HomeMy WebLinkAbout2010-05-27 - Resolution No. 10-11
' RESOLUTION NO. 10-11
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE YORBA LINDA WATER DISTRICT
CONSOLIDATING IMPROVEMENT DISTRICT NO. 1 AND 2
FUNDS INTO RESERVES FOR CAPITAL PROJECTS
WHEREAS, the Yorba Linda Water District financial fund structure consists of four
separate funds - Water, Sewer, Improvement District No. 1 (ID 1) and
Improvement District No 2 (ID 2); and
WHEREAS, the original fund balances in ID 1 and ID 2 were stretched further than
anticipated, due to the slowing pace of development; and
WHEREAS, the capital improvement projects identified in the official statements for
which the ID 1 and ID 2 General Obligation Bonds were sold, have been
completed and all associated debt paid off; and
WHEREAS, remaining fund balances exist in both the ID 1 and ID 2 funds; and
WHEREAS, the ID 1 and ID 2 fund balances are currently designated as reserves for
water system capital improvements; and
' WHEREAS, these remaining balances continue to finance the design and construction
of capital improvements to the benefit of both the ID 1 and ID 2 service
areas; and
WHEREAS, the continued tracking of ID 1 and ID 2 funds as separate enterprise
accounts is both a time-consuming and unnecessary accounting practice.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Yorba Linda
Water District that the ID 1 and ID 2 funds will be consolidated into the Water Fund
Reserves, with the net assets designated and internally restricted for capital projects.
PASSED AND ADOPTED this 27th day of May, 2010 by the following called vote:
AYES: Directors Beverage, Collett, Hawkins, Mills and Summerfield
NOES. None
ABSTAIN: None
ABSENT None
William R. Mills, res ent
ATTEST Yorba Linda Water D. 'ct II
' K n Vecchiarelli, Secretary
Yorba Linda Water District
Resolution No. 10-11 Consolidating Funds Into Reserves for Capital Protects IMF