HomeMy WebLinkAbout2006-01-10 - Finance-Accounting Committee Meeting MinutesITE* ,I F DIRECTORS
OFTHE YORBA LINDA WATER DISTRICT
MINUTES OF THE MEETING
YORBA LINDA WATER DISTRICT JAN 3
FINANCE - ACCOUNTING COMMITTEE MEETING
January 10, 2006
A meeting of the Finance-Accounting Committee was called to order by Committee
Chairman Ric Collett at 4:05 p.m. The meeting was held at the District Headquarters,
4622 Plumosa Drive, Yorba Linda.
DIRECTORS PRESENT: STAFF PRESENT:
Director Ric Collett, Chair Michael A. Payne, General Manager
William Mills, Director
VISITORS PRESENT:
Keith Khorey, Principal at Wells Capital Management.
ACTION ITEMS:
This portion of the agenda is for items where staff presentations and committee discussions are needed
prior to formal committee actions.
Report on filling the Finance Director's position.
General Manager Payne updated the Committee on the recruitment for the
Finance Director. This is for information only and no action was taken.
Keith Khorey, Principal at Wells Capital Management arrived at 4:20 p.m.
General Manager Payne requested that agenda item no. 4 be moved to this point to
accommodate Mr. Khorey. The committee concurred.
STANDING ITEMS:
4. Monthly status on investments - Report by Keith Khorey of Wells Capital
Mr. Khorey reported on the District's investments of $21.5 million. The current yield
to maturity earned is 4.41 The Committee also discussed certificates of deposit
and the transfer of the funds to Wells Capital at the time of maturity. The
committee also requested additional information on the certificates of deposit.
Keith Khorey left the meeting at 4:50 p.m.
ACTION ITEMS - Continued
This portion of the agenda is for items where staff presentations and committee discussions are needed
prior to formal committee actions.
2. ACWA Policy Principles and Guidelines: to Protect Property Tax and Reserve
Funds.
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Michael Payne discussed developing a policy for the District's reserves. The
committee concurred and agreed that the new Finance Director would take on this
assignment.
3. Consider authorizing certain individuals to transfer funds via the federal wire
system.
Michael Payne reported on the District's policy on transfer of funds via the federal
wire system and on the recommended changes. The Finance-Accounting
Committee concurred with staffs recommendation and will recommend the Board
of Directors adopt Resolution No. 06-01 Authorizing Individuals to transfer funds
via the federal wire system and to rescind Resolution No. 03-21.
INFORMATION ITEMS:
5. Update on special cut off audit by Moreland & Associates.
Mr. Payne reported the special cut off audit is underway and staff will present the
report to the Finance Committee as soon as it is completed.
6. Update on request for proposals for Auditor. Staff is preparing request for
proposals for auditors. Staff will bring a recommendation to the committee in
March.
7. Committee member's expectations in 2006. Director Mills suggested the
committees have a separate Mission statement. The committee will consider any
other issues and will report at the next meeting.
ADJOURNMENT:
The Committee adjourned at 5:05 p.m. The next Committee is scheduled for February
14, 2006.
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