HomeMy WebLinkAbout2014-01-27 - Finance-Accounting Committee Meeting MinutesMINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE - ACCOUNTING COMMITTEE MEETING
Monday, January 27, 2014, 4:00 p.m.
1717 E Miraloma Ave, Placentia CA 92870
1. CALL TO ORDER
The January 27, 2014 meeting of the Yorba Linda Water District's Finance -
Accounting Committee was called to order by Director Beverage at 4:00 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
3.
4.
5.
Director Michael J. Beverage, Chair
Director Phil Hawkins
STAFF
Steve Conklin, Acting General Manager
Delia Lugo, Finance Manager
PUBLIC COMMENTS
None.
ACTION CALENDAR
4.1. Investment Report for the Period Ending December 31, 2013
Mrs. Lugo presented the Investment Report for the Period Ending
December 31, 2013. She noted that the average yield for the reporting
month is 0.63 %. There was added discussion relevant to Bank of the
West where the yield the District has been receiving on funds deposited in
a Money Market account will be reduced to 0.24% from 0.29% effective as
of January 2014. A hand -out that reports the use and available balance of
the Line of Credit between the District and Wells Fargo Bank was
available for review and discussion. There were no other key items to
discuss.
DISCUSSION ITEMS
5.1. Budget to Actual Results for December 2013
Mrs. Lugo reviewed the December 2013 Budget to Actual Results report
with the Committee. Mrs. Lugo noted that the expenditures to date are
trending as previously reported with the exception of Materials in the
Supplies and Services section of the Sewer Fund statement which are at
101.21% of the annual budgeted amount. This is primarily due to
unbudgeted expenses pertaining to the adjustment of manholes in relation
to the City Yorba Linda's "Street Rehabilitation Program."
5.2. Proposed Fiscal Year 2014 -15 Budget Calendar
Mrs. Lugo explained that the current years' budget calendar is a bit
different from last year's calendar in that the revenue budget, along with
the budgets for Capital Improvement Projects, personnel costs, and the
Operations section would be worked on first. As with last year's budget
process, there will be two meetings for each section to meet with its
respective Committee to discuss supplies and services budgets. The
calendar calls for two Budget Workshops that are tentatively scheduled on
March 17th and April 21 st, with a full draft to the Board at the second Board
meeting in May, and a Board vote at the first Board meeting in June.
5.3. Draft of Comprehensive Annual Financial Report for the Year Ended June
30, 2013
Mrs. Lugo distributed the draft of the CAFR for the Year Ended June 30,
2013 for the Committee to review, along with the draft of the
Management's Discussion and Analysis Report.
5.4. Future Agenda Items and Staff Tasks
None.
6. ADJOURNMENT
6.1. The meeting was adjourned at 5:12 p.m. The next Finance - Accounting
Committee meeting is scheduled to be held Monday, February 24, 2014 at
4:00 p.m.
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