HomeMy WebLinkAbout2009-03-13 - Finance-Accounting Committee Meeting Minutes
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MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE - ACCOUNTING COMMITTEE MEETING
March 13, 2009
A meeting of the Finance-Accounting Committee was called to order by Director
Beverage at 9:00 a.m. The meeting was held at the District's Administrative Office at
1717 East Miraloma Avenue, Placentia, California.
COMMITTEE STAFF
Director Michael J. Beverage, Chair Pat Grady, Assistant General Manager
Director John W. Summerfield Diane Cyganik, Finance Director
Sandi Van Etten, Senior Accountant
ACTION ITEMS
1. Independent Accountants' Report on Applying Agreed-Upon Procedures for the
Cash-Out Audit of Michael A. Payne, Former General Manager. Report by Nitin
Patel, CPA of Diehl, Evans & Company.
Mr. Patel presented the Independent Accountants' Report for a cash-out audit on
the general manager's retirement as of 12/30/08. The findings reported that
everything was handled properly and the report was accepted, with the only
change being consistency in the use of decimal points in the dollar figures.
2. Independent Accountants' Report on Applying Agreed-Upon Procedures for
Arbitrage Calculation on 2003 Certificates of Participation. Arbitrage Calculation
prepared by Stephanie Seroogy of Grant Thornton, LLP.
The report was accepted as presented.
3. Investment Report ending January 31, 2009.
The Investment Report was reviewed and accepted as presented.
4. Monthly Financial Statements for the Period ending January 31, 2009.
The Financial Statements were reviewed and accepted as presented.
DISCUSSION ITEMS
5. Monthly Portfolio Report ending February 28, 2009. Report by Keith Khorey,
Wells Capital Management.
The Committee decided not to contact Mr. Khorey. There was no substantial
change in our investments with Wells Capital, and Mr. Khorey had informed the
Finance Director that there were no concerns at the present time.
ADJOURNMENT
The Committee adjourned at 9:30 a.m. The next meeting of the Finance-Accounting
Committee will be held April 14, 2009 at 4:00 p.m.
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