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HomeMy WebLinkAbout2010-03-15 - Finance-Accounting Committee Meeting Minutes MINUTES OF THE YORBA LINDA WATER DISTRICT FINANCE - ACCOUNTING COMMITTEE MEETING March 15, 2010 A meeting of the Finance-Accounting Committee was called to order by Director Summerfield at 8:00 a.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 Pat Grady, Assistant General Manager Director Ric Collett Stephen Parker, Finance Director 1. PUBLIC COMMENTS None. 2. ACTION CALENDAR 2.1. January Budget to Actual Results Mr. Parker presented the January budgeted results and noted that year-to- date results are fairly consistent with the expectations set by the revised budget. After the Committee inquired about a couple of items and requested clarification of the utilities expense at the next FA Committee meeting, the January budget to actual results were accepted. 2.2. Monthly Investment Report for January 2010 Mr. Parker presented the monthly investment reports and noted that the low percent yield of .46 would be increasing as investments were moved to CalTRUST. It was clarified that the fiscal agent investments currently held by US Bank in a money market account would not be able to be moved to CalTRUST. The Committee accepted the monthly investment report. 2.3. One Year Budget for Fiscal Year 2010/11 Mr. Parker presented the advantages of preparing a one year budget for the upcoming fiscal year. The Committee had no issues with a one year budget for the upcoming fiscal year and supported Staff's recommendation. 3. DISCUSSION ITEMS 3.1. Budget Calendar Update and Progress Report Mr. Parker presented a revised budget calendar. Revisions from the previous calendar reflected a reserve fund discussion not occuring during the previous month's Board Workshop, and adding in a Prop 218 placeholder per the Committee's instruction from the previous Committee Meeting held on February 17, 2010. 1 3.2. Consolidation of Funds Mr. Parker informed the Committee that Staff desired to eliminate the funds ID 1 and 2 in the accounting structure at the District. He explained that the purpose of the separate accounting was to track the capital projects identified in the original debt issuance and the revenues received by the two improvement districts from property taxes. Mr. Parker further explained that once the original capital projects related to the original debt were completed and property taxes were no longer collected related to ID 1 and 2, the need to track them separately ended. This has been verified through multiple discussions with Kurt Yeager of Stradling Yocca Carlson & Rauth. Additionally, Diehl Evans & Company, the District's current external auditors, support the recommendation. The Committee recommended that Staff bring this item to the full Board for discussion prior to presenting a formal resolution eliminating the ID 1 and 2 fund tracking practices. 3.3. Future Agenda Items and Staff Tasks None. 4. ADJOURNMENT 4.1. The Committee adjourned at 8:43 a.m. The next regular meeting of the Finance-Accounting Committee will be held April 12, 2010 at 4:00 p.m., with President Mills attending in Director Summerfield's absence. 2