HomeMy WebLinkAbout2013-11-25 - Finance-Accounting Committee Meeting Agenda PacketYorba Linda
Water District
AGENDA
YORBA LINDA WATER DISTRICT
FINANCE - ACCOUNTING COMMITTEE MEETING
Monday, November 25, 2013, 12:00 PM
1717 E Miraloma Ave, Placentia CA 92870
1. CALL TO ORDER
2. ROLL CALL
COMMITTEE
Director Phil Hawkins, Chair
Director Gary T. Melton
STAFF
Steve Conklin, Acting General Manager
Delia Lugo, Acting 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. 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.
4.1. Budget to Actual Results for October 2013
4.2. Investment Report for Period Ending October 31, 2013
4.3. Future Agenda Items and Staff Tasks
5. ADJOURNMENT
5.1. The next Finance - Accounting Committee meeting is scheduled to be held Monday,
December 16, 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: November 25, 2013
To: Finance - Accounting Committee
From: Steve Conklin, Acting General
Manager
Presented By: Delia Lugo, Acting Finance Dept:
Manager
Prepared By: Delia Lugo, Acting Finance
Manager
Subject: Budget to Actual Results for October 2013
DISCUSSION:
ITEM NO. 4.1
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 October 2013.
For the month of October 2013, the District water revenue is 42.4% of annual budget, which is
0.03% higher than the historical trend for this point in the year.
The majority of the Water Fund's individual Supplies and Services expenses are below budget, with
the exceptions of Dues and Memberships and Insurance, still due to the previous month's reported
reasons. Overall, Sewer Supplies and Services expenses are trending below budget, with the same
exceptions noted in the water fund.
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:
Name: Description: Type:
October 2013 consolidated stmt.xlsx October 2013 Consolidated Statement Backup Material
Oct 2013 Water Stmt.xlsx October 2013 water Statement Backup Material
October 2013 Sewer Stmt.xlsx October 2013 Sewer Statement Backup Material
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):
Interest
Property Tax
Other Non - Operating Revenue
Total Non - Operating Revenue:
Yorba Linda Water District
Summary Financial Report
Water & Sewer Funds
For Four Months Ending October 31, 2013
Annual YTD YTD YTD YTD YTD
Budget Budget Actual Under(Over) Under(Over) % of
FY 2014 FY 2014 FY 2014 Annual Budget YTD Budget Budget
$16,217,590
$5,405,863
$7,294,269
$8,923,321
($1,888,406)
44.98%
2,020,223
673,408
799,537
1,220,686
(126,129)
39.58%
4,794,156
1,598,052
2,087,830
2,706,326
(489,778)
43.55%
4,468,716
1,489,572
1,409,468
3,059,248
80,104
31.54%
1,550,530
516,843
537,552
1,012,978
(20,709)
34.67%
200,797
66,932
1,004
199,793
65,928
0.50%
717,749
239,250
396,614
321,135
(157,364)
55.26%
29,969,761
9,989,920
12,526,274
17,443,487
(2,536,354)
41.80%
87,000
29,000
36,897
50,103
(7,897)
42.41%
1,264,672
421,557
48,478
1,216,194
373,079
3.83%
509,150
169,717
248,187
260,963
(78,470)
48.75%
1,860,822
620,274
333,562
1,527,260
286,712
17.93%
Total Revenue 31,830,683 10,610,194 12,869,836 18,970,747 (2,249,642) 40.40%
Expenses (Operating)
Variable Water Costs (G.W., Import & Power)
13,767,658
4,589,219
6,129,783
7,637,875
(1,540,564)
44.52%
Salary Related Expenses
7,904,873
2,634,958
2,494,529
5,410,344
140,429
31.56%
Supplies & Services
4,225,654
1,408,551
1,328,138
2,897,521
80,413
31.43%
Total Operating Expenses
25,898,185
8,632,728
9,952,450
15,945,740
(1,319,722)
38.43%
Expenses (Non- Operating):
Interest on Long Term Debt
1,815,317
605,106
579,151
1,236,166
25,955
31.90%
Other Expense
77,400
25,800
17,723
59,677
8,077
22.90%
Total Non - Operating Expenses:
1,892,717
630,906
596,874
1,295,843
34,032
31.54%
Total Expenses 27,790,902 992639634 1096499324 1792419683 (192869690) 37.96%
Net Income (Loss) Before Capital Contributions 4,039,681 193469660 293109612 197299164 (9639962) 67.20%
Capital Contributions
1,667 1,667 (1,667) 0.00%
Net Income (Loss) Before Depreciation 4,039,681 1,346,660 2,312,179 1,730,831 (966,619) 67.24%
Depreciation & Amortization 6,897,941 2,299,314 2,438,504 4,459,432 (139,190) 35.35%
Total Net Income (Loss) ($2,868,260) ($962,763) ($126,326) ($2,728,601) ($826,428) 4.42%
Yorba Linda Water District
Water Fund
For Four Months Ending October 31, 2013
Annual YTD Oct YTD YTD YTD YTD
Budget Budget Actual Actual Under(Over) Under(Over) % of Annual
FY 2014 FY 2014 FY 2013 FY 2014 Annual Budget YTD Budget Budget
Revenue (Operating):
24,601,179
8,200,393
2,077,216
9,537,961
15,063,218
(1,337,568)
38.77%
Water Revenue (Residential)
$16,217,590
$5,405,863
$2,011,480
$7,294,269
8,923,321
(1,888,406)
44.98%
Water Revenue (Commercial & Fire Det.)
2,020,223
673,408
226,142
799,537
1,220,686
(126,129)
39.58%
Water Revenue (Landscape /Irrigation)
4,794,156
1,598,052
567,975
2,087,830
2,706,326
(489,778)
43.55%
Water Revenue (Service Charge)
4,468,716
1,489,572
366,909
1,409,468
3,059,248
80,104
31.54%
Other Operating Revenue
681,074
227,025
84,310
350,208
330,866
(123,183)
51.42%
Total Operating Revenue:
28,181,759
9,393,920
3,256,816
11,941,312
16,240,447
(2,547,392)
42.37%
Revenue (Non- Operating):
-
-
-
-
0.00%
Interest
75,000
25,000
9,125
34,761
40,239
(9,761)
46.35%
Property Tax
1,264,672
421,557
6,285
48,478
1,216,194
373,079
3.83%
Other Non - Operating Revenue
501,200
167,067
60,241
242,919
258,281
(75,852)
48.47%
Total Non - Operating Revenue:
1,840,872
613,624
75,651
326,158
1,514,714
287,466
17.72%
Total Revenue
30,022,631
10,007,544
3,332,467
12,267,470
17,755,161
(2,259,926)
40.86%
Expenses (Operating):
Variable Water Costs (G.W., Import & Power)
13,767,658
4,589,219
1,239,010
6,129,783
7,637,875
(1,540,564)
44.52%
Salary Related Expenses
6,987,204
2,329,068
485,643
2,201,797
4,785,407
127,271
33.03%
Supplies & Services:
Communications
283,371
94,457
17,509
59,741
223,630
34,716
21.08%
Contractual Services
504,089
168,030
35,734
141,391
362,698
26,639
28.05%
Data Processing
158,779
52,926
22,404
40,289
118,490
12,637
25.37%
Dues & Memberships
67,021
22,340
8,866
33,490
33,531
(11,150)
49.97%
Fees & Permits
152,224
50,741
30,015
47,683
104,541
3,058
31.32%
Insurance
278,293
92,764
45
213,055
65,238
(120,291)
76.56%
Materials
568,676
189,559
76,228
235,270
333,406
(45,711)
41.37%
District Activities, Emp Recognition
23,390
7,797
2,324
3,809
19,581
3,988
16.28%
Maintenance
357,243
119,081
26,335
91,561
265,682
27,520
25.63%
Non - Capital Equipment
121,534
40,511
17,431
38,440
83,094
2,071
31.63%
Office Expense
42,920
14,307
5,136
9,642
33,278
4,665
22.47%
Professional Services
747,785
249,262
59,313
171,174
576,611
78,088
22.89%
Training
64,403
21,468
1,183
9,685
54,718
11,783
15.04%
Travel & Conferences
48,389
16,130
3,079
9,926
38,463
6,204
20.51%
Uncollectible Accounts
23,250
7,750
1,476
1,260
21,990
6,490
5.42%
Utilities
83,700
27,900
10,639
6,051
77,649
21,849
7.23%
Vehicle Equipment
321,250
107,083
34,846
93,914
227,336
13,169
29.23%
Supplies & Services Sub -Total
3,846,317
1,282,106
352,563
1,206,381
2,639,936
75,725
31.36%
Total Operating Expenses
24,601,179
8,200,393
2,077,216
9,537,961
15,063,218
(1,337,568)
38.77%
Expenses (Non- Operating):
Interest on Long Term Debt
1,815,317
605,106
153,019
579,151
1,236,166
25,955
31.90%
Other Expense
71,400
23,800
11,009
17,723
53,677
6,077
24.82%
Total Non - Operating Expenses:
1,886,717
628,906
164,028
596,874
1,289,843
32,032
31.64%
Total Expenses
26,487,896
8,829,299
2,241,244
10,134,835
16,353,061
(1,305,536)
38.26%
Net Income (Loss) Before Capital Contributions
3,534,735
1,178,245
1,091,223
2,132,635
1,402,100
(954,390)
60.33%
Capital Contributions
-
-
-
-
0.00%
Net Income (Loss) Before Depreciation
3,534,735
1,178,245
1,091,223
2,132,635
1,402,100
(954,390)
60.33%
Depreciation & Amortization
5,598,638
1,866,213
496,373
1,985,492
3,613,146
(119,279)
35.46%
Total Net Income (Loss)
($2,063,903)
($687,968)
$594,850
$147,143
($2,211,046)
($835,111)
-7.13%
Capital - Direct Labor
(23,882)
(105,977)
Yorba Linda Water District
Sewer Fund
For Four Months Ending October 31, 2013
Annual YTD Oct YTD YTD YTD YTD
Budget Budget Actual Actual Under(Over) Under(Over) % of
FY 2014 FY 2014 FY 2013 FY 2014 Annual Budget YTD Budget Annual Budget
Revenue (Operating)
Sewer Charge Revenue
$1,550,530
$516,843
$137,986
$537,552
$1,012,978 $
(20,709)
34.67%
Locke Ranch Assessments
200,797
66,932
429
1,004
199,793
65,928
0.50%
Other Operating Revenue
36,675
12,225
3,363
46,406
(9,731)
(34,181)
126.53%
Total Operating Revenue:
1,788,002
596,001
141,778
584,962
1,203,040
11,039
32.72%
Revenue (Non- Operating):
6,000
2,000
-
-
6,000
2,000
0.00%
Interest
12,000
4,000
770
2,136
9,864
1,864
17.80%
Other Non - Operating Revenue
7,950
2,650
5,296
5,268
2,682
(2,618)
66.26%
Total Non - Operating Revenue:
19,950
6,650
6,066
7,404
12,546
(754)
37.11%
Total Revenue
1,807,952
602,651
147,844
592,366
1,215,586
10,285
32.76%
Expenses (Operating):
1,299,298
433,099
113,253
453,012
846,286
(19,913)
34.87%
Salary Related Expenses
917,669
305,890
57,854
292,732
624,937
13,158
32.06%
Supplies & Services:
(180)
(1,469)
1,469
Communications
21,829
7,276
1,318
4,497
17,332
2,779
20.60%
Contractual Services
38,751
12,917
2,229
10,645
28,106
2,272
27.47%
Data Processing
11,951
3,984
1,686
3,032
8,919
952
25.37%
Dues & Memberships
5,314
1,771
667
2,520
2,794
(749)
47.42%
Fees & Permits
15,141
5,047
2,022
4,731
10,410
316
31.25%
Insurance
20,947
6,982
3
16,036
4,911
(9,054)
76.56%
Materials
19,099
6,366
228
13,315
5,784
(6,949)
69.72%
District Activities, Emp Recognition
1,761
587
175
280
1,481
307
15.90%
Maintenance
121,908
40,636
1,076
28,630
93,278
12,006
23.48%
Non - Capital Equipment
16,417
5,472
6,304
10,732
5,685
(5,260)
65.37%
Office Expense
3,231
1,077
387
723
2,508
354
22.38%
Professional Services
37,425
12,475
2,026
8,560
28,865
3,915
22.87%
Training
6,757
2,252
(57)
4,344
2,413
(2,092)
64.29%
Travel & Conferences
4,062
1,354
232
738
3,324
616
18.17%
Uncollectible Accounts
1,750
583
103
78
1,672
505
4.46%
Utilities
7,100
2,367
852
852
6,248
1,515
12.00%
Vehicle Equipment
45,899
15,300
(380)
12,044
33,855
3,256
26.24%
Supplies & Services Sub -Total
379,342
126,447
18,871
121,757
257,585
4,690
32.10%
Total Operating Expenses
1,297,011
432,337
76,725
414,489
882,522
17,848
31.96%
Expenses (Non- Operating):
Interest Expense
-
-
-
-
-
-
0.00%
Other Expense
6,000
2,000
6,000
2,000
0.00%
Total Non - Operating Expenses:
6,000
2,000
-
-
6,000
2,000
0.00%
Total Expenses
1,303,011
434,337
76,725
414,489
888,522
19,848
31.81%
Net Income (Loss) Before Capital Contributions
504,941
168,314
71,119
177,877
327,064
(9,563)
35.23%
Capital Contributions
-
-
1,667
1,667
(1,667)
0.00%
Net Income (Loss) Before Depreciation
504,941
168,314
71,119
179,544
328,731
(11,230)
35.56%
Depreciation & Amortization
1,299,298
433,099
113,253
453,012
846,286
(19,913)
34.87%
Total Net Income (Loss)
(794,357)
(264,786)
($42,134)
(273,468)
(517,555)
$8,682
34.43%
Capital - Direct Labor
(180)
(1,469)
1,469
AGENDA REPORT
Meeting Date: November 25, 2013
To: Finance - Accounting Committee
From: Steve Conklin, Acting General
Manager
Presented By: Delia Lugo, Acting Finance Dept:
Manager
Prepared By: Delia Lugo, Acting Finance
Manager
Subject: Investment Report for Period Ending October 31, 2013
SUMMARY:
ITEM NO. 4.2
Finance
Staff is submitting the October 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 October 31, 2013 is 0.67 %.
The overall increase in the investment balance from the previous month is approximately $388,000.
A couple of the larger balance changes include an increase in the Water Operating Fund of
approximately $324,000, a decrease in the COP Revenue Bond 2008 for Debts and Service
payment of approximately $11,000, and an increase in the Water Capital Project Reserve of
$23,000 for capital gain on investment.
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:
Investment Report for the Period Ending October 31,
Invst Rept Oct 2013.x1sx Backup Material
2013
October 2013 Agenda Backup.xlsx Agenda Backup Backup Material
Yorba Linda Water District
Investment Portfolio Report
October 31, 2013
Market % Date of Percent
Value Par of Total Institution Maturity Yield
Checking Account.
$ 290,419 $ 290,419 Wells Fargo Bank
8,971 8,971 Pershing
$ 299,390 $ 299,390 1.57% Total 0.00%
Money Market Accounts:
$ 54,961 $
54,961
Wells Fargo Money Market
0.03%
11,760
11,760
US Bank (Revenue Bonds)
0.04%
6,554,248
6,554,248
Bank of the West
0.34%
$ 6,620,970 $
6,620,970 34.78%
Total
0.34%
Federal Agency Securities:
$ 490,340 $
500,000
Fannie Mae
05/25/18
1.14%
490,835
500,000
Federal Home Loan Bank
06/12/18
1.01%
494,530
500,000
Fannie Mae
06/12/18
0.80%
492,275
500,000
Federal Home Loan Bank
06/13/18
1.11%
492,555
500,000
Federal Home Loan Bank
06/20/18
1.14%
2,130,017
2,115,000
Federal Home Loan Bank
05/28/14
1.36%
$ 4,590,552 $
4,615,000 24.11%
Total
04/27/18
1.19%
Certificates of Deposits:
$
241,187
$
248,000
CIT Bank, Salt Lake
05/22/18
1.23%
241,187
248,000
Discover
05/22/18
1.23%
241,483
248,000
Goldman Sachs Bank
05/22/18
1.23%
241,247
248,000
Beal Bank
05/23/18
1.02%
242,720
248,000
Wells Fargo
04/27/18
0.91%
239,094
247,000
Barclays Bank
04/30/18
0.72%
242,046
248,000
State Bank of India
05/14/18
1.17%
243,136
249,000
Webster Bank
05/03/18
0.92%
241,168
248,000
American Express Centurion Bank
05/23/18
1.23%
241,212
248,000
GE Capital Bank
05/24/18
1.13%
245,838
249,000
Merrick Bank
05/24/17
0.75%
244,868
248,000
BMW Bank
05/24/17
0.91%
246,941
249,000
Firstbank Puerto Rico
05/24/16
0.75%
242,110
249,000
Oriental Bank & Trust
05/29/18
1.07%
242,195
249,000
Silvergate Bank
05/30/18
1.02%
242,085
249,000
Enterprise Bank & TR Co Lowell
05/30/18
1.02%
242,083
249,000
Safra National Bank
05/31/18
1.02%
241,125
248,000
Townebank Portsmouth
05/31/18
1.02%
242,103
249,000
Mascona Savings Bank
05/29/18
1.02%
$
4,603,827
$
4,719,000 24.18%
Total
0.80%
Pooled Investment Accounts:
$
1,151,600
$
1,151,600
Local Agency Investment Fund
0.27%
Ca1TRUST Short Term
1,770,615
1,773,102
Ca1TRUST Short and Medium Term
0.61%
$
2,922,215
$
2,924,703 15.35%
0.47%
$
19,036,952
$
19,179,062 100%
Total Investments
0.67%
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.
—wv—v--
Tiffany Nguyen, Senior Accountant
10/31/13
Investment Summary Report
Below is a chart summarizing the yields as well as terms and maturities for the month of October 2013:
Average
# of
Month Portfolio
Days to
of 2013 Yield
Maturity
October 0.67%
643
Below is are charts comparing operating fund interest for current and prior fiscal years.
Actual Interest
10/31/2012
% Alloc
10/31/2013
Monthly - October
$ 11,301
$
9,895
Year -to -Date
$ 30,761
$
36,897
Budget
2012/2013
13.32%
2013/2014
Interest Budget, October YTD
$ 50,000
$
29,000
Interest Budget, Annual
$ 150,000
$
87,000
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:
September 2013
% Alloc
October 2013
% Alloc
Fund Description
Balance
9/30/2013
Balance
10/31/2013
Water Operating Reserve
$ 2,487,992
13.32%
$ 2,543,823
13.32%
Water Emergency Reserve
990,703
5.31%
993,938
5.31%
Water Capital Project Reserve
7,772,901
41.62%
7,796,227
41.62%
Water Reserve for Debt Service
2,724,249
14.59%
2,725,304
14.59%
Maintenance Reserve
200,000
1.07%
200,115
1.07%
Employee Liability Reserve
100,000
0.54%
100,000
0.54%
COP Revenue Bond 2008 - Reserve
2,155,591
11.54%
2,141,776
11.54%
Sewer Operating
66,959
0.36%
66,998
0.36%
Sewer Emergency Reserve
1,002,903
5.37%
1,004,006
5.37%
Sewer Capital Project Reserve
1,172,502
6.28%
1,174,347
6.28%
$ 18,673,800
100.00%
$ 18,746,534
100.00%
Wells Fargo Bank Checking
Water Operating
(363,188)
(94,669)
Sewer Operating
338,315
385,087
(24,873)
290,419
Totals
$ 18,648,927
$ 19,036,952