HomeMy WebLinkAbout2009-05-12 - Finance-Accounting Committee Meeting Agenda Packet Yorba Linda
Water District
AGENDA
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE MEETING
Tuesday, May 12, 2009, 4:00 PM
1717 E Miraloma Ave, Placentia CA 92870
COMMITTEE STAFF
Director Michael J. Beverage, Chair Ken Vecchiarelli, General Manager
Director John W. Summerfield, Diane Cyganik, Finance Director
Sandi Van Etten, Senior Accountant
1. PUBLIC COMMENTS
Any individual wishing to address the committee is requested to identify themselves and state the matter on
which they wish to comment. If the matter is on this agenda, the committee Chair will recognize the individual for
their comment when the item is considered. No action will be taken on matters not listed on this agenda.
Comments are limited to matters of public interest and matters within the jurisdiction of the Water District.
Comments are limited to five minutes.
2. ACTION CALENDAR
This portion of the agenda is for items where staff presentations and committee discussions are needed prior to
formal committee action.
2.1. Monthly Financial Statements for March 2009
Recommendation: That the Committee recommend the Board of Directors receive
and file the financial statements for the ninth month of fiscal year 2008/09.
2.2. Monthly Investment Report for March 2009
Recommendation: That the Committee receive and file the report.
2.3. Revised YTD/Monthly Financial Reports
Recommendation: That the Committee review the sample financial reports and
provide further direction to Staff.
3. DISCUSSION ITEMS
This portion of the agenda is for matters such as technical presentations, drafts of proposed policies, or similar
items for which staff is seeking the advice and counsel of the Committee members. This portion of the agenda
may also include items for information only.
3.1. Monthly Portfolio Report for April 2009
3.2. Future Agenda Items and Staff Tasks
4. ADJOURNMENT
4.1. The next regular meeting of the Finance-Accounting Committee will be held June 9,
2009 at 4:00 p.m.
Items Distributed to the Committee Less Than 72 Hours Prior to the Meeting
Pursuant to Government Code section 54957.5, non-exempt public records that relate to open session agenda items
and are distributed to a majority of the Committee less than seventy-two (72) hours prior to the meeting will be available
for public inspection in the lobby of the District's business office located at 1717 E. Miraloma Avenue, Placentia, CA
92870, during regular business hours. When practical, these public records will also be made available on the District's
internet website accessible at http://www.ylwd.com/.
Accommodations for the Disabled
Any person may make a request for a disability-related modification or accommodation needed for that person to be
able to participate in the public meeting by telephoning the Executive Secretary at 714-701-3020, or writing to Yorba
Linda Water District, P.O. Box 309, Yorba Linda, CA 92885-0309. Requests must specify the nature of the disability and
the type of accommodation requested. A telephone number or other contact information should be included so the
District staff may discuss appropriate arrangements. Persons requesting a disability-related accommodation should
make the request with adequate time before the meeting for the District to provide the requested accommodation.
ITEM NO. 2.1
AGENDA REPORT
Meeting Date: May 12, 2009 Budgeted: N/A
To: Finance-Accounting Committee
Funding Source: N/A
From: Ken Vecchiarelli, General
Manager
Presented By: Sandi Van Etten, Senior Dept: Finance
Accountant
Reviewed by Legal: N/A
Prepared By: Sandi Van Etten, Senior CEQA Compliance: N/A
Accountant
Subject: Monthly Financial Statements for March 2009
SUMMARY:
A presentation will be made of the Financial Statements for the month ending March 31 , 2009.
STAFF RECOMMENDATION:
That the Committee recommend the Board of Directors receive and file the financial statements for
the ninth month of fiscal year 2008/09.
DISCUSSION:
The Water Fund had an operating loss of $3,187,623 through March 31 , 2009. The Sewer Fund
had an operating loss of $238,796 for the month ending March 31 , 2009. The key factors are
outlined in the attached report.
PRIOR RELEVANT BOARD ACTION(S):
The Board of Directors reviews each quarter's financial statements. The financial statements for the
quarter ended December 31 , 2008 were received and filed on February 26, 2009.
ATTACHMENTS:
Description: Type:
Monthlv Financial Statement-Mar 2009 analvsis.doc Mar_09 F/S Analysis Backup Material
D3 Mar 09 FinStmt.Ddf Mar_09 F/S Backup Material
Yorba Linda Water District
Monthly Financial Statement Analysis — Water Operating Fund
For the Month Ending March 31, 2009
March Y-T-D ($) Y-T-D (%)
Budget 2009 Budget Budget
Description FY 2008/09 Actual Y-T-D Remaining Remaining
Total Water Revenue $ 17,498,010 $ 13,606,349 $ (3,891,661) -22%
Total Variable Water Costs $ 11,156,500 $ 7,908,302 $ 3,248,198 29%
Personnel Costs $ 7,389,200 $ 4,183,203 $ 3,205,997 43%
Supplies & Services $ 3,773,100 $ 2,346,469 $ 1,426,631 38%
Revenues increased at a slower pace in March as the billing period still included winter water
sales. Variable costs are just slightly lower than budgeted but are following hand-in-hand with
water sales. Personnel Costs are under budget due to budgeted positions that have not been
filled, as indicated in prior months' discussions. Supplies & Services are 13% under budget. A
factor contributing to this variance is the monthly Construction-in-Progress ("CIP") allocation
which reclassifies 7% of water's overhead expenses to the CIP clearing account. These
supplies have been paid out of the operating checking account, reducing the cash balance, but
the water supplies & services expense accounts also have been reduced by the amount of the
allocation. So the expenses will appear to be understated by the amount of the allocation. This
month's operating loss increased by $565,000, while the negative balance in water fund's
operating bank account increased only slightly. It should be noted that while some large
expenses are paid semi-annually, the expense is accrued on the books monthly, therefore the
operating loss will be impacted monthly, but the reduction in cash will occur only twice a year.
Yorba Linda Water District
Monthly Financial Statement Analysis — Sewer Operating Fund
For the Month Ending March 31, 2009
March Y-T-D ($) Y-T-D (%)
Budget 2009 Budget Budget
Description FY 2008/09 Actual Y-T-D Remaining Remaining
Sewer Maintenance Charges $ 1,249,850 $ 939,425 $ (310,425) -25%
Personnel Costs $ 730,800 $ 467,830 $ 262,970 36%
Supplies & Services $ 339,600 $ 308,074 $ 31,526 9%
The Sewer Maintenance Charges are at budget. This would be expected as sewer revenue is a
fixed amount per customer account. Personnel Costs are under budget, with the factors
contributing to the variance similar to other months. Supplies and Services jumped this month
due to job closing expenses of $78,728. These particular jobs were studies or agreements, with
nothing to capitalize, therefore they were expensed. The operating loss increased by around
$95,000 from the prior month.
FUND 1
Schedule of Revenue & Expense
03-31-09
ANNUAL CURR YR VARIANCE VAR
BUDGET Y-T-D Y-T-D $
---------------------------------------------------------------------------------��._..�_�____..`.. ___..-__ _.._W_..-.v_-____-__F��___�-rte_
Operating Revenues:
Metered water sales 17,040,410.00 15,535,530.88 1,504,879.12 9
Sewer maintenance charges 0.00 0.00 0.00 -100
Construction water sales 355,000.00 218,994.53 136,005.47 38
Irrigation sales 45,600.00 58,896.81 ¢13,296.81> -29
Other 13,490.00 59,263.34 <45,773.34> -339
Customer service fees 124,600.00 169,004.66 <44,404.66n -36
Rents and royalties 99,100.00 41,565.51 57,534.49 58
Outside District water sales 50,000.00 18,239.46 31,760.54 64
Unmetered water sales 7, 000.00 6,070.45 929.55 13
To:"Restricted for Debt Serv" 0.00 c2,231,383.54n 2,231,383.54 -100
Total Operating Revenues 17,735,200.00 13,876,182.10 3,859,017.90 22
Operating Expenses:
Variable water casts 11,156,500.00 7,908,302.35 3,248,197.65 29
Personnel services 7,389,200.00 4,183,202.65 3,205,997.35 43
Depreciation 3, 676,500.00 2,625,830.84 1,050,669.16 29
Supplies and services 3,773,100.00 2,346,469.37 1,426,630.63 38
Total Operating Expenses 25,995,300.00 17,063,805.21 8,931,494.79 34
operating (Loss) <8,260,100.00n c3,187,623.11a ¢5,072,476.89> 61
FUND 1
Schedule of Revenue & Expense
03-31-09
AhMAL CURR YR VARIANCE VAR
BUDGET Y-T-D Y-T-D $
Nonoperating Revenues:
Property taxes - debt service 0.00 0.00 0.00 -100
Property taxes - operations 1,200,150.00 786,675.80 413,473.20 34
Interest income 47,500.00 298,019.31 <250,519.317 -527
Other revenue 449,200.00 495,186.54 <45,986.54a -10
Rest Restricted for Deist Sery 0.00 2,231,383.54 <2,231,383.54> -100
Total Nonoperating Revenues 1,696,850.00 3,811,266.19 <2,114,416.19> -125
Nonoperating expenses:
interest expense 0.00 1,558,296.72 <1,558,296.72> -100
Security Vulnerability Exp 0.O0 0.00 0.00 -100
Other expense 0.00 152,339.99 <152,339.99> -100
Total Nonoperating Expenses 0.00 1,710,636.71 <1,710,636.71> -100
Income (Loss) before
Capital Contributions <6,563,250.00> <1,086,993.63> <5,476,256.37> 83
Capital Contributions 667,100.00 1,415,755.02 <748,655.02> -112
Change in Net Assets: e5,896,150.00> 328,761.39 <6,224,911.39> 105
RUN DATE/TIME: 10:05:10 05 May 2009 REPORT ID: revexp07
FUND 1
Schedule of Combined Revenue
03-31-09
ANNUAL CURB. YR VARIANCE VAR
BUDGET Y-T-D Y-T-D $
OPERATING REVENUE
WATER SALES
Residential Water 12,983,902.00 11,652,325.40 1,331,576.60 10
Combined Demand 7,158.00 5,738.46 1,419.54 20
Commercial 1,191,790.00 1,053,440.74 138,349.26 12
Fire Detector 150,000.00 90,231.29 59,768.71 40
Landscape Water 2,700,850.00 2,708,032.49 ¢7,182.49a 0
Irrigation 45,600.00 58,896.81 <13,296.81> -29
Other Water Sales 418,710.00 269,066.94 149,643.06 36
To:"Restricted for Debt Serv" 0.00 ¢2,231,383.54a 2,231,383.54 -100
Total 17,498,010.00 13,606,348.59 3,891,661.41 22
OTHER
Damages/Relocation 3,290.00 13,156.27 <9,866.27> -300
Miscellaneous Billing 0.00 0.00 0.00 -100
Other 10,200.00 46,107.07 <35,907.07a -352
Total 13,490.00 59,263.34 ¢45,773.34y -339
SEWER MAINTENANCE CHARGES
Sewer Rate Charge 0.00 0.00 0.00 -100
City Maintenance Charge 0.00 0.00 0.00 -100
Maintenance Assesement 0.O0 0.00 0.00 -100
F.C.G. fees 0.00 0.00 0.00 -100
Collection Fees - Placentia 0.00 0.00 0.00 -100
Total 0.00 0.00 0.00 -100
CUSTOMER SERVICE CHARGES
Customer Service Charges 75,000.00 124,464.00 s49,464.00n -66
Back Flow Charges 49, 600.00 44,540.66 5,059.34 10
Total 124, 600.00 169,004.66 ¢44,404.66n -36
Rents & Royalties 99,100.00 41,565.51 57,534.49 58
Total Operating Revenue 17,735,200.00 13,876,182.10 3,859,017.90 22
FUND 1
Schedule of Combined Revenue
03-31-09
ANNUAL CURR YR VARIANCE VAR
BUDGET Y-T-D Y-T-D
NON-OPERATING REVENUE
Taxes & Assesements 1,200,150.00 786,676.80 413,473.20 34
Interest 47, 500.00 298,019.31 c250,519.313 -527
Other Revenue 449,200.00 495,186.54 e45,986.54> -10
Rev Restricted for Debt Sery 0.00 2,231,383.54 ¢2,231,383.54a -100
Total 1,696,850.00 3,811.,266.19 <2,114,416.19> -125
TOTAL REVENUE 19,432,050.00 17,687,448.29 1,744,601.71 9
RUN DATE/TIME: 16:13:56 04 May 2009 REPORT ID: comrev07
FUND 1
Schedule of Combined Expenses
03-31-09
ANNUAL CURB YR VARIANCE VAR
BUDGET Y-T-D Y-T-D $
PERSONNEL SERVICES
Salaries Unit 3, 330,350.00 1,980,188.51 1,350,161.49 41
Salaries SC 11051,509.00 51.7,640.61 533,868.39 51
Salaries Management 713,1.16.00 492,952.68 220,163.32 31
Salaries Other 0.00 0.00 0.00 -100
Fees Directors 56,183.00 29,298.71 26,884 29 48
Fringe Benefits Unit 1,512,348.00 754,653.68 757,694.32 50
Fringe Benefits SC 346,877.00 170,370.99 176,506.01 51
Fringe Benefits Management 209,170.00 128,145.26 81,024.74 39
Fringe Benefits Directors 27,004.00 17,027.49 9,976.51 37
Fringe Benefits Other 142,643.00 92,924.72 49,718.28 35
Total. Personnel. Services 7,389,200.00 4,183,202.65 3,205,997,35 43
Depreciation 0.00 2,625,830.84 c2,625,830.84a -100
Total Depreciation 0.00 2,625,830.84 s2,625,830.84> -100
SUPPLIES & SERVICES
AMP Lease 0.00 0.00 0.00 -100
Communications 251,690.00 181,640.83 70,049.17 28
Contractual Services 807,159.00 476,625.90 330,533.1.0 41
Data Services 282,417.00 30,162.36 252,254.64 89
Dues & Memberships 31,585.00 20,126.27 11,458.73 36
Election Expense 39,999.00 37,789.15 2,209.85 6
Fees & Permits 44,617.00 26,516.12 181100.88 41
Insurance 303,940.00 228,958.16 74,981.84 25
Legal/Settlement Agreements 0.00 0.00 0.00 -100
Maintenance 618,281.00 655,386.11 ¢37,105.11 -6
Non Capital Equipment 209,945.00 58,566.73 151,378.27 72
Office Expense 60,672.00 26,754.48 33,917.52 56
Rental Lease 0.00 0.00 0.00 -100
Professional Services 622,021.00 261,577.49 360,443.51 58
Training 87,643.00 15,230.22 72,412,78 83
Travel & Conferences 59,343.00 16,844.37 42,498.63 72
Uncollectible Accounts 19,499.00 0.00 19,499.00 100
Collection Agency Ree 1,000.00 0.00 1,000.00 100
Utilities 63,920.00 19,216.00 44,704.00 70
Vehicle 269,369.00 238,272.85 31,096.15 12
Job Closing Expenses 0.00 52,802.33 ¢52,802.33a -100
Unbudgeted Expenses 0.00 0.00 0.00 -100
FUND I
Schedule of Combined Expenses
03-31-09
ANNUAL CURR YR VARIANCE VAR
BUDGET Y-T-D Y-T-D $
Total Services & supplies 3, 773, 100.00 2,346,469.37 1,426,634.63 38
VARIABLE WATER COSTS
Fuel & Power Pumping 1,350, 040.00 1,173,608.27 176,391.73 13
Ground water Replenishment 3,706, 500.00 2,168,976.77 1,537,523.23 41
Purchased Water 6,100,000.00 4,283,490.45 1,816,509.55 30
Readiness/Connection Charge 0.00 282,226.86 <282,226.86> -100
Total Variable Water Costs 11, 156, 500.00 7,908,302.35 3,248,197.65 29
TOTAL OPERATING EXPENSE 22, 318,800.00 17,063,805.21 5,254,994.79 24
NON-OPERATING EXPENSE
Other Expense 0.00 152,339.99 <152,339.99a -100
955 Security Vulnerability 4.40 0.00 0.00 -100
Interest Exp on Long-term Debt 0.00 1,558,296.72 ¢1,558,296.72 -100
Total Non-operating Expense 0.00 1,710,636.71 e1,710,636.71> -100
Total Expenses 22, 318,800.00 18,774,441.92 3,544,358.08 16
RUN DATE/TIME: 16:14 :12 04 May 2009 REPORT ID: comexp07
FUNIS 2
Schedule of Revenue & Expense
03-31-09
ANNUAL CURR "SCR "VARIANCE VAR
BUDGET Y-T-D Y-T-D �
Operating Revenues:
Metered water sales 0.00 0.00 0.00 -100
Sewer maintenance charges 1,246,550.00 935,588.62 310,961.38 25
Construction water sales 0.00 0.00 0.00 -100
Irrigation sales 0.00 0.00 0.00 -100
Other 3, 300.00 3,836.22 r536.22> -16
Customer service fees 0.00 0.00 0.00 -100
Rents and royalties 0.00 0.00 0.00 -100
Outside District water sales 0.00 0.00 0.00 -100
Unmetered water sales 0.00 0.00 0.00 -100
To:"Restricted for Debt Servs` 0.00 0.00 0.00 -100
Total Operating Revenues 1,249,850.00 939,424.84 310,425.16 25
Operating Expenses:
Variable water costs 0.00 o.ao 0.00 -100
Personnel services 730, 800.00 467,830.22 262,969.78 36
Depreciation 564,200.00 402,316.65 161,883.35 29
Supplies and services 339,400.00 308,074.39 31,525.61 9
Total Operating Expenses 1,634,600.00 1,178,221.26 456,378.74 28
Operating (Loss) ¢384,750.00n ¢238,796.42a c145,953.58> 38
FUND 2
Schedule of Revenue & Expense
03-31-09
ANNUAL CURR YR 'VARIANCE 'VAR
BUDGET Y-T-D Y-T-D $
Nonoperating Revenues;
Property taxes - debt service 0.00 0.00 0.00 -100
Property taxes - operations 66,000.00 0.00 66,000.00 100
Interest income 17,000.00 7,786.58 9,213.42 54
Other revenue 5,000.00 12,128.85 <7,128.85a -143
Rev Restricted for Debt Sery 0.00 0.00 0.00 -100
Total Nonoperating Revenues 88,000.00 19,915.43 68,084.57 77
Nonoperating expenses:
Interest expense 0.00 0.00 0.00 -100
Security Vulnerability Exp 0.00 0.00 0.00 -100
Other expense 0.00 1,550.87 <1,550.87> -100
Total Nonoperating Expenses 0.00 1,550.87 ¢1,550.87 -100
Income (Loss) before
Capital Contributions t296,750.00a e220,431.86> ¢76,318.14a 26
Capital Contributions 251,000.00 790,879.68 <539,879.68> -215
Change in Net Assets: a45,750.00a 574,447.82 t616,197.82a 1346
RUN DATE/TIME: 10x05:10 05 May 2009 REPORT IDr revexp07
FUND 2
Schedule of Combined Revenue
03-31-09
ANNUAL CURB YR VARIANCE VAR
BUDGET Y-T-D Y-T-D
OPERATING REVENUE
WATER SALES
Residential. Water 0.00 0.00 0.00 -100
Combined Demand 0.00 0.00 0.00 -100
Commercial 0.00 0.00 0.00 -100
Fire Detector 0.00 0.00 0.00 -100
Landscape Water 0.00 0.00 0.00 -100
Irrigation 0.00 0.00 0.00 -100
Other Water Sales 0.00 0.00 0.00 -100
To;"Restricted for Debt Serv" 0.00 0.00 0.00 -100
Total 0.00 0.00 0.00 -100
OTHER
Damages/Relocation 0.00 0.00 0.00 -100
Miscellaneous Billing 0.00 99.00 <99.00a -100
Other 0.00 1,487.22 ¢1.,487.22a -100
Total 0.00 1,586.22 ¢1,586.22a -100
SEWER MAINTENANCE CHARGES
Sewer Rate Charge 1,141, 650.00 871,005.14 270,644.86 24
City Maintenance Charge 0.00 0.00 0.00 -100
Maintenance Assesement 1.04, 900.00 64,583.48 40,316.52 38
F.O.G. fees 0.00 0.00 0.00 -100
Collection Fees - Placentia 3, 300.00 2,250.00 1,050.00 32
Total 1,249,850.00 937,838.62 312,011.38 25
CUSTOMER SERVICE CHARGES
Customer Service Charges 0.00 0.00 0.00 -100
Back Flow Charges 0.00 0.00 0.00 -100
Total 0.00 0.00 0.00 -100
Rents & Royalties 0.00 0.00 0.00 -100
Total Operating Revenue 1,249,850.00 939,424.84 310,425.16 25
FUND 2
Schedule of Combined Revenue
03-31-09
ANNUAL CURB YR VARIANCE VAR
BUDGET Y-T-D Y-T-I? $
---------__ ______'^_.....-a -------------------------------------------------:=,�-a::a aG:
NON-OPERATING REVENUE
Taxes & Assessments 66,000.00 0.00 66,000.00 100
Interest 17,000.00 7,786.58 9,213.42 54
Other Revenue 5,400.00 12,128.85 ¢7,128.85 -143
Rev Restricted for Debt Sery 0.00 0.00 0.00 -104
Total 88,000.00 19,915.43 68,084.57 77
TOTAL REVENUE 1,337,850.04 959,340.27 378,509.73 28
RUN DATE/TIME: 16:13 :56 04 May 2009 REPORT ID: comrev07
FUND 2
Schedule of Combined Expenses
03-31-09
ANNUAL CARR YR VARIANCE VAR
BUDGET Y-T-D Y-T-D $
_____-------------------------------�.r.,�a�:�axaec�:�s-r..axe: aa.��e�w,�__b_----------------------------------------------------------------
PERSONNEL SERVICES
Salaries Unit 329,376.00 226,538.15 102,837.85 31
Salaries SC 103,997.00 52,592.95 51,404.05 49
Salaries Management 70,525.00 57,979.04 12,545.96 18
Salaries Other 0.00 0.00 0.00 -100
Fees Directors 5,557.00 2,845.23 2,711..77 49
Fringe Benefits Unit 149,573.00 86,395.58 63,177.42 42
Fringe Benefits SC 34,311.00 20,527.72 13,783.28 40
Fringe Benefits Management 20,688.00 13,434.97 7,253.03 35
Fringe Benefits Directors 2,670.00 1,555.33 1,114.67 42
Fringe Benefits Other 14,103.00 5,961.25 8,141.75 58
Total Personnel Services 730,800.00 467,830.22 262,969.78 36
Depreciation 0.00 402,316.65 ¢402,316.65 -100
Total Depreciation 0.00 402,316.65 ¢402,316.65> -100
SUPPLIES & SERVICES
AMP Lease 0.00 0.00 0.00 -100
Communications 22, 545.00 14,866.00 7,679.00 34
Contractual Services 72,676.00 66,429.85 6,246.15 9
Data Services 25,427.00 852.22 24,574.78 97
Dues & Memberships 2, 845.00 2,007.52 837.48 29
Election Expense 3,601.00 3,737.39 c136.39n -4
Fees & Permits 4,019.00 2,708.57 1,310.43 33
Insurance 27,365.00 22,644.22 4,720.78 17
Legal/Settlement Agreements 0.00 0.00 0.00 -100
Maintenance 55,669.00 32,047.95 23,621.05 42
Non Capital Equipment 18,900.00 3,524.79 15,375.21 81
Office Expense 5,463.00 2,646.07 2,816.93 52
Rental Lease 0.00 0.00 0.00 -100
Professional Services 56,004.00 26,442.32 29,561.68 53
Training 7,892.00 4,298.26 3,593.74 46
Travel & Conferences 5,342.00 1,381.02 3,960.98 74
Uncollectible Accounts 1,756.00 0.00 1,756.00 100
Collection Agency Fee 90.00 0.00 90.00 100
utilities 5,755.00 157.42 5,597.58 97
Vehicle 24,251.00 45,602.35 ¢21,351.35n -88
.lob Closing Expenses 0.00 78,728.44 ¢78,728.44a -100
Unbudgeted Expenses 0.00 0.00 0.00 -100
FUND 2
Schedule of Combined Expenses
03-31-09
ANNUAL CURR YR VARIANCE VAR
BUDGET Y-T-D Y-T-D $
Total Services & supplies 339,600.00 308,074.39 31.,525.61 9
VARIABLE WATER COSTS
Fuel & Power Pumping 0.00 0.00 0.00 -100
Ground Water Replenishment 0.00 0.00 0.00 -100
Purchased Water 0.00 0.00 0.00 -100
Readiness/Connection Charge 0.00 0.00 0.00 -100
Total Variable Water Costs 0.00 0.00 0.00 -100
TOTAL OPERATING EXPENSE 1,070,400.00 1,178,221.26 r107,821.26> -10
NON-OPERATING EXPENSE
Other Expense 0.00 1,550.87 e1,550.87> -10G
955 Security Vulnerability 0.00 0.00 0.00 -100
Interest Exp on Long-term Debt 0.00 0.00 0.00 -100
Total Aran-operating Expense 0.00 1,550.87 c1,550.87a -100
Total Expenses 3,070,400.00 1,179,772.13 <109,372.13> -10
RUN DATE/TIME: 16€46:33 04 May 2009 REPORT ID: conexp07
ITEM NO. 2.2
AGENDA REPORT
Meeting Date: May 12, 2009 Budgeted: N/A
Total Budget: N/A
To: Finance-Accounting Committee Cost Estimate: N/A
Funding Source: N/A
From: Ken Vecchiarelli, General Account No: N/A
Manager
Job No: N/A
Presented By: Sandi Van Etten, Senior Dept: Finance
Accountant
Reviewed by Legal: N/A
Prepared By: Sandi Van Etten, Senior CEQA Compliance: N/A
Accountant
Subject: Monthly Investment Report for March 2009
SUMMARY:
Government Code Section 53607, et, seq., requires the person delegated to invest funds to make a
quarterly report of the investments to the legislative body.
STAFF RECOMMENDATION:
That the Committee receive and file the report.
DISCUSSION:
Staff is submitting the March 2009 Monthly Investment Report for your review and approval. Staff
will submit a Quarterly Investment Report ending March 31 , 2009 for Board action upon its approval
by the Finance-Accounting Committee.
PRIOR RELEVANT BOARD ACTION(S):
Monthly Investment Reports are presented to the Finance-Accounting Committee on a regular
basis. Quarterly Investment Reports are presented to the Board of Directors. The Investment
Report for the quarter ending December 31 , 2008 was received and filed by the Board of Directors
on February 26, 2009.
ATTACHMENTS:
Name. Description: Type:
Aaenda 5-12 backuD.doc Investment Report Summary Backup Material
Invst Rot 3-09.xls Investment Report Backup Material
Investment Report Summary
Below is a chart summarizing the yields as well as terms and maturities for the month of March
2009:
Avg.
Avg. Portfolio Portfolio # of Avg. Term
Month Yield Without Yield With Days to of
Portfolio in
of 2009 Wells Capital Wells Capital Maturity Days
March 0.19% 0.70% 127 42
Below is a chart comparing operating fund interest for current and prior fiscal years:
Actual Interest 03/31/08 03/31/09
Monthly, Operating Fund $ 956 $ 391
Year-to-Date, Operating Fund $27,268 $ 5,546
Budqet 2007/2008 2008/2009
Interest Budget, Operating Fund, March YTD $64,500 $48,375
Interest Budget, Operating Fund, Annual $86,000 $64,500
Interest earned on investments is recorded in the Fund that owns the investment.
Investment Summary Comparison
The distribution of investments in the portfolio both in dollars and as a percentage of the total
portfolio by funds is as follows:
Fund Description Balance 03/31/09
Annexation 9,355,086 19.78%
Water Operating (5,122,594) -10.83%
Water R&R 2,045,075 4.33%
Water-Capital Projects 149,500 0.32%
Restrict-Debt Service 662,572 1.40%
COP Bond 2003 228,242 0.48%
COP Bond 2008 23,946,413 50.64%
Sewer Operating 1,412,316 2.99%
Sewer R&R 306,904 0.65%
Sewer Capital Projects 188,389 0.40%
I D 1 4,457,153 9.43%
ID2 9,655,724 20.42%
47,284,780 100.00%
Yorba Linda Water District
Investment Portfolio Report
March 31, 2009
Market % Percent Investment Maturity
Value Cost of Total Institution Yield Date Date
Cash & Checking Accounts:
$ 302,664 $ 302,664 Wells Fargo Bank N/A
1,200 1,200 Imprest Cash
$ 303,864 $ 303,864 0.64% Total 0.00%
Money Market Accounts:
$ 178,408 $ 178,408 Wells Fargo Money Market 0.35% N/A
- - Wells Fargo MM/Annexation 0.35%
$ 178,408 $ 178,408 0.38% Total 0.35%
$ 482,272 $ 482,272 1.02% Sub-total 0.13%
California Asset Mgmt. Program:
$ 6,679,171 $ 6,679,171 14.14% California Asset Mgmt. Program 0.89% N/A
Money Market Account:
$ 24,174,655 $ 24,174,655 US Bank 2008 Revenue Bond 0.00%
0 0 US Bank 2003 Revenue Bond 0.00% N/A
$ 24,174,655 $ 24,174,655 51.19% 0.00%
$31,336,098 $ 31,336,098 66.36% Sub Total Investments 0.19%
Individual Management Account:
$ 15,924,430 $ 15,887,760 33.64% Wells Capital Management 1.69% N/A
$ 47,260,528 $ 47,223,858 100% Total Investments 0.70%
Per Government Code requirements,the Investment Report is in compliance with the Yorba Linda Water District's
Investment Policy, and there are adequate funds available to meet budgeted and actual expenditures for the next
six months.
ck Va4t 6460- t,
Sandi Van Etten, Senior Accountant
3/31/2009
ITEM NO. 2.3
AGENDA REPORT
Meeting Date: May 12, 2009 Budgeted: N/A
To: Finance-Accounting Committee
Funding Source: N/A
From: Ken Vecchiarelli, General
Manager
Presented By: Pat Grady, Assistant General Dept: Finance
Manager
Reviewed by Legal: N/A
Prepared By: Pat Grady, Assistant General CEQA Compliance: N/A
Manager
Subject: Revised YTD/Monthly Financial Reports
SUMMARY:
Attached for the Committee's review are two sample revised financial reports containing YTD and
monthly information.
STAFF RECOMMENDATION:
That the Committee review the sample financial reports and provide further direction to Staff.
DISCUSSION:
At the previous Finance-Accounting Committee meeting, Staff reported that the District's new
financial software is functional and allows the creation of new reports. Staff indicated that sample
reports would be provided at a following Committee meeting.
Attached for the Committee's review are two sample reports for consideration. The first financial
report is a summary of the District's revenues and expenses, with both water and sewer funds
combined. The second report provides the same information, with additional details on the revenues
and supplies and services.
Should the Committee adopt the format of one of these reports, they will be provided on a monthly
basis, as is currently the practice. Additionally, should the Committee seek to revise the format,
changes can easily be accommodated with the new system.
ATTACHMENTS:
Name: Description: Type:
Income-Expense Report (Summarv).odf Income&Expense Report(Summary) Backup Material
Income-Expense Rer)ort (Detail).odf Income&Expense Report(Detail) Backup Material
Yorba Linda Water District
Income/Expense Report
Water&Sewer
For the Eight Months Ending February 28,2009
Full Year YTD YTD (Over)
Budget Budget Actual Under Month
FY 2009 FY 2009 FY 2009 Budget February/2009
Revenue(Operating):
Water Revenue(Consumption&Flat Charge) $17,079,300 $11,386,200 $14,440,252 ($3,054,052) $1,233,629
Sewer Revenue 1,280,850 853,900 896,243 (42,343) 108,756
Other 1,952,200 1,301,467 942,262 359,205 84,626
Total Operating Revenue: 20,312,350 13,541,567 16,278,757 (2,737190) 1,427,011
Revenue(Non-Operating):
Interest&Investment Earnings 93,160 62,107 438,670 (376,563) 17,559
(Interest Deduction due to Other Funds) (199,845) 199,845
Property Taxes 1,266,150 844,100 723,115 120,985
Other 16,340 10,893 99,281 (88,388) 16,843
Total Non-Operating Revenue: 1,375,650 917,100 1,061,221 (144,121) 34,402
Total Revenue 21,688,000 14,458,667 17,339,978 (2,881,311) 1,461,413
Expenses(Operating):
Salary Related Expenses 8,112,968 5,408,645 4,171,963 1,236,682 483,635
(Job Labor CIP) (300,000) (200,000) (200,000)
Supplies&Services 4,112,172 2,741,448 2,316,272 425,176 194,012
Variable Water Costs(G.W., Import&Power) 11,156,500 7,437,667 7,290,496 147,171 420,431
Total Operating Expenses: 23,081,640 15,387760 13,778,731 1,609,029 1,098,078
Expenses(Non-Operating):
Depreciation&Amortization 4,240,700 2,827,133 2,691,282 135,851 337,213
Interest on Long Term Debt 1,394,100 (1,394,100) 164,197
Other Expense 31,000 20,667 147,993 (127,326) 5,153
Total Non-Operating Expenses: 4,271,700 2,847,800 4,233,375 (1,385,575) 506,563
Total Expenses 27,353,340 18,235,560 18,012,106 223,454 1,604,641
Income(Loss) (5,665,340) (3,776,893) (672,128) (3,104,765) (143,228)
Yorba Linda Water District
Income/Expense Report
Water&Sewer
For the Eight Months Ending February 28,2009
Full Year YTD YTD (Over)
Budget Budget Actual Under Month
FY 2009 FY 2009 FY 2009 Budget February/2009
Revenue(Operating):
Water Revenue
Residential $12,991,060 $8,660,707 $10,757,557 ($2,096,850) $983,728
Commercial 1,341,790 894,527 1,045,474 (150,947) 103,325
Landscape/Irrigation 2,746,450 1,830,967 2,637,221 (806,254) 146,576
Sewer Revenue 1,280,850 853,900 896,243 (42,343) 108,756
Other 1,952,200 1,301,467 942,262 359,205 84,626
Total Operating Revenue: 20,312,350 13,541,568 16,278,757 (2,737189) 1,427011
Revenue(Non-Operating):
Interest&Investment Earnings 93,160 62,107 438,670 (376,563) 17,559
(Interest Deduction due to Other Funds) (199,845) 199,845
Property Taxes 1,266,150 844,100 723,115 120,985
Other 16,340 10,893 99,281 (88,388) 16,843
Total Non-Operating Revenue: 1,375,650 917,100 1,061,221 (144,121) 34,402
Total Revenue 21,688,000 14,458,668 17,339,978 (2,881,310) 1,461,413
Expenses(Operating):
Variable Water Costs(G.W., Import&Power) 11,156,500 7,437,667 7,290,496 147,171 420,431
Salary Related Expenses 8,112,968 5,408,645 4,171,963 1,236,682 483,635
(Job Labor CIP) (300,000) (200,000) (200,000)
Supplies&Services:
Communications 274,235 182,823 182,399 424 16,610
Contractual Services 879,835 586,557 502,498 84,059 42,192
Data Processing 307,642 205,095 30,411 174,684 2,880
Dues&Memberships 34,430 22,953 21,818 1,135 2,198
Fees&Permits 48,636 32,424 17,138 15,286 301
Board Election 43,600 29,067 41,527 (12,460)
Insurance 331,305 220,870 250,677 (29,807) 6,016
Materials 652,040 434,693 619,814 (185,121) 55,602
District Activities, Emp Recognition 21,910 14,607 8,639 5,968 616
Non-Capital Equipment 228,845 152,563 58,688 93,875 1,017
Office Expense 65,810 43,873 25,995 17,878 1,605
Professional Services 678,025 452,017 242,945 209,072 32,489
Training 95,535 63,690 13,102 50,588 632
Travel&Conferences 64,685 43,123 16,924 26,199 335
Uncollectible Accounts 21,255 14,170 14,170
Collection Agency Fee 1,090 727 727
Utilities 69,675 46,450 17,755 28,695 1,584
Vehicle Equipment 293,620 195,747 265,944 (70,197) 29,935
Total Operating Expenses: 23,081,641 15,387761 13,778,733 1,609,028 1,098,078
Expenses(Non-Operating):
Depreciation&Amortization 4,240,700 2,827,133 2,691,282 135,851 337,213
Interest on Long Term Debt 1,394,100 (1,394,100) 164,197
Other Expense 31,000 20,667 147,993 (127,326) 5,153
Total Non-Operating Expenses: 4,271,700 2,847800 4,233,375 (1,385,575) 506,563
Total Expenses 27353,341 18,235,561 18,012,108 223,453 1,604,641
Income(Loss) (5,665,341) (3,776,893) (672,130) (3,104,763) (143,228)
ITEM NO. 3.1
AGENDA REPORT
Meeting Date: May 12, 2009
Subject: Monthly Portfolio Report for April 2009
ATTACHMENTS:
Name: Description: Type:
YLWD Overview Paae1 4-09.adf WCM1 Backup Material
YLWD SummarvPaae2 4-09.odf WCM2 Backup Material
YLWD CashFIowPaae3 4-09.adf WCM3 Backup Material
YLWD Holdinas Paae4 4-09.odf WCM4 Backup Material
Account Overview
Yorba Linda Water District
Account#18611500
Funding Date: 10/25/2005
Portfolio Statistics as of: 4/30/2009
Account Characteristics:
Portfolio Yield to Maturity 1.50%
Total Unrealized Gains/(Losses) - Current: 38,122
Total Net Realized Gains/(Losses) - Since Inception: 2,243
Total Long-Term Investments: -
Total Short Duration Investments/Money Market Secs: 15,966,982
Total Market Value: 15,966,982
Total Number of Issues in the Portfolio: 21
MARKET DATA
Overnight Fed Funds Rate: 0.00%
6-Month T-Bill Yield: 0.27%
12-Month T-Note Yield: 0.50%
WELLS CAPITAL MANAGEMENT
Portfolio Summary Report Yorba Linda water District
For the period : 04/01/09 to 04/30/09 18611500
Portfolio Characteristics Portfolio Breakdown
Market Value: 15,966,981.79 Market Value %of Account
Unrealized G/L: 38,122.17 Agency Discount Note 8,092,180.00 50.68%
Commercial Paper 2,797,475.14 17.52%
Yield To Maturity: 1.50% Discount 948,671.25 5.94%
Portfolio Duration: 0.22 Years Fixed Rate 307,855.80 1.93%
Floating Rate 997,506.00 6.25%
Avg. Days to Maturity: 96 Money Market Fund 2,823,293.50 17.68%
Avg. Portfolio Credit Quality: Aa1 Pending_Cash 0.10 0.00%
Total 15,966,981.79 100.00%
Market Data 04/30/09 03/31/09
Yields:
6 Month Treasury Bill: 0.27% 0.42%
2 Year Treasury Note: 0.90% 0.80%
5 Year Treasury Note: 2.01% 1.66%
Fed Funds Taraet: 0-0.25% 0-0.25%
Credit Qualitv* Effective Maturitv Distribution
0.45
P1/MIG1/VMIG1/A-1 23.5% 0.40
Aaa/AAA 50.7%
0.35
Aa/AA 6.2%
A/A 1.9% 0.30
Baa/BBB 0.0%
0.25
Other 0.0%
Cash/Overnights 17.7% 0.20
Not Rated 0.0%
100.0% 0.15
0.10
*Moody's Ratings-Primary 0.05
S&P Ratings-Secondary
Fitch Ratinqs-Tertiary 0.00
o/n 2 to 90 91 to 180 181 to 1 year 1 to 2 years >2 years
The above information is an estimate of certain investment calculations and does not represent your audited statement of record.
YORBA LINDA WATER DISTRICT
Statement of Cash Flows/Earnings for April 2009
I- Beginning Period Balances As of 3/31/2009
Total Original Cost 15,796,892
+Net Amort/Accr to Date 90,869
=Adjusted Book Value: 15,887,761
+Accrued Interest Receivable 24,253
+Unrealized Gain/(Loss) 36,669
�=Total Market Value Plus Accrued Interest 15,948,683
IL• Period Income Earned
+Ending Accrual 3,864
-Begininning Accrual (24,253)
+Interest Received 15,594
-Interest Paid at Purchase -
+Interest Received at Sale 9,697.92
=Interest Earned in Period 4,9031
+(Amort)/Accr This Period 16,870
=Monthly Portfolio Income I $ 21,7731
+Contributions -
-Withdrawals -
+Realized Gain/(Loss) 1,747
-Fees Paid This Period (2,810)
-Prior Period Unrealized Gain/Loss 36,669
+End Of Period Unrealized Gain/Loss 38,122
+Net Receipts/Deliveries in Kind 0.00
+Adjustments 0.00
=Net Change to the Portfolio 17,2601
=Total Market Value Plus Accrued
Interest 15,970,846
III: End of Period Balances As of 4/30/2009
Total Original Cost 15,834,049
+Net Amort/Accr to Date 94,811
=Adjusted Book Value 15,928,860
+Accrued Interest Receivable 3,864
+Unrealized Gain/(Loss) 38,122
=Total Market Value Plus Accrued
Interest 15,970,846
Reconciliation Difference: -
Wells Capital Management
Holdings Report Yorba Linda Water District
Securities Held as of:3/31/09 on a Trade Date Basis 1861 1500
Identifier Credit Ratings Par Value Security Description Coupon Final Effective Days Duration Market Price Market Market Value Holdings as YTM at
Maturity Maturity to Eff Value +Accrued Percentage of Purchase
Maturity Interest Account or Reset
Moody's S&P Fitch
I.Cash&Cash Equivalents(Original maturity of 90 days or less)
Cash
U.S.DOLLARS 0 PENDING CASH 0 0 0.00%
Money Mkt Securities
Agency Discount Note
Commercial Paper
4497WOSC3 P-1 A-1+ NR 500,000 ING(US)FUNDING LLC 0.000 05/12/09 05/12/09 12 0.03 99.991 499,957 499,957 3.13% 0.90%
50202TSF5 P-1 A-1 NR 500,000 LMA AMERICAS LLC 0.000 05/15/09 05/15/09 15 0.04 99.978 499,889 499,889 3.13% 0.88%
85520LUTO P-1 A-1 NR 450,000 STARBIRD FUNDING CORP 0.000 07/27/09 07/27/09 88 0.24 99.758 448,913 448,913 2.81% 0.56%
90262CT23 P-1 A-1 NR 450,000 UBS FINANCE(DELW)CP 0.000 06/02/09 06/02/09 33 0.09 99.962 449,828 449,828 2.82% 0.76%
Money Market Fund
VP7000038 NR NR NR 2,823,294 WF ADV MONEY MKT TR#645 0.535 05/01/09 1 0.00 100.000 2,823,294 2,824,235 17.68% 0.53%
Cash&Cash Equivalents Total: 4,723,294 15 0.04 4,721,880 4,722,822 29.57% 0.63%
II.Marketable Securities(Original maturity greater than 90 days)
IIA:Short Term Securities(Remaining maturity of less than 365 days)
Gov't Guaranteed-CP
06051 HUPO P-1 A-1 NR 500,000 BANK OF AMER CORP TLGP 0.000 07/23/09 07/23/09 84 0.23 99.750 498,750 498,750 3.12% 0.61
36161CSM5 P-1 A-1+ NR 450,000 GE CAPITAL TLGP 0.000 05/21/09 05/21/09 21 0.06 99.983 449,921 449,921 2.82% 1.94%
Corporate Securities
Corporate Obligation
Fixed Rate
285659AE8 A2 A A+ 300,000 ELECTRONIC DATA SYSTEMS 7.125 10/15/09 10/15/09 168 0.46 102.619 307,856 308,806 1.93% 2.12%
Floating Rate
89233P3D6 Aal AA+ NR 500,000 TOYOTA MOTOR CREDIT CORP 2.304 01/29/10 01/29/10 274 0.25 99.966 499,832 499,896 3.13% 2.30%
Govt Securities
Gov Agncy Obligation
Money Mkt Securities
Agency Discount Note
313313MR6 AGY AGY AGY 1,000,000 FFCB 0.000 10/07/09 10/07/09 160 0.44 99.890 998,900 998,900 6.26% 2.00%
313385JB3 AGY AGY AGY 800,000 FHLB 0.000 07/13/09 07/13/09 74 0.20 99.970 799,760 799,760 5.01% 2.99%
313385KS4 AGY AGY AGY 1,000,000 FHLB 0.000 08/21/09 08/21/09 113 0.31 99.950 999,500 999,500 6.26% 3.02%
313385RK4 AGY AGY AGY 800,000 FHLB 0.000 01/05/10 01/05/10 250 0.68 99.720 797,760 797,760 5.00% 0.82%
313385SB3 AGY AGY AGY 1,000,000 FHLB 0.000 01/21/10 01/21/10 266 0.73 99.700 997,000 997,000 6.24% 0.87%
313397LZ2 AGY AGY AGY 800,000 FHLMC 0.000 09/21/09 09/21/09 144 0.39 99.920 799,360 799,360 5.01% 0.71
313589FH1 AGY AGY AGY 700,000 FNMA 0.000 05/08/09 05/08/09 8 0.02 100.000 700,000 700,000 4.38% 2.98%
313589FVO AGY AGY AGY 1,000,000 FNMA 0.000 05/20/09 05/20/09 20 0.05 100.000 1,000,000 1,000,000 6.26% 1.75%
313589GE7 AGY AGY AGY 1,000,000 FNMA 0.000 05/29/09 05/29/09 29 0.08 99.990 999,900 999,900 6.26% 2.91
Commercial Paper
The above information is an estimate of certain investment calculations and does not represent your audited statement of record. Page: 1 of 2
Holdings Report Yorba Linda Water District
Securities Held as of:3/31/09 on a Trade Date Basis 1861 1500
Identifier Credit Ratings Par Value Security Description Coupon Final Effective Days Duration Market Price Market Market Value Holdings as YTM at
Maturity Maturity to Eff Value +Accrued Percentage of Purchase
Maturity Interest Account or Reset
Moody's S&P Fitch
13170RVS3 P-1 A-1+ F-1+ 500,000 CALYON NORTH AMERICA INC 0.000 08/26/09 08/26/09 118 0.32 99.795 498,976 498,976 3.13% 1.11
83365RT39 P-1 A-1+ NR 400,000 SOCIETE GENERALE N AMER CP 0.000 06/03/09 06/03/09 34 0.09 99.978 399,912 399,912 2.50% 0.98%
Short Term Securities Total: 10,750,000 119 0.30 10,747,427 10,748,441 67.31% 1.88
116:Long-Term Securities(Remaining maturity greater than 365 days)
Corporate Securities
Fixed Rate
Floating Rate
91159HGP9 Aa3 AA AA- 500,000 USBANCORP 1.636 05/06/10 05/06/10 371 0.02 99.535 497,674 499,582 3.12% 1.64%
Marketable Securities Total: 11,250,000 130 0.29 11,245,101 11,248,024 70.43% 1.87%
Portfolio Total: 15,973,294 96 0.22 15,966,982 15,970,846 100.00% 1.50
The above information is an estimate of certain investment calculations and does not represent your audited statement of record. Page:2 of 2