HomeMy WebLinkAbout2007-07-10 - Finance-Accounting Committee Meeting MinutesITEM NO. G ,
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE
July 10, 2007
A meeting of the Yorba Linda Water District Finance-Accounting Committee was called
to order by Committee Chairman William R. Mills at 4:10 p.m. The meeting was held at
District Headquarters, 4622 Plumosa Drive, Yorba Linda.
DIRECTORS PRESENT:
Director William R. Mills, Chair
Director Michael J. Beverage
STAFF PRESENT:
Michael Payne, General Manager
Diane Cyganik, Finance Director
Ken Vecchiarelli, Assistant GM
VISITORS PRESENT:
Paul Kaymark, Charles Z. Fedak & Co
ACTION ITEMS:
1. Consider Financial Statements for the tenth and eleventh months ending April 30
and May 31, 2007.
Finance Director Cyganik presented the Monthly Financial Statements for the tenth
and eleventh months of fiscal year 2006/2007 ending April 30 and May 31, 2007.
The Committee asked a few questions which were all answered. The Committee
will recommend that the financial statements for the months ending April 30 and
May 31, 2007 be received and filed by the Board of Directors.
STANDING ITEMS:
2. Review of Investment Reports for the months ending April 30 and May 31, 2007.
The Investment Reports for months ending April 30 and May 31, 2007 were
discussed and accepted as presented.
3. Monthly status reports on portfolio investments ending May 31 and June 30, 2007.
Keith Khorey, Principal of Wells Capital Management reported via conference call
at 4:15 p.m. to discuss the activity that transpired in the months of May and June
2007. Mr. Khorey discussed the state of the financial economy and how it is
impacting the District's portfolio. General Manager Payne questioned as to whether
it was still a good time to issue bonds and Mr. Khorey answered in the affirmative.
However, he did state that issuing debt wasn't his field of expertise and that the
District should consult with a financial advisor. Mr. Khorey has asked that we get a
cash flow to him in order that he can prepare for longer term investments and also
accommodate the District for any future withdrawals that are planned to arise. No
further questions were asked and the conference call was concluded by thanking
Mr. Khorey.
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DISCUSSION ITEMS:
4. Fiscal Year 2006-2007 Financial Audit Entrance Conference.
Mr. Paul Kaymark of Charles Z. Fedak & Company discussed the upcoming
District audit which is scheduled to take place the week of August 13, 2007 as well
as changes that will impact the District with the new auditing standards coming
down the pike within the next five years. Mr. Kaymark also spoke of AB 1234 and
the best practices to follow in order to be in compliance. An Audit Questionnaire
will need to be completed by Finance Director Cyganik at the beginning of the
audit.
5. Issuance of Certificates of Participation.
General Manager Payne discussed the course of action that staff will be taking to
start the process of issuing new debt.
ADJOURNMENT:
The Committee adjourned at approximately 5:30 p.m. The next Finance-Accounting
Committee meeting is scheduled for August 14th at 4:00 p.m. at District Headquarters,
4622 Plumosa Drive, Yorba Linda, CA.
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