HomeMy WebLinkAbout2012-08-27 - Finance-Accounting Committee Meeting Minutes MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE MEETING
August 27, 2012
A meeting of the Finance-Accounting Committee was called to order by Director Kiley 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 Robert R. Kiley, Chair Steve Conklin, Acting General Manager
Director Phil Hawkins Stephen Parker, Finance Manager
1. PUBLIC COMMENTS
None.
2. ACTION CALENDAR
2.1. Unaudited Financial Statements for the Period Ending June 30, 2012
Mr. Parker presented the quarterly full-accrual financial statements and
debt service ratio calculation that will go on to the full Board as a consent
calendar item. Mr. Parker explained that the numbers presented would be
materially similar to the audited results. Mr. Parker highlighted the positive
debt-service-ratio calculation of 209% and the one-time settlement
payment being recorded as an Extraordinary Item. In addition, Mr. Parker
shared that year-end journal entries related to unbilled receivables helped
the overall operating revenue numbers to increase 3% from the monthly
June statements previously presented. The Committee had no further
questions and supported staff's recommendation.
3. DISCUSSION ITEMS
3.1. Broker Dealer Approval
Mr. Parker informed the Committee that staff had completed the process
of vetting Kirk Jon Walske, Vice-President at Wells Fargo Institutional
Securities, LLC as a broker/dealer according to the requirements of the
District's investment policy in Resolution 11-24. Mr. Parker said that staff
was reviewing other broker/dealers, and that staff intended to complete a
large-scale revision to the investment policy with legal council's help prior
to purchasing investments through Mr. Walske.
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3.2. July Investment Report and Budget-to-Actual Results (To be provided at
the next meeting.)
Mr. Parker explained that due to the recent departure of the District's
Accounting Assistant II as well as the Accounting Staff's focus on
completing the annual audit in a timely manner, staff was unable to
complete the July Investment Report or Budget-to-Actual Results prior to
the FA Committee meeting. Both items will be presented along with the
August information at the September Committee meeting.
3.3. Status of Strategic Plan Initiatives
Mr. Parker updated the Committee on the progress of Fiscal
Responsibility strategic plan initiatives. Mr. Parker also updated the
Committee on the progress of the advance refunding and line of credit.
The advance refunding is scheduled to go to market on September 6 as
planned, but the line of credit is being put off until more than 15 days after
the Revenue Refunding Bonds, Series 2012 closes per advice of bond
counsel.
3.4. Future Agenda Items and Staff Tasks
None.
4. ADJOURNMENT
4.1. The Committee adjourned at 4:36 p.m. The next meeting of the Finance-
Accounting Committee will be held Wednesday, September 26, 2012 at
4:00 p.m.
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