HomeMy WebLinkAbout2009-12-07 - Finance-Accounting Committee Meeting Minutes
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE - ACCOUNTING COMMITTEE MEETING
December 7, 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
1. PUBLIC COMMENTS
None.
2. ACTION CALENDAR
2.1. October Budget to Actual Results
Ms. Navaroli noted that the Water and Sewer Funds results were on target
with projections overall for the year. There was some discussion about
how increased conservation efforts might affect future reporting periods.
Staff assured the Committee that the District will be preparing a mid-year
budget review and cash flow projection in February to determine any such
affects. The report was reviewed and accepted as presented.
2.2. Monthly Investment Report for September 2009
Ms. Navaroli noted that Mr. Khorey, from Wells Capital Management,
would like to present to the Committee investment alternatives that might
yield a better result than current holdings. The Committee agreed to hear
Mr. Khorey's alternatives at the January meeting. The investment report
was reviewed and accepted as presented.
2.3. Monthly Investment Report for October 2009
The investment report was reviewed and accepted as presented.
2.4. Check Register Descriptions
Ms. Navaroli indicated that the attached report reflects how a sample
Check Register would look if a threshold of $25,000 was used for check
descriptions. The new format for the Check Register was approved as
presented.
1
3. DISCUSSION ITEMS
3.1. Leaded Inventory - AB 1953
Ms. Navaroli indicated that staff is the process of liquidating the inventory
and current estimates show these efforts may yield as much
approximately 25% of the original cost.
3.2. Employee Retirement Alternatives
Ms. Navaroli discussed alternatives to PERS, such as a two-tiered
employee retirement option for existing and new staff. There was some
discussion about the risks of changing the PERS plan or changing to a
401(k) type of plan. Additional discussion ensued about retiree health
benefits and the possibility of creating a two tiered plan for new
employees. Staff was instructed to further research alternatives for
discussion at a future meeting.
3.3. Future Agenda Items and Staff Tasks
None.
4. ADJOURNMENT
4.1. The Committee adjourned at 4:59 p.m. The next regular meeting of the
Finance-Accounting Committee will be held January 12, 2010 at 4:00 p.m.
2