HomeMy WebLinkAbout2010-11-08 - Finance-Accounting Committee Meeting Minutes
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE -ACCOUNTING COMMITTEE MEETING
November 8, 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 Stephen Parker, Finance Director
1. PUBLIC COMMENTS
None.
2. ACTION CALENDAR
2.1. September 2010 Budget to Actual Results
Mr. Parker presented the September 2010 budget to actual results and
identified that water operating revenue was lower than where it would
traditionally be as a result of over 19% conservation in the current fiscal
year, while the District's budget was based on a 15% conservation
expectation. Mr. Parker also reported that variable water costs are
trending higher than normal due to a higher percentage of import water
purchased for the first quarter of the fiscal year. The Committee briefly
discussed the report format and received and filed the September budget
to actual results.
2.2. September 2010 Investment Report
Mr. Parker presented the September 2010 investment report and
highlighted that the current fiscal year's investment income is trending
higher than the prior year's and higher than budgeted returns. Mr. Parker
also shared that the portfolio's average percent yield was the highest it
has been at any point in the last two fiscal years. He reported on a draw
down in the capital investment funds of nearly $780,000, due to payments
for capital projects in progress, and noted that the Reserve for Debt
Service Fund was only about $2,600 at the end of the month, since the
District had just paid its yearly principal payment and half a year's interest
totaling over $1,838,000. The Committee discussed concerns over the
lower than expected water sales and discussed projections and potential
outcomes through year end from these factors. The Committee received
and filed the September investment report.
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3. DISCUSSION ITEMS
3.1. Future Agenda Items and Staff Tasks
None.
4. ADJOURNMENT
4.1. The Committee adjourned at 4:21 p.m. The next regular meeting of the
Finance-Accounting Committee will be held on December 13, 2010 at 4:00
p.m.
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