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HomeMy WebLinkAbout2009-09-09 - Finance-Accounting Committee Meeting Minutes ITEM NO. 10.2. MINUTES OF THE YORBA LINDA WATER DISTRICT FINANCE - ACCOUNTING COMMITTEE MEETING September 9, 2009 A meeting of the Finance-Accounting Committee was called to order by Director Beverage at 4:00 p.m. The meeting was held at the District's Administrative Office at 1717 E Miraloma Ave, Placentia CA 92870. COMMITTEE STAFF Director Michael J. Beverage, Chair Ken Vecchiarelli, General Manager Director John W. Summerfield Cindy Navaroli, Interim Finance Director Sandi Van Etten, Senior Accountant 1. PUBLIC COMMENTS None. 2. DISCUSSION ITEMS 2.1. FY 2008/09 Audit Update Staff reported that the audit went well and should be complete within the next week. There will be an exit meeting with the auditors on September 15th 2.2. GASB 43 & 45 Update Ms. Navaroli reported on the liability that we need to record for Other Post- Employment Benefits (OPEB). She indicated that even though the liability does have to be recorded on the books, it does not have to be funded at this time. The Committee discussed the various options available. 2.3. Bond Covenants Ms. Navaroli reported that the preliminary year end numbers for FY 08/09 are not in compliance with our bond covenant ratio. However, if the rate increase being proposed for FY 09/10 passes, the District should be in compliance with the ratio requirement in FY 09/10. 2.4. Monthly Portfolio Reports for July 2009 Keith Khorey of Wells Capital Management was contacted prior to the Committee meeting and reported to Staff that the portfolio remains stable. The Committee had no questions for Mr. Khorey. 2.5. Future Agenda Items and Staff Tasks Staff was asked to contact Wells Capital regarding several of the short term securities we have as investments that appear to be international investments. Staff was directed to explore domestic options if available at the same yield. 1 3. ADJOURNMENT 3.1. The Committee adjourned at 4:30 p.m. The next regular meeting of the Finance-Accounting Committee will be held October 13, 2009 at 4:00 p.m.