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Home My WebLink About2008-06-10 - Finance-Accounting Committee Meeting MinutesITEM NO. /0' MINUTES OF THE YORBA LINDA WATER DISTRICT FINANCE-ACCOUNTING COMMITTEE June 10, 2008 A meeting of the Yorba Linda Water District Finance-Accounting Committee was called to order by Committee Chairman Michael J. Beverage at 4:00 p.m. The meeting was held at the District's offices, 1717 E. Miraloma Ave, Placentia. DIRECTORS PRESENT: Director, Michael J. Beverage, Chair Director John W. Summerfield Alternate: Director William R Mills STAFF PRESENT: Michael Payne, General Manager Sandi Van Etten, Senior Accountant ACTION ITEMS: 1. Review March 31 and April 30, 2008 Financial Statements. The Financial Statements were reviewed by the Committee. It was noted that we have exceeded revenue expectations and were slightly under budget on expenses. The Committee will recommend that the monthly Financial Statements for March 31 and April 30, 2008 be received and filed by the Board of Directors. DISCUSSION ITEMS: 2. Review of the Investment Report dated April 30, 2008. The Investment Report for month ending April 30, 2008 was discussed and accepted as presented. 3. Status report on Wells Capital portfolio investments as of May 31, 2008. The Committee called Keith Khorey for an update. He said there were no downgrades and nothing under review or stress. Wells Capital will be looking to take about half of what is invested in money market funds and put it in higher yield investments for a term of six to nine months. 4. Appropriations Limit It was noted that this will be addressed at the board meeting on June 26, 2008, and that the District has always been under the Appropriations Limit. 5. Status Report from Fieldman, Rolapp concerning the Material Event Notification A call was placed to Tom DeMars regarding the rating change of bond insurers that affects the District's 2003 Revenue COP's. Tom said this had no impact on the District, other than the need to inform bondholders. Each director asked questions regarding the insuring of the bonds, and the conclusion was that the District did not need to do anything. ADJOURNMENT: The Committee adjourned at approximately 5:15 p.m. The next Finance-Accounting Committee meeting is scheduled for July 8th at 4:00 p.m. at the District's offices, 1717 E. Miraloma Avenue, Placentia, CA.