HomeMy WebLinkAbout2014-12-17 - Finance-Accounting Committee Meeting Agenda PacketYorba Linda
Hater District
AGENDA
YORBA LINDA WATER DISTRICT
FINANCE - ACCOUNTING COMMITTEE MEETING
Wednesday, December 17, 2014, 10:00 AM
1717 E Miraloma Ave, Placentia CA 92870
1. CALL TO ORDER
2. ROLL CALL
COMMITTEE
Director Phil Hawkins, Chair
Director Michael J. Beverage
STAFF
Marc Marcantonio, General Manager
Delia Lugo, Finance Manager
3. PUBLIC COMMENTS
Any individual wishing to address the committee is requested to identify themselves and state the matter on
which they wish to comment. If the matter is on this agenda, the committee Chair will recognize the individual for
their comment when the item is considered. No action will be taken on matters not listed on this agenda.
Comments are limited to matters of public interest and matters within the jurisdiction of the Water District.
Comments are limited to five minutes.
4. DISCUSSION ITEMS
This portion of the agenda is for matters such as technical presentations, drafts of proposed policies, or similar
items for which staff is seeking the advice and counsel of the Committee members. This portion of the agenda
may also include items for information only.
4.1. Presentation Regarding Services By Kreisler Long -Term Investments
4.2. Budget to Actual Results for November 2014
4.3. Investment Report for Period Ending November 30, 2014
4.4. Future Agenda Items and Staff Tasks
5. ADJOURNMENT
5.1. The next Finance - Accounting Committee meeting is scheduled to be held Monday,
January 26, 2015 at 4:00 p.m.
Items Distributed to the Committee Less Than 72 Hours Prior to the Meeting
Pursuant to Government Code section 54957.5, non - exempt public records that relate to open session agenda items
and are distributed to a majority of the Committee less than seventy -two (72) hours prior to the meeting will be available
for public inspection in the lobby of the District's business office located at 1717 E. Miraloma Avenue, Placentia, CA
92870, during regular business hours. When practical, these public records will also be made available on the District's
internet website accessible at http: / /www.ylwd.com /.
Accommodations for the Disabled
Any person may make a request for a disability - related modification or accommodation needed for that person to be
able to participate in the public meeting by telephoning the Executive Secretary at 714 - 701 -3020, or writing to Yorba
Linda Water District, P.O. Box 309, Yorba Linda, CA 92885 -0309. Requests must specify the nature of the disability and
the type of accommodation requested. A telephone number or other contact information should be included so the
District staff may discuss appropriate arrangements. Persons requesting a disability - related accommodation should
make the request with adequate time before the meeting for the District to provide the requested accommodation.
Meeting Date:
To:
From:
Presented By:
Prepared By:
Subject:
DISCUSSION:
ITEM NO. 4.2
AGENDA REPORT
December 17, 2014
Finance - Accounting Committee
Delia Lugo, Finance Manager
Delia Lugo, Finance Manager Dept: Finance
Kelly McCann, Senior
Accountant
Budget to Actual Results for November 2014
Attached are the District's budget to actual summary results for the Water Fund, Sewer Fund, and a
combined statement for both funds pertaining to the reporting month of November 2014. For the
month of November 2014, the District Water Operating Revenue is 49.45% of annual budget.
Reported revenue resulting from customer billings for water service is averaging 4.8% below from
what was reported for this time of the previous year.
The majority of the Water Fund's Individual Supplies and Services expenses are below budget, with
the exceptions of Data Processing, Insurance, Materials, Maintenance, Vehicle Equipment, and
other expenses due to the previous months reported reasons. In addition for this month, Dues and
Memberships are reported at 71.61 % of annual budget due to a payment to the Association of
California Water Agencies (ACWA) for annual agency dues.
Overall, Sewer Supplies and Services expenses are trending below budget, with the same
exceptions noted in the water fund.
STRATEGIC PLAN:
FR 1 -F: Continue to Record and Report the Fairly Stated Financial Activities of the District in a
Timely and Transparent Manner to the Board of Directors and Member Agencies
ATTACHMENTS:
Name:
November 2014 Consolidated Stmt.xlsx
November 2014 Water Stmt.xlsx
November 2014 Sewer Stmt.xlsx
Description:
November 2014 Consolidated Statement
November 2014 Water Fund Statement
November 2014 Sewer Fund Statement
Type:
Backup Material
Backup Material
Backup Material
Yorba Linda Water District
Summary Financial Report
Water & Sewer Funds
For Five Months Ending November 30, 2014
Revenue (Operating):
Water Revenue (Residential)
Water Revenue (Commercial & Fire Det.)
Water Revenue (Landscape /Irrigation)
Water Revenue (Service Charge)
Sewer Charge Revenue
Locke Ranch Assessments
Other Operating Revenue
Total Operating Revenue:
Revenue (Non- Operating):
Interest
Property Tax
Other Non - Operating Revenue
Total Non - Operating Revenue:
Annual YTD Nov YTD YTD YTD
Budget Budget Actual Actual Under(Over) % of
FY 2016 FY 2016 FY 2016 FY 2016 Budget Budget
$17,154,552 $7,147,730 $1,312,049 $8,440,387 $8,714,165 49.20%
2,074,097
864,207
155,225
932,414
1,141,683
44.96%
4,792,995
1,997,081
339,066
2,460,088
2,332,907
51.33%
4,478,000
1,865,833
421,522
2,055,426
2,422,574
45.90%
1,605,292
668,872
131,884
676,339
928,953
42.13%
201,000
83,750
7,281
7,704
193,296
3.83%
719,777
299,907
212,211
561,357
158,420
77.99%
31,025,713 12,927,380 2,579,238 15,133,715 15,891,998 48.78%
112,000
46,667
18,517
66,100
45,900 59.02%
1,283,642
534,851
70,981
126,309
1,157,333 9.84%
533,525
222,302
68,415
255,501
278,024 47.89%
1,929,167
803,820
157,913
447,910
1,481,257 23.22%
Total Revenue 32,964,880 13,731,200 2,737,161 16,681,626 17,373,266 47.28%
Expenses (Operating)
Variable Water Costs (G.W., Import & Power)
14,928,972
6,220,405
927,241
7,230,588
7,698,384
48.43%
Salary Related Expenses
8,224,812
3,427,005
608,158
3,178,576
5,046,236
38.65%
Supplies & Services
4,413,370
1,838,904
249,751
1,885,327
2,528,043
42.72%
Total Operating Expenses
27,567,154
11,486,314
1,785,150
12,294,491
15,272,663
44.60%
Expenses (Non- Operating):
Interest on Long Term Debt
1,780,793
741,997
137,140
708,744
1,072,049
39.80%
Other Expense
72,000
30,000
2,750
36,749
35,251
51.04%
Total Non - Operating Expenses:
1,852,793
771,997
139,890
745,493
1,107,300
40.24%
Total Expenses 29,419,946 1292689311 1,926,040 1390399984 1693799962 44.32%
Net Income (Loss) Before Capital Contributions 3,634,934 194729889 8129111 296419641 9939293 71.90%
Capital Contributions
69,983 69,983 0.00%
Net Income (Loss) Before Depreciation
3,634,934 1,472,889 812,111
2,611,624 923,310 73.88%
Depreciation & Amortization
7,337,500 3,057,292 613,672
3,067,652 4,269,848 41.81%
Total Net Income (Loss)
($3,802,666) ($1,684,403) $198,439
($466,028) ($3,346,638) 11.99%
Capital - Direct Labor
(19,955)
(123,612)
Yorba Linda Water District
Water Fund
For Five Months Ending November 30, 2014
Annual YTD Nov YTD YTD YTD
Budget Budget Actual Actual Under(Over) % of Annual
FY 2015 FY 2015 FY 2015 FY 2015 FY Budget Budget
Revenue (Operating)
Water Revenue (Residential)
$17,154,552
$7,147,730
$1,312,049
$8,440,387
$8,714,165
49.20%
Water Revenue (Commercial & Fire Det.)
2,074,097
864,207
155,225
932,414
1,141,683
44.96%
Water Revenue (Landscape /Irrigation)
4,792,995
1,997,081
339,066
2,460,088
2,332,907
51.33%
Water Revenue (Service Charge)
4,478,000
1,865,833
421,522
2,055,426
2,422,574
45.90%
Other Operating Revenue
670,003
279,168
210,456
535,929
134,074
79.99%
Total Operating Revenue:
29,169,647
12,154,020
2,438,318
14,424,244
14,745,403
49.45%
Revenue (Non- Operating)
Interest
100,000
41,667
17,291
60,520
39,480
60.52%
Property Tax
1,283,642
534,851
70,981
126,309
1,157,333
9.84%
Other Non - Operating Revenue
521,600
217,333
66,413
255,493
266,107
48.98%
Total Non - Operating Revenue:
1,905,242
793,851
154,685
442,322
1,462,920
23.22%
Total Revenue
1,852,793
771,997
139,890
745,493
1,107,300
40.24%
31,074,889
12,947,870
2,593,003
14,866,566
16,208,323
47.84%
44.55%
Net Income (Loss) Before Capital Contributions
3,015,880
1,256,617
761,684
2,366,246
Expenses (Operating):
78.46%
Capital Contributions
-
-
-
50,806
Variable Water Costs (G.W., Import & Power)
14,928,972
6,220,405
927,241
7,230,588
7,698,384
48.43%
Salary Related Expenses
7,363,472
3,068,113
531,379
2,789,562
4,573,910
39.48%
Supplies & Services:
41.86%
Total Net Income (Loss)
($2,976,620)
($1,240,258)
$259,902
($91,422)
Communications
273,786
114,078
16,874
100,673
173,113
36.77%
Contractual Services
521,451
217,271
34,359
216,117
305,334
41.45%
Data Processing
173,752
72,397
5,924
104,810
68,942
60.32%
Dues & Memberships
72,321
30,134
22,146
51,787
20,534
71.61%
Fees & Permits
169,437
70,599
8,863
61,927
107,510
36.55%
Board Election
69,750
29,063
-
-
69,750
0.00%
Insurance
291,406
121,419
-
261,638
29,768
89.78%
Materials
579,369
241,404
46,512
305,532
273,837
52.74%
District Activities, Emp Recognition
22,980
9,575
704
4,841
18,139
21.07%
Maintenance
394,416
164,340
14,847
220,090
174,326
55.80%
Non - Capital Equipment
132,525
55,219
10,045
49,770
82,755
37.56%
Office Expense
37,642
15,684
3,657
15,075
22,567
40.05%
Professional Services
672,197
280,082
36,482
145,941
526,256
21.71%
Training
58,571
24,405
296
12,149
46,422
20.74%
Travel & Conferences
42,129
17,554
(157)
9,490
32,639
22.53%
Uncollectible Accounts
37,200
15,500
(53)
219
36,981
0.59%
Utilities
83,700
34,875
6,546
35,359
48,341
42.24%
Vehicle Equipment
281,139
117,141
25,764
139,259
141,880
49.53%
Supplies & Services Sub -Total
3,913,772
1,630,738
232,809
1,734,677
2,179,095
44.32%
Total Operating Expenses
26,206,216
10,919,257
1,691,429
11,754,827
14,451,389
44.86%
Expenses (Non- Operating):
Interest on Long Term Debt
1,780,793
741,997
137,140
708,744
1,072,049
39.80%
Other Expense
72,000
30,000
2,750
36,749
35,251
51.04%
Total Non - Operating Expenses:
1,852,793
771,997
139,890
745,493
1,107,300
40.24%
Total Expenses
28,059,009
11,691,254
1,831,319
12,500,320
15,558,689
44.55%
Net Income (Loss) Before Capital Contributions
3,015,880
1,256,617
761,684
2,366,246
649,634
78.46%
Capital Contributions
-
-
-
50,806
50,806
0.00%
Net Income (Loss) Before Depreciation
3,015,880
1,256,617
761,684
2,417,052
700,440
80.14%
Depreciation & Amortization
5,992,500
2,496,875
501,782
2,508,474
3,484,026
41.86%
Total Net Income (Loss)
($2,976,620)
($1,240,258)
$259,902
($91,422)
($2,885,198)
3.07%
Capital - Direct Labor
(19,459)
(117,396)
Revenue (Operating):
Sewer Charge Revenue
Locke Ranch Assessments
Other Operating Revenue
Total Operating Revenue:
Revenue (Non- Operating):
Interest
Other Non - Operating Revenue
Total Non - Operating Revenue:
Total Revenue
Expenses (Operating):
Salary Related Expenses
Supplies & Services:
Communications
Contractual Services
Data Processing
Dues & Memberships
Fees & Permits
Board Election
Insurance
Materials
District Activities, Emp Recognition
Maintenance
Non - Capital Equipment
Office Expense
Professional Services
Training
Travel & Conferences
Uncollectible Accounts
Utilities
Vehicle Equipment
Supplies & Services Sub -Total
Total Operating Expenses
Expenses (Non- Operating):
Interest Expense
Other Expense
Total Non - Operating Expenses:
Total Expenses
Yorba Linda Water District
Sewer Fund
For Five Months Ending November 30, 2014
Annual YTD Nov YTD YTD YTD
Budget Budget Actual Actual Under(Over) % of Annual
FY 2015 FY 2015 FY 2015 FY 2015 Budget Budget
$1,605,292
$668,872
$131,884
$676,339
$928,953
42.13%
201,000
83,750
7,281
7,704
193,296
3.83%
39,249
49,774
20,739
1,755
25,428
24,346
51.09%
5,449
1,856,066
773,361
140,920
709,471
1,146,595
38.22%
1,667
12,000
5,000
1,226
5,581
6,419
46.51%
5,125
11,925
4,969
2,002
7
11,918
0.06%
5,250
23,925
9,969
3,228
5,588
18,337
23.36%
66.10%
1,879,991 783,330 144,148 715,059 1,164,932 38.04%
861,340
358,892
76,779
389,013
472,327
45.89%
21,108
8,795
1,270
6,213
14,895
29.43%
39,249
16,354
2,586
15,233
24,016
38.81%
13,078
5,449
446
5,964
7,114
45.60%
5,744
2,393
1,667
3,898
1,846
67.86%
16,753
6,980
2,931
5,125
11,628
30.59%
5,250
2,188
-
-
5,250
0.00%
21,934
9,139
-
14,499
7,435
66.10%
78,756
32,815
1,825
15,462
63,294
19.63%
1,730
721
53
357
1,373
20.64%
136,136
56,723
398
28,332
107,804
20.81%
19,475
8,114
506
21,317
(1,842)
109.46%
2,833
1,180
275
1,126
1,707
39.75%
39,413
16,422
2,492
10,663
28,750
27.05%
6,609
2,754
305
1,947
4,662
29.46%
4,371
1,821
(12)
767
3,604
17.55%
2,800
1,167
(26)
100
2,700
3.57%
7,100
2,958
563
2,996
4,104
42.20%
77,261
32,192
1,662
16,648
60,613
21.55%
499,597
208,165
16,941
150,647
348,950
30.15%
1,360,937 567,057 93,720 539,660 821,277 39.65%
0.00%
0.00%
0.00%
1,360,937 567,057 93,720 539,660 821,277 39.65%
Net Income (Loss) Before Capital Contributions 519,054 216,272 50,428 175,399 343,655 33.79%
Capital Contributions
19,177 19,177 0.00%
Net Income (Loss) Before Depreciation 519,054 216,272 50,428 194,576 362,832 37.49%
Depreciation & Amortization 1,345,000 560,417 111,889 559,177 785,823 41.57%
Total Net Income (Loss) ($825,946) ($344,144) ($61,461) ($364,601) ($461,345) 44.14%
Capital - Direct Labor (496) (6,217)
Meeting Date:
To:
From:
Presented By:
Prepared By:
Subject:
SUMMARY:
ITEM NO. 4.3
AGENDA REPORT
December 17, 2014
Finance - Accounting Committee
Delia Lugo, Finance Manager
Delia Lugo, Finance Manager Dept:
Kelly McCann, Senior
Accountant
Investment Report for Period Ending November 30, 2014
Finance
Staff is submitting the Investment Reports for the Month Ending November 30, 2014 for the
Committee's review.
DISCUSSION:
The Investment Portfolio Report presents the market value and percent yield for all District
investments by institution. The Investment Report Summary includes budget and actual interest and
average term portfolio information as well as market value broken out by reserve categories.
The total yield for the month ending November 30, 2014 is 0.60 %.
The overall increase in the investment balance from previous month is approximately $1,130,000. A
large balance change includes an increase in the Water Operating Reserve fund of $1,292,020, due
to a positive net effect between operating revenues and expenses through the reporting month of
the fiscal year.
With the close of the month, November 30, 2014, and with the intention of investing for greater
interest earnings, funds that exceeded applicable payroll and accounts payable obligations were
transferred into the Money Market at Bank of the West. Staff took the observed holiday and
accounts payable clearing patterns into consideration when determining the month end transfer
amount into Bank of the West. As a result, the District's bank statement at Wells Fargo reports a
month end balance of $383,649. However, the District's Central Fund general ledger account
reflects a balance of ($38,110), due to the posting of all Accounts Payable obligations listed on the
November, 26, 2014 check register.
STRATEGIC PLAN:
FR 1 -F: Continue to Record and Report the Fairly Stated Financial Activities of the District in a
Timely and Transparent Manner to the Board of Directors and Member Agencies
ATTACHMENTS:
Name:
Description:
Type:
Invst Rpt 11- 14.xlsx Investment Report for Period Ending November 30, 2014 Backup Material
Invst Agenda Backup - November 2014.xlsx Investment Summary Report - November 2014 Backup Material
Yorba Linda Water District
Investment Portfolio Report
November 30, 2014
Market % Date of Percent
Value Par of Total Institution Maturity Yield
Checking Account:
$ (38,110) $ (38,110) Wells Fargo Bank
96,714 96,714 Pershing
$ 58,604 $ 58,604 0.19% Total 0.00%
Money Market Accounts:
$ 54,979 $ 54,979
46,498 46,498
4,553,698 $ 4,553,698 14.88%
Federal Agency Securities
Wells Fargo Money Market 0.03%
US Bank (Revenue Bonds) 0.03%
Bank of the West 0.09%
Total 0.09%
$ 495,700 $
500,000
Fannie Mae
05/25/18
1.13%
495,510
500,000
Federal Home Loan Bank
06/12/18
1.00%
500,115
500,000
Fannie Mae
06/12/18
0.84%
496,900
500,000
Federal Home Loan Bank
06/13/18
1.10%
497,155
500,000
Federal Home Loan Bank
06/20/18
1.13%
2,118,574
2,124,676
Federal Home Loan Bank
05/24/17
0.87%
$ 4,603,954 $
4,624,676 15.05%
Total
05/14/18
0.96%
Certificates of Deposits
$ 245,894
$ 248,000
CIT Bank, Salt Lake
05/22/18
1.21%
245,728
248,000
Discover
05/22/18
1.21%
246,294
248,000
Goldman Sachs Bank
05/22/18
1.20%
245,959
248,000
Beal Bank
05/23/18
1.00%
247,440
248,000
Wells Fargo
04/27/18
0.90%
245,096
247,000
Barclays Bank
04/30/18
0.70%
246,559
248,000
State Bank of India
05/14/18
1.15%
247,635
249,000
Webster Bank
05/03/18
0.90%
245,885
248,000
American Express Centurion Bank
05/23/18
1.21%
243,866
248,000
GE Capital Bank
05/24/18
1.11%
249,087
249,000
Merrick Bank
05/24/17
0.74%
248,087
248,000
BMW Bank
05/24/17
0.89%
249,164
249,000
Firstbank Puerto Rico
05/24/16
0.74%
246,871
249,000
Oriental Bank & Trust
05/29/18
1.05%
246,941
249,000
Silvergate Bank
05/30/18
1.00%
246,869
249,000
Enterprise Bank & TR Co Lowell
05/30/18
1.00%
246,854
249,000
Safra National Bank
05/31/18
1.00%
245,875
248,000
Townebank Portsmouth
05/31/18
1.00%
246,871
249,000
Mascoma Savings Bank
05/29/18
1.00%
$ 4,686,974
$ 4,719,000 15.32%
Total
1.00°/%
Pooled Investment
Accounts:
$ 7,274,484
$ 7,274,484
Local Agency Investment Fund
0.26%
3,076
3,075
Ca1TRUST Short Term
0.42%
9,419,634
9,420,322
Ca1TRUST Medium Term
0.75%
$ 16,697,193.45
$ 16,697,881 54.57%
0.54%
$ 30,600,424
$ 30,653,860 100%
Total Investments
0.60%
Per Government Code requirements, the Investment Report is in compliance with the Yorba
Linda Water District's Investment Policy, and there are adequate funds available to meet
budgeted and actual expenditures for the next six months.
Kelly D. McCann, Senior Accountant
11/30/14
Investment Summary Report
Below is a chart summarizing the yields as well as terms and maturities for the month of November 2014:
Average
# of
Month Portfolio
Days to
of 2014 Yield
Maturity
November 0.60%
363
Below is are charts comparing operating fund interest for current and prior fiscal years.
Actual Interest
Monthly - November
Year -to -Date
11/30/2013
11/30/2014
20,716 $ 18,517
57,613 $ 66,101
Budget 2013/2014 2014/2015
Interest Budget, November YTD $ 36,250 $ 46,667
Interest Budget, Annual $ 87,000 $ 112,000
Interest earned on investments is recorded in the fund that owns the investment.
Investment Summary Comparison Between Current and Previous Month
The distribution of investments in the portfolio both in dollars and as a percentage of the total portfolio by funds
is as follows:
October 2014 % Alloc
November 2014 % Alloc
Fund Description
Balance
10/31/2014
Balance
11/30/2014
Water Operating Reserve
$ 2,455,202
8.36%
$ 3,747,222
12.23%
Water Emergency Reserve
1,014,138
3.45%
1,017,491
3.32%
Water Capital Project Reserve
17,332,136
59.01%
17,286,075
56.42%
Water Reserve for Debt Service
2,731,478
9.30%
2,731,646
8.92%
Maintenance Reserve
150,432
0.51%
150,432
0.49%
Employee Liability Reserve
200,182
0.68%
200,194
0.65%
COP Revenue Bond 2008 - Reserve
2,150,637
7.32%
2,165,072
7.07%
Sewer Operating
118,479
0.40%
116,507
0.38%
Sewer Emergency Reserve
1,012,264
3.45%
1,014,306
3.31%
Sewer Capital Project Reserve
2,205,695
7.51%
2,209,587
7.21%
$ 29,370,642
100.00%
$ 30,638,534
100.00%
Wells Fargo Bank Checking
Water Operating 54,370
Sewer Operating 45,548
99,917
(131,058)
92,948
(38,110)
Totals $ 29,470,560 $ 30,600,424