HomeMy WebLinkAbout2008-09-09 - Finance-Accounting Committee Meeting MinutesITEM NO. NO
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE
September 9, 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
STAFF PRESENT:
Ken Vecchiarelli, Assistant GM
Diane Cyganik, Finance Director
Sandi Van Etten, Senior Accountant
ACTION ITEMS:
1. None.
STANDING ITEMS:
2. Review of the Investment Report dated June 30 and July 31, 2008.
The Investment Reports for months ending June 30 and July 31, 2008 were
discussed and accepted as presented. It was noted that the water operating fund
balance is a negative amount and has become larger.
3. Status report on Wells Capital portfolio investments as of July 31 and August 31,
2008.
The Committee called Keith Khorey to discuss the market impact of the Lehman
Brothers news and other financial conditions. Keith noted that all of our holdings are
sound.
DISCUSSION ITEMS:
4. Pass-through Water Rate Increase for MWDSC, MWDOC, OCWD and Edison.
Staff is preparing models to discuss the affect of other agency increases. A
discussion could be commenced in about two weeks to deal with the different
scenarios. It was noted that energy costs may increase, and if our customers
conserve by 10%, our revenues would be down enough to warrant board workshops
to address this.
5. Cash Flow for Fiscal Year 2008/2009
The cash flow for 2008/2009 was presented and discussed. It will need further
updating as additional information becomes available.
ADJOURNMENT:
The Committee adjourned at approximately 4:45 p.m. The next Finance-Accounting
Committee meeting is scheduled for October 14th at 4:00 p.m. at the District's offices,
1717 E. Miraloma Avenue, Placentia, CA.