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HomeMy WebLinkAbout2014-06-23 - Finance-Accounting Committee Meeting MinutesMINUTES OF THE YORBA LINDA WATER DISTRICT FINANCE - ACCOUNTING COMMITTEE MEETING Monday, June 23, 2014, 4:00 p.m. 1717 E Miraloma Ave, Placentia CA 92870 1. CALL TO ORDER The June 23, 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 Director Phil Hawkins, Chair Director Michael J. Beverage 3. PUBLIC COMMENTS None. 4. ACTION CALENDAR STAFF Steve Conklin, Acting General Manager Delia Lugo, Finance Manager 4.1. Sewer Charges Collected on the Tax Roll for Fiscal Year 2014/15 Mrs. Lugo explained that annually, as required by the County of Orange Auditor /Controller, the Board adopts a resolution to have certain sewer maintenance charges placed on the tax roll for the coming fiscal year. Mrs. Lugo informed the Committee that the certain sewer maintenance sewer charges included in the tax roll pertain to the customers identified in the Locke Ranch service area as well as the multi - family and commercial /industrial customers that were previously billed by the City of Yorba Linda. The Committee supported staff's recommendation to adopt Resolution No. 14 -XX, which would supersede Resolution No. 13 -02. 4.2. Authorized Officers for Investments Held at Pershing Mrs. Lugo informed the Committee that back in October 2012 the Board approved Resolution No. 12 -24 identifying and authorizing the Acting General Manager and Finance Manager to act on behalf of the District pertaining to District investments held at Pershing. Due to the personnel changes that occurred in the Finance Department within the last year, Pershing is requiring that a new resolution be adopted that would identify and authorize the current Acting General Manager and Finance Manger to act on behalf of the District regarding investments held at Pershing. Currently only Mr. Conklin has this authority. 1 4.3. OPEB Deposit with CERBT Mrs. Lugo presented a proposed action item that would have the District deposit the actuarially determined Annual Required Contribution (ARC) for Other Post - Employment Benefits (OPEB) of $192,919 into the California Employees Retirement Benefit Trust ( CERBT). Mrs. Lugo explained that this would mean sending money over to CERBT, pay the retiree pay -go costs throughout the year, and then pull back the retiree pay -go costs in June 2014. The effect would be ensuring that the entire ARC was paid, but depositing $192,919 in the CERBT fund throughout the year to try to obtain a better investment rate of return. The Committee asked some clarifying questions and supported staff's recommendation. 5. DISCUSSION ITEMS 5.1. Financial Model Update Mrs. Lugo informed the Committee that the update of the Financial Model will be completed by June 25, 2014. At that time there will be a conference call led by Khanh Phan of Raftelis. Ms. Phan will inform District staff (Kelly McCann, Cindy Botts, and Delia Lugo) on the assumptions used, in addition to the adopted 2014/15 Operating Budget, to compete the updated model. At this time, District Staff is to request any additional "what -if scenarios" they would like to be added to the model in order to perform the desired analysis for which the model's use is intended. Thereafter, an on -site training session to be led by Ms. Phan will be scheduled. District Staff will be trained on how to fully utilize the model. 5.2. Investment Report for the Period Ending May 31, 2014 Mrs. Lugo presented the investment reports for the period ending May 31, 2014. She reported that the average yield for May 2014 was 0.57 %. Mrs. Lugo also reported that the overall increase in the investment balance from the previous month is approximately $6.1 million. This is primarily due to the receipt of funds recovered from the resolution of a claim. 5.3. Budget to Actual Results for May 2014 Mrs. Lugo reviewed the May 2014 Budget to Actual Results report with the Committee. Mrs. Lugo noted that the expenditures to date are trending as previously reported. The item noted was the recording of the Extraordinary Item due to the receipt of funds recovered from the resolution of a claim in the Water Fund. 5.4. Future Agenda Items and Staff Tasks None. 2 6. ADJOURNMENT 6.1. The meeting was adjourned at 4:45 p.m. The next Finance - Accounting Committee meeting is scheduled to be held Monday, July 28, 2014 at 4:00 p.m. 3