HomeMy WebLinkAbout2013-09-16 - Finance-Accounting Committee Meeting Minutes1
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE MEETING
Monday, September 16, 2013, 12:00 p.m.
1717 E Miraloma Ave, Placentia CA 92870
1. CALL TO ORDER
The September 16, 2013 meeting of the Yorba Linda W ater District’s Finance-
Accounting Committee was called to order by Director Hawkins at 12:00 p.m.
The meeting was held in the Admin Conference Room at the District’s
Administration Building located at 1717 East Miraloma Avenue in Placentia,
California 92870.
2. ROLL CALL
COMMITTEE STAFF
Director Phil Hawkins, Chair Delia Lugo, Acting Finance Manager
Director Gary T. Melton
3. PUBLIC COMMENTS
None.
4. DISCUSSION ITEMS
4.1. Request for an Extension for Credit Agreement dated as of September 24,
2012 between the Yorba Linda Water District and Wells Fargo Bank
Mrs. Delia Lugo presented ”Exhibit A” – Form of Request For Extension
that is to be signed by Mr. Conklin and submitted to Wells Fargo Bank as
the official document requesting that the Maturity Date for the Credit
Agreement dated September 24, 2012 between Yorba Linda Water
District and Wells Fargo Bank be extended from September 24, 2015 to
September 24, 2016. Monthly “Draw Requests” are submitted to Wells
Fargo for the purpose of meeting the District’s Capital Improvement
accounts payable obligations.
4.2. Investment Policy Certification
Mrs. Lugo presented the recently earned “Investment Policy Certification”
from the California Municipal Treasurers Association (CMTA). The District
submitted its current Investment Policy to be reviewed and judged by a
committee of CMTA in 18 areas including Ethics and Conflicts of Interest,
Diversification, Internal Controls, Performance Standards, and Reporting.
In doing so, CMTA certified that the investment Policy of Yorba Linda
Water District complies with the current State statutes governing the
investment practices of local government entities located within the State
of California.
2
Discussion lead to District’s benefit of submitting applications to GFOA
and CSMFO and being awarded recognition for its budget and financial
reporting documents. Recognition of such supports the District’s efforts to
be amongst the ranks of fellow premier agencies and demonstrates that
the District is proud of its staff’s dedication, work ethic and hard work.
4.3. Investment Report for the Period Ending August 31, 2013
Mrs. Lugo presented the Investment Report for August 2013. She noted
that the total yield for the month ending August 31, 2013 is 0.68%. In
support of the investment report, Mrs. Lugo shared information from an
Investment Portfolio Analysis prepared by First Empire Securities, who
currently report on the negotiable CDs and Federal Agencies that the
District recently invested in. Based on the information provided, Mrs. Lugo
will be incorporating graphs on the District’s portfolio characteristics in the
2013-14 FY First Quarter Investment Report.
4.4. Budget to Actual Results for August 2013
Mrs. Lugo reviewed the above report with the Committee. She noted that
there were no true significant items to report on, but that significant
reporting items will affect the September Budget to Actual reports.
4.5. Future Agenda Items and Staff Tasks
None.
5. ADJOURNMENT
5.1. The meeting was adjourned at 12:53 p.m. The next Finance-Accounting
Committee meeting is scheduled to be held Monday, October 28, 2013 at
12:00 p.m.