HomeMy WebLinkAbout2014-09-18 - Finance-Accounting Committee Meeting MinutesMINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE - ACCOUNTING COMMITTEE MEETING
Thursday, September 18, 2014, 4:00 p.m.
1717 E Miraloma Ave, Placentia CA 92870
1. CALL TO ORDER
The September 18, 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.
Director Phil Hawkins, Chair
Director Michael J. Beverage
PUBLIC COMMENTS
None.
ACTION CALENDAR
STAFF
Marc Marcantonio, General Manager
Steve Conklin, Engineering Manager
Delia Lugo, Finance Manager
4.1. Submission of 2014 Audit Reports
Mrs. Lugo presented the Comprehensive Annual Financial Report (CAFR)
for the Fiscal Year Ending June 30, 2014. She summarized the three
reports that were being presented to the Committee as a result of the
completion of the audit process. The language of the opinion letter was
reviewed, and Mrs. Lugo explained that the District received an
unqualified ( "Clean ") opinion.
Mrs. Lugo went over the Governmental Auditing Standards (GAS) letter,
which described the auditor's review of internal controls. The Committee
asked if there were any findings resulting from the audit, and Mrs. Lugo
replied that were no items identified in the internal control that the auditors
would consider to be material weaknesses.
The Committee supported presenting
Communication to Those in Governance
acceptance at its October 9, 2014 meeting.
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the CAFR, GAS Letter and
letter to the whole Board for
5. DISCUSSION ITEMS
5.1. Investment Report for Period Ending August 31, 2014
Mrs. Lugo presented the Investment Report for the Period Ending August
31, 2014. She reported that the average yield for August 2014 was
0.63 %. Mrs. Lugo also reported that the overall increase in the investment
balance from the previous month is approximately $1.0 million primarily
due to a positive net effect between operating revenues and expenses for
the reporting month.
5.2. Budget to Actual Results for August 2014
Mrs. Lugo presented the Budget to Actual Reports for the Month Ending
August 31, 2014. Mrs. Lugo reported that the District's reported water
revenue is 20.85% of annual budget, which is 2.55% 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 due to the
previous month's report. In addition, materials are presented at 20.92% of
annual budget due to purchases pertaining to replacement meters, water
service repair parts and hydrant repair parts. The Sewer Supplies and
Services expenses are trending below budget, with the same exceptions
note in the water fund.
5.3. Future Agenda Items and Staff Tasks
Contact Marty Chrysler to discuss future investment opportunities.
6. ADJOURNMENT
6.1. The meeting was adjourned at 5:15 p.m. The next Finance - Accounting
Committee meeting is scheduled to be held Monday, October 27, 2014 at
4:00 p.m.
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