HomeMy WebLinkAbout2010-01-11 - Finance-Accounting Committee Meeting Minutes
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE - ACCOUNTING COMMITTEE MEETING
January 11, 2010
A meeting of the Finance-Accounting Committee was called to order by Director
Summerfield 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 John W. Summerfield, Chair Ken Vecchiarelli, General Manager
Director Ric Collett Cindy Navaroli, Interim Finance Director
Sandi Van Etten, Senior Accountant
1. PUBLIC COMMENTS
None.
2. ACTION CALENDAR
2.1. November 2009 Budget to Actual Results
Ms. Navaroli noted that although revenues are behind prior year amounts
at this time, they will likely catch up during the last six months of the fiscal
year as the rate increase is now in full effect. She also indicated that the
expenses appear to be mostly on target with budgeted amounts, and will
be reevaluated next month in greater detail as we close the second
quarter and review our mid-year budget status.
2.2. November 2009 Monthly Investment Report
Ms. Navaroli presented the monthly investment report and noted that
capital bond proceeds are being spent as projected and that there were no
large variations in reserve levels.
3. DISCUSSION ITEMS
3.1. Retirement Alternatives (Verbal Report)
Ms. Navaroli requested an additional month to complete the retirement
alternatives survey, and also asked for more clarification on the financial
analysis the Committee would like prepared. It was agreed that the survey
would be presented at the February meeting, at which time the Committee
will decide on alternatives that merit a more thorough financial analysis.
3.2. Monthly Portfolio Reports for December
Ms. Navaroli noted that the yield on investments is still quite low and then
introduced Mr. Keith Khorey, from Wells Capital Management, who
discussed alternative investments such as CalTrust. The Committee
asked Mr. Khorey to contact a representative from CalTrust and have
them return next month to provide more information.
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3.3. Inventory Surplussed in Compliance with Restrictive Lead Regulation
Ms. Navaroli indicated that the restricted inventory was sold or disposed of
by December 31, 2009, as required by California law. As expected, there
was a loss on the disposal of the inventory. However some funds were
recovered by selling the inventory to an out of state vendor and to in-state
vendors for scrap.
3.4. Future Agenda Items and Staff Tasks
Staff was directed to bring the results of the retirement alternatives survey
to the next Committee meeting, and to put the CalTrust investment
alternative on the next agenda if a representative is available to provide
more information.
4. ADJOURNMENT
4.1. The Committee adjourned at 4:50 p.m. The next regular meeting of the
Finance-Accounting Committee will be held February 8, 2010 at 4:00 p.m.
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