,197. When combined with a liability on the District's books for vacation,
compensatory and sick time of $1,063,572 at June 30, 2012, the target is projected to
be approximately $2,500,000 for the combined water and sewer enterprises.
C. Events or Conditions Prompting the Use of the Employee Liabilities Reserve — This
reserve may be used in the event that operating funds are not adequate to meet
vacation, compensatory and sick time paid out or retiree medical cost obligations
within the current year.
2. Contractually Restricted Reserves:
These are funds held to satisfy limitations set by external requirements established by creditors,
grant agencies or law. Examples include stipulated bond covenants and reserves held with a
fiscal agent.
2.0 US Bank 2008 COP Reserve
A. Definition and Purpose — Established to cover reserve requirements held with a
designated fiscal agent (US Bank) for the 2008 Certificates of Participation.
May 31, 2013 Page 3 of 4
B. Target Level — Funding shall be held in an amount equal to $2,147,096.
C. Events or Conditions Prompting the Use of the Contractually Restricted Reserve —
This reserve may be utilized as needed by the fiscal agent to pay any outstanding debt
service payments not covered by the District within the specified billing and due
dates.
End of Policy Document
May 31, 2013 Page 4 of 4
Meeting Date:
To:
From:
Presented By:
Prepared By:
Subject:
SUMMARY:
AGENDA REPORT
May 31, 2013
Finance - Accounting Committee
Steve Conklin, Acting General
Manager
Stephen Parker, Finance
Manager
Stephen Parker, Finance
Manager
Dept:
ITEM NO. 4.3
Finance
Reviewed by Legal: Pending
Appropriations Limit for FY 2013/14
Each year the District must adopt the Appropriations Limit and factors used to calculate this
number, in accordance with Proposition 13, Government Code Section 7900 and Article XIIIB of the
California Constitution. The appropriations limit assures government agencies do not assess and
collect taxes in excess of the controlled limits. The District receives a relatively small amount of
revenue from property taxes annually and is historically well below the Appropriations Limitation
each year.
STAFF RECOMMENDATION:
That the Committee recommend the Board of Directors approve Resolution No. 13 -XX Adopting the
Appropriations Limit for Fiscal Year 2013/14.
DISCUSSION:
In 1977, California voters passed Proposition 13, which limited property tax assessments to 1 % of a
property's market value and limited assessed value increases to 2% per year. Concurrent with the
reduction of property taxes, the voters also passed Proposition 4, the Gann Spending Limitation
Initiative, which added Article XIIIB to the California Constitution. Under Article XIIIB, a
governmental agency is restricted in the amount of annual appropriations from the proceeds of
taxes except taxes to pay voter - approved bond debt service. If proceeds of taxes exceed allowed
appropriations, the excess must either be refunded to the State Controller, returned to the taxpayers
through revised tax rates or through revised fee schedules. An excess in one year may be offset
against a deficit in the following year, so effectively the limitation may be exceeded in a single year
but not over any consecutive two -year period.
District staff performed the required calculation to determine the appropriations limits for FY
2013/14, in compliance with the terms of Article XIIIB of the California Constitution and Government
Code Section 7900. The starting point for computing the Appropriations Limit is the total of
Appropriations Subject to Limitation in the Base Year of 1978/79. This number is multiplied by
controlled factors each successive year to determine the current year's appropriation limit. The
State Department of Finance, Population Research Unit, provides inflation and population figures
each year. These two are multiplied together to determine the final percentage by which the prior
year's limit is increased (or decreased).
The District's property tax revenue of $1,264,672, budgeted for FY 2013/14, is substantially lower
than the calculated limitation of $5,983,590. Therefore, there are no excess appropriations that must
be returned to the taxpayers.
PRIOR RELEVANT BOARD ACTION(S):
The Board of Directors adopted Resolution No. 12 -11 on June 14, 2012, Adopting the
Appropriations Limit for Fiscal Year 2012/13.
ATTACHMENTS:
ivame: Description: Type:
Resolution 13 -XX Adopting Appropriations Limit.doc Resolution Backup Material
GANN Calculation.xlsx Calculation Backup Material
RESOLUTION NO. 13 -XX
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE YORBA LINDA WATER DISTRICT
ADOPTING THE APPROPRIATIONS LIMIT
FOR FISCAL YEAR 2013/14
WHEREAS, under the terms of Article XIIIB of the California Constitution and
Government Code Section 7900 et seq., all local agencies are required to
establish, by resolution, an appropriations limit for each fiscal year; and
WHEREAS, in June 1990, voters in the State of California approved Proposition 111
which amended Government Code Section 7900 et seq., modifying the
method of calculation for the appropriations limit and requiring all local
agencies to select, by resolution, the annual adjustment factors used to
perform the calculations; and
WHEREAS, the District staff has performed the required calculations to determine the
limit for Fiscal Year 2013/14, in compliance with the above provisions and
made the documentation used in the determination of the appropriations
limit and other necessary determinations available to the public at least
fifteen days prior to the date of this meeting.
NOW THEREFORE BE IT RESOLVED by the Board of Directors of the Yorba Linda
Water District as follows:
Section 1. That there is hereby adopted, pursuant to Article XIIIB of the California
Constitution and Government Code Section 7900 et seq., as amended by
Proposition 111, an appropriations limit for Fiscal Year 2013/14 of
$5,983,590.
Resolution No. 13 -XX Adopting the Appropriations Limit for FY 2013/14
Section 2. The annual adjustment factors are the weighted average percentage
change in the population of the cities within the District's jurisdiction, and
the percentage change in the California Per Capita Income.
PASSED AND ADOPTED this 13th day of June 2013 by the following called vote:
AYES: NOES:
ABSTAIN:
ABSENT:
Gary Melton, President
Yorba Linda Water District
ATTEST:
Steven R. Conklin, Secretary
Yorba Linda Water District
Reviewed as to form by General Counsel:
Arthur G. Kidman, Esq.
Kidman Law LLP
Resolution No. 13 -XX Adopting the Appropriations Limit for FY 2013/14
APPROPRIATIONS SUBJECT
TO LIMITATION
Special District: Yorba Linda Water District
Fiscal Year: 2013 -2014
Budget: _X_ or Actual
REVENUE
AMOUNT SOURCE
A. LAST YEAR'S LIMIT 1 5,636,910
B. ADJUSTMENT FACTORS
1. Population % 0.98% 1.0098 1 (Weighted Avg Calc)
2. Inflation % 5.12% 1.0512 (State Finance)
Total Adjustment % 1.0615 (b1 *b2)
C. ANNUAL ADJUSTMENT $
BUDGET 5,983,590 1 B *A
D. OTHER ADJUSTMENTS
sub total
E. TOTAL ADJUSTMENTS I 5,983,590 (C +D)
F. THIS YEAR'S LIMIT
5,983,590 (A +E)
Meeting Date:
To:
From:
Presented By:
Prepared By:
Subject:
SUMMARY:
AGENDA REPORT
May 31, 2013
Finance - Accounting Committee
Steve Conklin, Acting General
Manager
Stephen Parker, Finance Dept:
Manager
Delia Lugo, Senior Accountant
ITEM NO. 4.4
Finance
Unaudited Financial Statements for the Period Ending March 31, 2013
Presented are the Unaudited Financial Statements for the Period Ending March 31, 2013 for the
District.
STAFF RECOMMENDATION:
That the Committee recommend the Board of Directors receive and file the Unaudited Financial
Statements for the Period Ending March 31, 2013.
DISCUSSION:
For the period ending March 31, 2013, staff is presenting unaudited statements in the CAFR format.
We have included the traditional budget to actual statements for the District as a whole, as well as
the individual water and sewer funds and the debt service coverage calculation.
Water Operating Revenue, as presented, is 76.3% of annual budget, which is higher than the
historical trend of 71.4% through the third quarter of the fiscal year. Other Operating Revenue
87.5% of annual budget. Sewer Other Operating Revenue, as presented, is 74.8% of annual
budget.
Variable Water Costs are 75.4% of budget, due to higher than budgeted water consumption as well
as purchasing more expensive import water prior to the January 1st rate increase. Salary Related
Expenses are 72.1 % of budget three quarters of the way through the fiscal year.
With the issuance of the 2008 Certificates of Participation (COP's) and the Refunding Revenue
Bonds, Series 2012A 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."
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 March 2013 is shown in the calculation as 178 %. This shows strong
financial health for the District as it pertains to the debt service ratio.
STRATEGIC PLAN:
FR 1 -F: Continue to Record and Report the Fairly Stated Financial Activities of the District in a
Timely and Transparent Manner to the Board of Directors and Member Agencies
ATTACHMENTS:
IVQIIIC.
FY 2013 3rd Qtr Consolidated Balance Sheet.xlsx
2013 Qtr 3 Debt Service Clac.xlsx
2013 Qtr 3 Consolidated Stmt.xlsx
2013 Qtr 3 Water Stmt.xlsx
2013 Qtr 3 Sewer Stmt.xlsx
Description: Type:
FY 2013 3rd Qtr Consolidated Balance Sheet Backup Material
2013 3rd Qtr Debt Srvice Calculation Backup Material
2013 3rd Qtr Consolidated Statement Backup Material
2013 3rd Qtr Water Statement Backup Material
2013 3rd Qtr Sewer Statement Backup Material
YORBA LINDA WATER DISTRICT
UNAUDITED COMBINING SCHEDULE OF NET ASSETS
March 31, 2013
(With March 31, 2012 for comparison only)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
Investment
Accounts receivable - water and sewer services
Accounts receivable - property taxes
Accrued interest receivable
Prepaid expenses & other deposits
Inventory
TOTAL CURRENT ASSETS
NONCURRENT ASSETS:
Bond issuance costs
Other post - employment benefit (OPEB) asset
Capital assets:
Non - depreciable
Depreciable, net of accumulated depreciation
TOTAL NONCURRENT ASSETS
TOTAL ASSETS
LIABILITIES
CURRENT LIABILITIES:
Accounts payable
Accrued expenses
Accrued interest payable
Certificates of Participation - current portion
Refunding Revenue Bond - current portion
Compensated absences
Customer and construction deposits
Deferred revenue
TOTAL CURRENT LIABILITIES
LONG -TERM LIABILITIES (LESS CURRENT PORTION)
March 2013 March 2012
$ 15,762,614 $ 24,223,256
2,143,553
2,756,727
102,192
8,095
1,084,105
236,459
22,093,744
2,160,071
2,556,903
102,192
21,393
287,468
254,947
29,606,230
1,417,030 733,284
176,295 76,613
14,315,667
11,425,334
186,415,180
189,608,168
202,324,172
201,843,399
224,417,916 231,449,629
2,177,655
2,608,809
651,514
80,067
878,596
948,836
705,000
925,000
260,000
-
236,257
267,806
277,903
246,817
414,197
433,737
5,601,122 5,511,072
Deferred annexation revenue
13,856,701 14,147,513
Compensated absences
748,148 803,418
Refunding Revenue Bond
8,070,000
Certificate of Participation
33,008,358 41,358,376
TOTAL LONG TERM LIABILITIES (LESS
CURRENT PORTION)
TOTAL LIABILITIES
NET ASSETS:
55,683,207 56,309,307
61,284,329 61,820,379
$ 163,133,587 $ 169,629,250
YORBA LINDA WATER DISTRICT
UNAUDITED COMBINING SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
For the period ended March 31, 2013
(With fiscal year ended March, 2012 for comparison only)
March 2013
March 2012
OPERATING REVENUES:
Water sales
$ 19,018,272
$ 18,448,098
Sewer revenues
1,291,195
1,282,757
Other operating revenues
555,881
664,740
TOTAL OPERATING REVENUES
20,865,348
20,395,595
OPERATING EXPENSES
Variable water costs
9,770,544
9,256,797
Personnel services
5,517,677
5,318,516
Supplies and services
2,949,119
2,712,675
Depreciation and amortization
5,087,132
4,923,825
TOTAL OPERATING EXPENSES
23,324,472
22,211,813
OPERATING INCOME /(LOSS)
(2,459,124)
(1,816,218)
NONOPERATING REVENUES (EXPENSES):
Property taxes
829,722
780,018
Investment income
93,823
210,690
Interest expense
(1,344,189)
(1,416,831)
Other nonoperating revenues
655,021
673,862
Other nonoperating expenses
(34,709)
(99,258)
TOTAL NONOPERATING REVENUES /EXPENSES
199,668
148,481
NET INCOME /(LOSS) BEFORE CAPITAL
CONTRIBUTIONS
(2,259,456)
(1,667,737)
CAPITAL CONTRIBUTIONS
350,819
17,061,312
CHANGES IN NET ASSETS
(1,908,637)
15,393,575
NET ASSETS - BEGINNING OF YEAR
165,042,224
154,235,675
NET ASSETS - FOR PERIOD END MARCH 31, 2013
$ 163,133,587
$ 169,629,250
Yorba Linda Water District
Water Fund
For The Period Ending March 31, 2013
YTD
Included in
Actual
Debt Service
FY 2013
Calculation
OPERATING REVENUES:
Water sales $ 19,018,272 $ 19,018,272
Other operating revenues 512,672 5121672
TOTAL OPERATING REVENUES 19,530,944 19,530,944
OPERATIANG EXPENSES:
Variable water costs
9,770,544
9,770,544
Personnel services
4,892,921
4,892,921
Supplies and services
2,693,081
2,693,081
Depreciation and amortization
4,119,789
178%
TOTAL OPERATING EXPENSES
21,476,335
17,356,546
OPERATING INCOME(LOSS)
(1,945,391)
2,174,398
NONOPERATING REVENUES (EXPENSES):
Property taxes
829,722
829,722
Investment income
80,282
80,282
Interest expense
(1,344,189)
Other nonoperating revenues
650,602
650,602
Other nonoperating expenses
(34,709)
(34,709)
TOTAL NONOPERATING REVENUES /EXPENSES
181,708
1,525,897
NET INCOME(LOSS) BEFORE CAPITAL
(1,763,683)
3,700,295
CONTRIBUTIONS
CAPTIAL CONTRIBUTIONS
193,770
CHANGES IN NET ASSETS
(1,569,913) 3,700,295
DEBT SERVICE RATION CALCULATION
NET REVENUES
$3,700,295
DEBT SERVICE
2,075,153
%
178%
Yorba Linda Water District
Summary Financial Report
Water & Sewer Funds
For The Period Ending March 31, 2013
Revenue (Operating):
Water Revenue (Residential)
Water Revenue (Commercial & Fire Det.)
Water Revenue (Landscape /Irrigation)
Water Revenue (Service Charge)
Sewer Charge Revenue
Locke Ranch Assessments
Other Operating Revenue
Total Operating Revenue:
Revenue (Non- Operating)
Original
YTD
YTD
YTD
Budget
Actual
Under(Over)
% of
FY 2013
FY 2013
Budget
Budget
$15,405,197
$11,737,582
$3,667,615
76.19%
1,822,665
1,424,238
398,427
78.14%
4,035,121
3,074,870
960,251
76.20%
3,755,191
2,781,582
973,609
74.07%
1,548,682
1,168,212
380,470
75.43%
198,433
122,983
75,450
61.98%
643,737
555,881
87,856
86.35%
27,409,026
20,865,348
6,543,678
76.13%
Interest
170,000
93,823
76,177
55.19%
Property Tax
1,244,320
829,722
414,598
66.68%
Other Non - Operating Revenue
494,437
655,021
(160,584)
132.48%
Total Non - Operating Revenue:
1,908,757
1,578,566
330,191
82.70%
Total Revenue
29,317,783
22,443,914
6,873,869
76.55%
Expenses (Operating)
Variable Water Costs (G.W., Import & Power)
12,953,024
9,770,544
3,182,480
75.43%
Salary Related Expenses
7,648,891
5,517,677
2,131,214
72.14%
Supplies & Services
3,849,602
2,949,119
900,483
76.61%
Total Operating Expenses
24,451,517
18,237,340
6,214,177
74.59%
Expenses (Non- Operating):
Interest on Long Term Debt
2,011,395
1,344,189
667,206
66.83%
Other Expense
124,210
34,709
89,501
27.94%
Total Non - Operating Expenses:
2,135,605
1,378,898
756,707
64.57%
Total Expenses
26,587,122
19,616,238
6,970,884
73.78%
Net Income (Loss) Before Capital Contributions
2,730,661
2,827,676
(97,015)
103.55%
Capital Contributions
-
350,819
350,819
0.00%
Net Income (Loss) Before Depreciation
2,730,661
3,178,495
253,804
116.40%
Depreciation &Amortization
6,602,339
5,087,132
1,515,207
77.05%
Total Net Income (Loss)
($3,871,678)
($1,908,637)
($1,963,041)
49.30%
Yorba Linda Water District
Water Fund
For The Period Ending March 31, 2013
YTD YTD YTD
Budget Actual Under(Over) % of
FY 2013 FY 2013 Budget Budget
Revenue (Operating)
Water Revenue (Residential)
$15,405,197
$11,737,582
$3,667,615
76.19%
Water Revenue (Commercial & Fire Det.)
1,822,665
1,424,238
398,427
78.14%
Water Revenue (Landscape /Irrigation)
4,035,121
3,074,870
960,251
76.20%
Water Revenue (Service Charge)
3,755,191
2,781,582
973,609
74.07%
Other Operating Revenue
585,929
512,672
73,257
87.50%
Total Operating Revenue:
25,604,103
19,530,944
6,073,159
76.28%
Revenue (Non- Operating):
Interest
Property Tax
Other Non - Operating Revenue
Total Non - Operating Revenue:
Total Revenue
Expenses (Operating):
Variable Water Costs (G.W., Import & Power)
Salary Related Expenses
Supplies & Services:
Communications
Contractual Services
Data Processing
Dues & Memberships
Fees & Permits
Board Election
Insurance
Materials
District Activities, Emp Recognition
Maintenance
Non - Capital Equipment
Office Expense
Professional Services
Training
Travel & Conferences
Uncollectible Accounts
Utilities
Vehicle Equipment
Supplies & Services Sub -Total
Total Operating Expenses
Expenses (Non- Operating):
Interest on Long Term Debt
Other Expense
Total Non - Operating Expenses:
Total Expenses
150,000
80,282
69,718 53.52%
1,244,320
829,722
414,598 66.68%
490,262
650,602
(160,340) 132.70%
1,884,582
1,560,606
323,976 82.81%
27,488,685 21,091,550 6,397,135 76.73%
12,953,024
9,770,544
3,182,480
75.43%
6,741,403
4,892,921
1,848,482
75.77%
280,232
150,337
129,895
53.65%
455,041
328,174
126,867
72.12%
125,866
96,159
29,707
76.40%
57,609
51,702
5,907
89.75%
139,165
135,294
3,871
97.22%
47,988
-
47,988
0.00%
259,656
179,448
80,208
69.11%
451,506
459,888
(8,382)
101.86%
17,298
14,048
3,250
81.21%
307,065
220,608
86,457
71.84%
109,782
105,933
3,849
96.49%
37,702
31,349
6,353
83.15%
740,578
606,672
133,906
81.92%
41,353
14,282
27,071
34.54%
40,833
17,822
23,011
43.65%
36,270
1,814
34,456
5.00%
79,050
62,409
16,641
78.95%
282,400
217,142
65,258
76.89%
3,509,393
2,693,081
816,312
76.74%
23,203,820 17,356,546 5,847,274 74.80%
2,009,777 1,344,189 665,588 66.88%
118,210 34,709 83,501 29.36%
2,127,987 1,378,898 749,089 64.80%
25,331,807 18,735,444 6,596,363 73.96%
Net Income (Loss) Before Capital Contributions 2,156,878
2,356,106
(199,228)
109.24%
Capital Contributions -
193,770
193,770
0.00%
Net Income (Loss) Before Depreciation 2,156,878
2,549,876
(5,458)
118.22%
Depreciation &Amortization 5,332,175 4,119,789 1,212,386 77.26%
Total Net Income (Loss) ($3,175,297) ($1,569,913) ($1,605,384) 49.44%
Yorba Linda Water District
Sewer Fund
For The Period Ending March 31, 2013
Revenue (Operating):
Sewer Charge Revenue
Locke Ranch Assessments
Other Operating Revenue
Total Operating Revenue:
Revenue (Non- Operating):
Interest
Other Non - Operating Revenue
Total Non - Operating Revenue:
Total Revenue
Expenses (Operating):
Salary Related Expenses
Supplies & Services:
Communications
Contractual Services
Data Processing
Dues & Memberships
Fees & Permits
Board Election
Insurance
Materials
District Activities, Emp Recognition
Maintenance
Non - Capital Equipment
Office Expense
Professional Services
Training
Travel & Conferences
Uncollectible Accounts
Utilities
Vehicle Equipment
Supplies & Services Sub -Total
Total Operating Expenses
Expenses (Non- Operating):
Interest Expense
Other Expense
Total Non - Operating Expenses:
Total Expenses
YTD YTD YTD
Budget Actual Under(Over) % of
FY 2013 FY 2013 Budget Budget
$1,548,682
$1,168,212
$380,470
75.43%
198,433
122,983
75,450
61.98%
57,808
43,209
14,599
74.75%
1,804,923
1,334,404
470,519
73.93%
20,000
13,541
6,459
67.71%
4,175
4,419
(244)
105.84%
24,175
17,960
6,215
74.29%
1,829,098 1,352,364 476,734 73.94%
907,488
624,756
282,732
69.48%
23,018
10,051
12,967
43.67%
34,280
23,662
10,618
69.03%
9,474
6,980
2,494
73.68%
4,583
3,884
699
84.75%
12,155
11,451
704
94.21%
3,612
-
3,612
0.00%
19,544
11,817
7,727
60.46%
34,519
12,875
21,644
37.30%
1,302
1,055
247
81.03%
71,405
85,911
(14,506)
120.32%
18,269
11,792
6,477
64.55%
2,823
2,360
463
83.60%
36,882
22,223
14,659
60.25%
4,747
4,895
(148)
103.12%
3,418
1,052
2,366
30.78%
2,730
260
2,470
9.52%
5,950
5,069
881
85.19%
51,499
40,701
10,798
79.03%
340,209
256,038
84,171
75.26%
1,247,697 880,794 366,903 70.59%
1,618 1,618 0.00%
6,000 6,000 0.00%
7,618 7,618 0.00%
1,255,315 880,794 374,521 70.17%
Net Income (Loss) Before Capital Contributions
573,783 471,570
102,213
82.19%
Capital Contributions
- 157,049
157,049
0.00%
Net Income (Loss) Before Depreciation
573,783 628,619
259,262
109.56%
Depreciation & Amortization
Total Net Income (Loss)
1,270,164 967,343 302,821 76.16%
($696,381) ($338,724) ($43,559) 48.64%
Meeting Date:
To:
From:
Presented By:
Prepared By:
Subject:
SUMMARY:
AGENDA REPORT
May 31, 2013
Finance - Accounting Committee
Steve Conklin, Acting General
Manager
Stephen Parker, Finance Dept:
Manager
Delia Lugo, Senior Accountant
Investment Report for Period Ending April 31, 2013
ITEM NO. 5.3
Finance
Staff is submitting the April 2013 Monthly Investment Reports for the Committee's review.
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 April 30, 2013 is 0.65 %.
The overall increase in the investment balance from the previous month is approximately $745,000.
A couple of the larger balance changes include increases in the Water Operating fund of $424,000
and the Sewer Operating fund of $98,000 primarily due receiving scheduled property tax
apportionments from the County of Orange Assessor's Office and an increase in the Reserve for
Debt Service of $176,000 due to the District meeting its monthly obligation to ensure that funds are
set aside for the September 2013 debt service principal and interest payments.
STRATEGIC PLAN:
FR 1 -F: Continue to Record and Report the Fairly Stated Financial Activities of the District in a
Timely and Transparent Manner to the Board of Directors and Member Agencies
ATTACHMENTS:
Description: Type:
Invst Rpt 4- 13.xlsx Investment Report for Period Ending April 30, 2013 Backup Material
Invst Agenda Backup -April 2013.xlsx Agenda Back UP Backup Material
Yorba Linda Water District
Investment Portfolio Report
April 30, 2013
Market % Percent
Value Cost of Total Institution Yield
Checking Account:
$ 153,166 $ 153,166 Wells Fargo Bank
$ 153,166 $ 153,166 0.87% Total 0.00%
Money Market Accounts:
$ 54,952 $ 54,952 Wells Fargo Money Market 0.05%
4,210,406 4,210,406 Bank of the West 0.34%
$ 4,265,357 $ 4,265,357 24.20% Total 0.34%
Federal Home Loan Bank:
2,151,093 $ 2,147,096 US Bank (2008 Bond Reserve) 1.35%
$ 2,151,093 $ 2,147,096 12.20% 1.35%
Pooled Investment Accounts:
$ 561,379 $ 561,379 Local Agency Investment Fund 0.26%
29,529 29,529 Ca1TRUST Short Term 0.31%
10,468,008 10,432,633 Ca1TRUST Medium Term 0.67%
$ 11,058,916 $ 11,023,541 62.73% 0.65%
$ 17,628,533 $ 17,589,161 100%
Total Investments 0.65%
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
4/30/13
Investment Summary Report
Below is a chart summarizing the yields as well as terms and maturities for the month of April 2013:
Avg. Portfolio
Avg. Portfolio
# of
Month Yield Without
Yield With
Days to
of 2013 CaITRUST
CaITRUST
Maturity
April 0.63%
0.66%
70
Below is are charts comparing operating fund interest for current and prior fiscal years.
Actual Interest
March 2013
4/30/2012
April 2013
4/30/2013
Monthly - April
$
20,965
$
8,815
Year -to -Date
$
210,261
$
94,544
Budget
1,007,509
2011/2012
1,009,086
2012/2013
Interest Budget, April YTD
$
158,333
$
125,000
Interest Budget, Annual
$
190,000
$
150,000
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:
March 2013
% Alloc
April 2013
% Alloc
Fund Description
Balance
3/31/2013
Balance
4/30/2013
Water Operating Reserve
$ 2,913,971
14.14%
$ 3,399,704
19.46%
Water Emergency Reserve
1,007,509
5.87%
1,009,086
5.77%
Water Capital Project Reserve
7,759,937
46.19%
7,770,376
44.46%
Water Reserve for Debt Service
619,302
7.75%
796,836
4.56%
Maintenance Reserve
200,529
1.09%
200,715
1.15%
COP Revenue Bond 2008 - Reserve
2,146,252
12.62%
2,151,093
12.31%
Sewer Operating
16,242
0.09%
16,267
0.09%
Sewer Emergency Reserve
1,006,502
5.86%
1,008,077
5.77%
Sewer Capital Project Reserve
1,096,184
6.39%
1,123,213
6.43%
$ 16,766,428
100.00%
$ 17,475,367
100.00%
Wells Fargo
Bank Checking
Water Operating
(60,565)
(122,787)
Sewer Operating
178,060
275,953
117,495
153,166
Totals
$ 16,883,923
$ 17,628,533
Meeting Date:
To:
From:
Presented By:
Prepared By:
Subject:
DISCUSSION:
AGENDA REPORT
May 31, 2013
Finance - Accounting Committee
Steve Conklin, Acting General
Manager
Stephen Parker, Finance Dept:
Manager
Delia Lugo, Senior Accountant
Budget to Actual Results for April 2013
ITEM NO. 5.4
Finance
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 April 2013.
For the month of April 2013, the District water revenue is 83.5% of annual budget, which is 4.6%
higher when compared to the historical trend for this point in the year.
Variable water costs are higher than budgeted due to the District's intentional strategy to use a
greater percentage of the more expensive imported water in the first half of the year due to MWD's
rate increase that went into effect January 2013.
The majority of the Water Fund's individual Supplies and Services expenses are trending above or
near budget for reasons previously reported, however the net Supplies and Services is trending
right at budget.
Overall, Sewer Supplies and Services expenses are trending slightly over budget. This is primarily
due to Sewer Asphalt Paving not being budgeted ($30,000) and Sewer Line Repairs already being
at budget as a result of more work necessary than anticipated.
STRATEGIC PLAN:
FR 1 -F: Continue to Record and Report the Fairly Stated Financial Activities of the District in a
Timely and Transparent Manner to the Board of Directors and Member Agencies
ATTACHMENTS:
Description: Type:
April 2013 consolidated stmt.pdf April 2013 Consolidated Statement Backup Material
April 2013 Water Stmt.xlsx April 2013 Water Statement Backup Material
April 2013 Sewer Stmt.xlsx April 2013 Sewer Statement Backup Material
Yorba Linda Water District
Summary Financial Report
Water & Sewer Funds
For Ten Months Ending April 30, 2013
Original
YTD
YTD
YTD
Budget
Actual
Under(Over)
% of
FY 2013
FY 2013
Budget
Budget
Revenue (Operating)
Water Revenue (Residential)
$15,405,197
$12,840,275
$2,564,922
83.35%
Water Revenue (Commercial & Fire Det.)
1,822,665
1,548,999
273,666
84.99%
Water Revenue (Landscape /Irrigation)
4,035,121
3,328,503
706,618
82.49%
Water Revenue (Service Charge)
3,755,191
3,094,606
660,585
82.41%
Sewer Charge Revenue
1,548,682
1,296,378
252,304
83.71%
Locke Ranch Assessments
198,433
196,896
1,537
99.23%
Other Operating Revenue
643,737
599,258
44,479
93.09%
Total Operating Revenue:
27,409,026
22,904,915
4,504,111
83.57%
Revenue (Non- Operating)
Interest
170,000
94,544
75,456
55.61%
Property Tax
1,244,320
1,270,546
(26,226)
102.11%
Other Non - Operating Revenue
494,437
701,600
(207,163)
141.90%
Total Non - Operating Revenue:
1,908,757
2,066,690
(157,933)
108.27%
Total Revenue
29,317,783
24,971,605
4,346,178
85.18%
Expenses (Operating):
Variable Water Costs (G.W., Import & Power)
12,953,024
10,315,952
2,637,072
79.64%
Salary Related Expenses
7,648,891
5,926,007
1,722,884
77.48%
Supplies & Services
3,849,602
3,242,642
606,960
84.23%
Total Operating Expenses
24,451,517
19,484,601
4,966,916
79.69%
Expenses (Non- Operating):
Interest on Long Term Debt
2,011,395
1,489,015
522,380
74.03%
Other Expense
124,210
41,479
82,731
33.39%
Total Non - Operating Expenses:
2,135,605
1,530,494
605,111
71.67%
Total Expenses
26,587,122
21,015,095
5,572,027
79.04%
Net Income (Loss) Before Capital Contributions
2,730,661
3,956,510
(1,225,849)
144.89%
Capital Contributions
-
350,819
350,819
0.00%
Net Income (Loss) Before Depreciation
2,730,661
4,307,329
(875,030)
157.74%
Depreciation & Amortization
6,602,339
5,694,441
907,898
86.25%
Total Net Income (Loss)
($3,871,678)
($1,387,112)
($2,484,566)
35.83%
Yorba Linda Water District
Water Fund
For Ten Months Ending April 30, 2013
April YTD YTD YTD
Budget Actual Actual Under(Over) % of
FY 2013 FY 2013 FY 2013 Budget Budget
Revenue (Operating)
Water Revenue (Residential)
$15,405,197
1,102,693
$12,840,275
$2,564,922
83.35%
Water Revenue (Commercial & Fire Det.)
1,822,665
124,761
1,548,999
273,666
84.99%
Water Revenue (Landscape /Irrigation)
4,035,121
253,633
3,328,503
706,618
82.49%
Water Revenue (Service Charge)
3,755,191
313,024
3,094,606
660,585
82.41%
Other Operating Revenue
585,929
42,319
554,991
30,938
94.72%
Total Operating Revenue:
25,604,103
1,836,430
21,367,374
4,236,729
83.45%
Revenue (Non- Operating):
-
47,988
0.00%
259,656
68,691
Interest
150,000
720
81,003
68,997
54.00%
Property Tax
1,244,320
440,824
1,270,546
(26,226)
102.11%
Other Non - Operating Revenue
490,262
44,503
695,105
(204,843)
141.78%
Total Non - Operating Revenue:
1,884,582
486,047
2,046,654
(162,072)
108.60%
Total Revenue
Expenses (Operating):
Variable Water Costs (G.W., Import & Power)
Salary Related Expenses
Supplies & Services:
Communications
Contractual Services
Data Processing
Dues & Memberships
Fees & Permits
Board Election
Insurance
Materials
District Activities, Emp Recognition
Maintenance
Non - Capital Equipment
Office Expense
Professional Services
Training
Travel & Conferences
Uncollectible Accounts
Utilities
Vehicle Equipment
Supplies & Services Sub -Total
Total Operating Expenses
Expenses (Non- Operating):
Interest on Long Term Debt
Other Expense
Total Non - Operating Expenses:
Total Expenses
27,488,685 2,322,477 23,414,028 4,074,657 85.18%
12,953,024
545,408
10,315,952
2,637,072
79.64%
6,741,403
355,644
5,248,565
1,492,838
80.26%
280,232
10,955
161,292
118,940
57.56%
455,041
23,966
352,140
102,901
77.39%
125,866
10,880
107,039
18,827
85.04%
57,609
651
52,353
5,256
90.88%
139,165
6,771
142,065
(2,900)
102.08%
47,988
-
-
47,988
0.00%
259,656
68,691
248,139
11,517
95.56%
451,506
71,289
531,177
(79,671)
117.65%
17,298
2,389
16,437
861
95.02%
307,065
16,765
237,373
69,692
77.30%
109,782
1,250
107,183
2,599
97.63%
37,702
983
32,332
5,370
85.76%
740,578
20,725
627,397
113,181
84.72%
41,353
3,578
17,860
23,493
43.19%
40,833
3,026
20,848
19,985
51.06%
36,270
3,741
5,555
30,715
15.32%
79,050
2,157
64,566
14,484
81.68%
282,400
17,996
235,138
47,262
83.26%
3,509,393
265,813
2,958,894
550,499
84.31%
23,203,820 1,166,865 18,523,411 4,680,409 79.83%
2,009,777 144,826 1,489,015 520,762 74.09%
118,210 1,279 41,479 76,731 35.09%
2,127,987 146,105 1,530,494 597,493 71.92%
25,331,807 1,312,970 20,053,905 5,277,902 79.16%
Net Income (Loss) Before Capital Contributions 2,156,878 1,009,507
3,360,123
(1,203,245)
155.79%
Capital Contributions - -
193,770
193,770
0.00%
Net Income (Loss) Before Depreciation 2,156,878 1,009,507
3,553,893
(1,009,475)
164.77%
Depreciation &Amortization 5,332,175 498,206 4,617,995 714,180 86.61%
Total Net Income (Loss) ($3,175,297) $511,301 ($1,064,102) ($2,111,195) 33.51%
Yorba Linda Water District
$128,166
Sewer Fund
$252,304 83.71%
For Ten Months Ending April 30, 2013
73,913
196,896
April YTD
YTD YTD
1,058
Budget Actual Actual
Under(Over) % of
1,804,923
FY 2013 FY 2013 FY 2013
Budget Budget
Revenue (Operating):
Sewer Charge Revenue
Locke Ranch Assessments
Other Operating Revenue
Total Operating Revenue:
Revenue (Non- Operating):
Interest
Other Non - Operating Revenue
Total Non - Operating Revenue:
Total Revenue
Expenses (Operating):
Salary Related Expenses
Supplies & Services:
Communications
Contractual Services
Data Processing
Dues & Memberships
Fees & Permits
Board Election
Insurance
Materials
District Activities, Emp Recognition
Maintenance
Non - Capital Equipment
Office Expense
Professional Services
Training
Travel & Conferences
Uncollectible Accounts
Utilities
Vehicle Equipment
Supplies & Services Sub -Total
Total Operating Expenses
Expenses (Non- Operating):
Interest Expense
Other Expense
Total Non - Operating Expenses:
Total Expenses
Net Income (Loss) Before Capital Contributions
Capital Contributions
Net Income (Loss) Before Depreciation
Depreciation & Amortization
Total Net Income (Loss)
$1,548,682
$128,166
$1,296,378
$252,304 83.71%
198,433
73,913
196,896
1,537 99.23%
57,808
1,058
44,267
13,541 76.58%
1,804,923
203,137
1,537,541
267,382 85.19%
20,000
- 13,541
6,459
67.71%
4,175
2,076 6,495
(2,320)
155.57%
24,175
2,076 20,036
4,139
82.88%
8,234
1,240
86.91%
4,583
1,829,098
205,213 1,557,577
271,521
85.16%
907,488 52,686 677,442 230,046 75.28%
23,018
942
10,993
12,025
47.76%
34,280
3,508
27,170
7,110
79.26%
9,474
1,254
8,234
1,240
86.91%
4,583
189
4,073
510
88.87%
12,155
1,389
12,840
(685)
105.64%
3,612
-
-
3,612
0.00%
19,544
6,859
18,676
868
95.56%
34,519
564
13,439
21,080
38.93%
1,302
178
1,233
69
94.70%
71,405
4,026
89,937
(18,532)
125.95%
18,269
3,244
15,036
3,233
82.31%
2,823
74
2,434
389
86.22%
36,882
2,523
24,746
12,136
67.10%
4,747
265
5,160
(413)
108.70%
3,418
232
1,284
2,134
37.57%
2,730
501
761
1,969
27.88%
5,950
491
5,560
390
93.45%
51,499
1,471
42,172
9,327
81.89%
340,209
27,710
283,748
56,461
83.40%
1,247,697
80,396
961,190
286,507
77.04%
1,618
-
-
1,618
0.00%
6,000
-
6,000
0.00%
7,618
-
-
7,618
0.00%
1,255,315
80,396
961,190
294,125
76.57%
573,783
124,817
596,387
(22,604)
103.94%
-
-
157,049
157,049
0.00%
573,783
124,817
753,436
134,445
131.31%
1,270,164
109,103
1,076,446
193,718
84.75%
($696,381)
$15,714
($323,010)
($59,273)
46.38%
AGENDA REPORT
Meeting Date:
May 31, 2013
To:
Finance - Accounting Committee
From:
Steve Conklin, Acting General
Manager
Presented By:
Stephen Parker, Finance
Manager
Prepared By:
Stephen Parker, Finance
Manager
Subject:
Broker Dealer Approval
DISCUSSION:
Dept:
ITEM NO. 5.5
Finance
Staff has completed the process of vetting Craig Conley, Vice - President Fixed Income Investment
Officer at Bank of the West as a broker /dealer. Resolution No. 13 -06 adopted the current
investment policy. Section 7.1 states:
Before a financial institution or broker /dealer is used, they are subject to investigation and approval
by the Treasurer or his /her designated representative, and must submit the following:
7. 1.1 Certification of having read and understood this investment policy resolution and agreeing to
comply with the District's investment policy;
7.1.2 Proof of Federal Investment Regulatory Authority certification;
7.1.3 Proof of State of California registration;
7.1.4 Audited financial statements for the institution's three (3) most recent fiscal years;
7.1.5 References of other public- sector clients that similar services are provided to.
Mr. Conley currently provides broker /dealer services in California for other clients, including Orange
County Transportation Authority, Fresno Housing Authority and Diablo Water District.
Bank of the West is owned by BNP Paribas and is a primary dealer that has access to a lot of
inventory that other dealers do not. As such, and as staff has vetted that all the components
required by the District's investment policy have been received, the Finance - Accounting Committee
is being notified that Craig Conley of Bank of the West has been vetted as a broker /dealer for the
District. As this is the fifth broker /dealer vetted, staff believes the District has plenty of options, and
does not intend to pursue relationships with other broker /dealers at this time.