HomeMy WebLinkAbout2014-04-28 - Finance-Accounting Committee Meeting MinutesMINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE - ACCOUNTING COMMITTEE MEETING
Monday, April 28, 2014, 4:00 p.m.
1717 E Miraloma Ave, Placentia CA 92870
1. CALL TO ORDER
The April 28, 2014 meeting of the Yorba Linda Water District's Finance -
Accounting Committee was called to order by Director Hawkins 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 Phil Hawkins, Chair
Director Michael J. Beverage
PUBLIC COMMENTS
None.
ACTION CALENDAR
STAFF
Steve Conklin, Acting General Manager
Delia Lugo, Finance Manager
4.1. Investment Report for the Period Ending March 31, 2014
Mrs. Lugo presented the Investment Report for the Period Ending March
31, 2014. She noted that the average yield for the reporting month is
0.70 %. There was a brief discussion regarding the US Government issued
Federal Home Loan investment held at US Bank maturing on May 28,
2014 and the anticipated action to be taken for reinvestment. Director
Hawkins inquired if the Finance staff would be interested in hearing a
presentation by the company who handles investments on behalf of the
Orange County Cemetery District. We expressed an interest to do so, and
upon contact with this company a future meeting will be established.
There were no other key items to discuss.
DISCUSSION ITEMS
5.1. Budget to Actual Results for March 2014
Mrs. Lugo reviewed the March 2014 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 the Uncollectible
Accounts for both the Water and Sewer Funds. A significant change has
been reported due to the write -off of a large unpaid water billing receivable
as a result of a bankruptcy filing.
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5.2. Potential Revisions to Water Rules and Regulations and Continuous
Service Agreement (Verbal Report)
Discussion of this item related to customer - billing concerns. The first item
was in relation to a customer concern over a billing as a result of a one-
time drastic change in consumption. This was first discussed at the April
24, 2014 Board meeting. The Committee further discussed it and referred
it back to the Board for consideration, with no Committee
recommendation. The second item discussed was in relation to a meter
register reading in error. The request for a customer refund was granted.
5.3. Future Agenda Items and Staff Tasks
None.
6. ADJOURNMENT
6.1. The meeting was adjourned at 4:55 p.m. The next Finance - Accounting
Committee meeting is scheduled to be held Tuesday, May 20, 2014 at
4:00 p.m.
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