HomeMy WebLinkAbout2014-08-25 - Finance-Accounting Committee Meeting MinutesMINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE - ACCOUNTING COMMITTEE MEETING
Monday, August 25, 2014, 4:00 p.m.
1717 E Miraloma Ave, Placentia CA 92870
1. CALL TO ORDER
The August 25, 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. Unaudited Financial Statements for the Period Ending June 30, 2014
Mrs. Lugo presented the Unaudited Financial Statements for the Period
Ending June 30, 2014 for the Committee to review. With the Committee's
approval these statements will be included in the Consent Calendar
section for the September 11, 2014 Regular Board Meeting Agenda. The
Unaudited Debt Service Ratio Calculation for the period ending June 30,
2014 was calculated to be 2.44 %, which is well above the required
coverage ratio of 1.10 %. After some discussion on key items reported in
the financial statements, the Committee supported staff recommendation.
DISCUSSION ITEMS
5.1. Investment Report for Period Ending July 31, 2014
Mrs. Lugo presented the Investment Report for the Period Ending July 31,
2014. She reported that the average yield for July 2014 was 0.64 %. Mrs.
Lugo also reported that the overall decrease in the investment balance
from the previous month is approximately $1.6 million. This is primarily
due to the biannual payment of $1,651,285 made to OCWD for the
Replenishment Assessment.
5.2. YLWD "AX Bond Rating
Mrs. Lugo reported to the Finance - Accounting Committee that Yorba
Linda Water District had its "AX Bond Rating reaffirmed by Fitch Ratings.
A conference call was held on Monday, August 4, 2014 between Scott
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Moore of Fitch Ratings and attending District staff (Delia Lugo, Steve
Conklin, Cindy Botts, and Kelly McCann). During this conference call staff
answered fielded questions in regards to the District's current and
projected future financial position, items listed in the Operating Budget for
the 2014 -15 fiscal year, forecasted capital projects, and staffing. Fitch
Ratings issued a "Press Release" on Friday, August 15, 2014 where they
stated the affirmation of Yorba Linda Water District's "AA" Bond Rating.
5.3. Budget to Actual Results for July 2014
Mrs. Lugo presented the Budget to Actual Reports for the Month Ending
July 31, 2014. Mrs. Lugo reported that the District's reported water
revenue is 11.2% of annual budget, which is 0.6% lower that the historical
trend for this point of the fiscal year. The majority of the Water Fund's
individual Supplies and Services expenses are below budget, with the
exceptions of dues, memberships and maintenance. In July 2014, dues
and membership is presented at 30.88% of annual budget due to the
payment of $23,141 to LAFCO for annual dues. Maintenance is presented
at 24.88% of annual budget due to replacement of booster pump at Box
Canyon for $26,720. The Sewer Supplies and Services expenses are
trending below budget as reported.
5.4. Future Agenda Items and Staff Tasks
None.
6. ADJOURNMENT
6.1. The meeting was adjourned at 4:45 p.m. The next Finance - Accounting
Committee meeting is scheduled to be held Thursday, September 18,
2014 at 4:00 p.m.
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