HomeMy WebLinkAbout2003-04-02 - Finance-Accounting Committee Meeting MinutesAGENDA REPORT N" WED BV THE BOND OF DRIECTORS
OF THE VORBA LINDA WAM OOTMCE
DATE: April 10, 2003
AP 2003
TO: President and Members of the Board
FROM: Finance Committee 10 1 V
SUBJECT: Summary Minutes of the Finance-Accounting Committee Meeting
The Finance-Accounting Committee held a meeting on April 1, 2003. Present were Arthur C.
Kom, Michael Beverage, William Robertson and Beverly Meza. Also present were Kathryn
Beseau and Marian Alter representing Moreland and Associates.
The Committee discussed:
1. Retained Earnings. The Committee held a lengthy discussion with the auditors about details
of GASB 34 and how it changes the way special districts keep track of retained earnings.
2. Bonds. There was a lengthy discussion concerning an issuance of revenue bonds or
certificates of participation to finance such capital projects as Highland reservoir renovation
and Phase III of the Richfield Road plant renovation. In addition, there was a discussion
about payoff on existing Improvement District No. 1 and 2 general obligation bonds.
Kathryn Beseau and Marian Alter departed at this point in the meeting.
3. Budget. Mr. Robertson presented very early and very preliminary budget numbers for the
upcoming two-year period. The Committee asked staff for more details to be discussed in
future Committee meetings.