HomeMy WebLinkAbout2007-05-08 - Finance-Accounting Committee Meeting MinutesITEM NO. //,IY
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE
May 08, 2007
APPROVED BY THE BOARD OF DiRECTOHS
OF THE YORBA LINDA WATER DISTRICT
MAY 2 4 O r
A meeting of the Yorba Linda Water District Finance-Accounting Committee was called
to order by Committee Chairman Michael J. Beverage at 9:00 a.m. The meeting was
held at District Headquarters, 4622 Plumosa Drive, Yorba Linda.
DIRECTORS PRESENT:
Director William R. Mills, Chairman
Director Michael J. Beverage
VISITORS PRESENT:
None
STAFF PRESENT:
Michael Payne, General Manager
Diane Cyganik, Finance Director
ACTION ITEMS:
1. Consider Financial Statements for the ninth month ending March 31, 2007.
Finance Director Cyganik presented the Monthly Financial Statements for the
ninth month of fiscal year 2006/2007 ending March 31, 2007. The Committee
discussed the new format and posed questions, which were all answered. Director
Mills had requested staff to add a benchmark column to the financial statement
analysis to easily distinguish when the District is above or below the budget. The
Committee also discussed the way the financial statements are presented at the
Board Meetings and directed staff to place them as a consent item as opposed to
an action item. The Committee will recommend that the financial statements for
the month ending March 31, 2007 be received and filed by the Board of Directors.
STANDING ITEMS:
2. Review of Investment Report for the month ending March 31, 2007.
The Investment Report for month ending March 31, 2007 was discussed and
accepted as presented by Finance Director Cyganik.
3. Monthly status of Wells Capital investments as of April 30, 2007.
Keith Khorey, Principal of Wells Capital Management reported via conference call
at 9:10 a.m. to discuss activity transpiring in April 2007. Mr. Khorey stated there
was not a lot of volatility in the fixed market. However, short rates are starting to
come up, and he didn't expect this to happen. He said retail sales are much
weaker than expected as are home sales, but the job market numbers are holding
up. The Fed is starting to see the economy slowing down and will probably look
at cutting rates. General Manager Payne asked Mr. Khorey if there was a need to
change the investment policy, because it has been over a year. Mr. Khorey said
the policy looks good. The Policy goes out as far as the California code allows the
District to go at this time, and there is no need to address it this year. No further
questions were asked and the conference call was concluded by thanking Mr.
Khorey.
DISCUSSION ITEMS:
4. Sewer Maintenance Charge Report.
A discussion of the current sewer rates was discussed by staff as well as proposed
projected rate increases. A Sewer Rate Report will be brought to the Board for
further discussion and direction.
5. Proposed Fiscal Year 2007/08 and 2008/09 Budgets.
This item was not addressed.
ADJOURNMENT:
The Committee adjourned at approximately 11:21 a.m. The next Finance-Accounting
Committee meeting is scheduled for May 22nd at 8:30 a.m. at District Headquarters,
4622 Plumosa Drive, Yorba Linda, CA.
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