HomeMy WebLinkAbout2006-11-13 - Finance-Accounting Committee Meeting MinutesITEM NO.-/ 7
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE
November 13, 2006
AP BY ME @DARD OF IREMAS
OF THE YORBA LINDA WATER OSTR1CT
NOV 200
A meeting of the Yorba Linda Water District Finance-Accounting Committee was called
to order by Committee Chairman Ric Collett at 4:00 p.m. The meeting was held at
District Headquarters, 4622 Plumosa Drive, Yorba Linda.
COMMITTEE:
Director Ric Collett, Chairman
Director John W. Summerheld
STAFF PRESENT:
Michael Payne, General Manager
Diane Cyganik, Finance Director
VISITORS PRESENT:
Paul J. Kaymark of Charles Z. Fedak & Company
ACTION ITEMS
1. Presentation of the Fiscal Year 2005/2006 Financial Statements by Charles Z.
Fedak & Company. Mr. Kaymark presented the draft of the audited financial
statements and answered questions posed by the Committee. After much
discussion, the Committee requested a few changes be made to the Financial
Highlights section in order to break down the data into segments (Water, Sewer, ID
1 & ID 2) as opposed to overall District data. Mr.. Kaymark will make all the
necessary changes and bring the draft back to the next Committee meeting for a
final review before presentation to the Board of Directors.
2. Monthly Financial Statements for the first month of fiscal year 2006/2007 ending
July 31, 2006. Finance Director Cyganik presented the financial statements to the
Committee and answered questions. The Committee will recommend the financial
statements for the month ending July 31, 2006 be received and filed by the Board
of Directors.'
3. Payment of bills, refunds and wire transfers. The Committee reviewed the billboard
intended for the Board of Director's meeting of November 9, 2006, which was not
held due to a lack of quorum. The Committee approved the billboard of
expenditures for payment and asked that it be presented at the next Board of
Director's meeting for ratification.
STANDING ITEMS
4. Monthly status of investments as of October 31, 2006. Keith Khorey, Principal of
Wells Capital Management was not available for the conference call. Director
Collett stated the portfolio was pretty straightforward and had no further questions.
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INFORMATION ITEMS
5. Investment Report for July 2006. Finance Director Cyganik presented the monthly
Investment Report to the Committee and answered questions. The Committee
asked staff to research why the percentage yield for the money market accounts
was less than the checking and cash accounts. Staff will research this matter and
report back to the Committee with the results of the findings.
6. Sewer Rate Study. Staff updated the Committee as to the process necessary to
increase water and sewer rates due to the implications of Proposition 218.
ADJOURNMENT:
The Committee adjourned at 5:50 p.m. The next Finance-Accounting Committee
meeting is scheduled for December 4th at 4:00 p.m. at District Headquarters, 4622
Plumosa Drive, Yorba Linda, CA.