HomeMy WebLinkAbout2008-12-10 - Finance-Accounting Committee Meeting MinutesITEM NO. V-36
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE
December 10, 2008
A meeting of the Yorba Linda Water District Finance-Accounting Committee was called
to order by Director John W. Summerfield at 4:10 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
Sandi Van Etten, Senior Accountant
ACTION ITEMS
None.
DISCUSSION ITEMS
1. Investment Report ending October 31, 2008.
The Investment Report for month ending October 31, 2008 was discussed and
accepted as presented.
2. Monthly Portfolio Report ending November 30, 2008. Report by Keith Khorey,
Wells Capital Management.
The Committee spoke with Keith Khorey by telephone. His response to Director
Summerfield's inquiry regarding whether our portfolio included treasuries was
negative. The portfolio is invested in sound securities.
3. Monthly Financial Statements for the Period ending September 30, 2008.
September Financial Statements were discussed and accepted as presented.
4. Wells Fargo Checking Account - Analysis Based vs. ZBA.
Wells Fargo Bank confirmed that the option we are using to compensate them for
their services is financially the most beneficial for us. Director Summerfield was
satisfied with the information and conclusion presented by Wells Fargo Bank.
5. Overview of Property Taxes.
Property tax revenue history was reviewed, along with the amount of
supplemental tax received in fiscal years 07/08 and 08/09. If the state were to
impound a portion of our tax revenue, the District's pass through rate increase
would require notification of our customers per proposition 218.
6. CalPERS Investment Return Impact on Employer Rates.
A probable increase in employer rates was discussed. Various options were
mentioned regarding how the District might handle PERS in the future.
.
OPG AA-
ADJOURNMENT
The Committee adjourned at 5:15 p.m. The next Finance-Accounting Committee
meeting will be held January 13, 2009 at 4:00 p.m.