Loading...
HomeMy WebLinkAbout2013-01-28 - Finance-Accounting Committee Meeting Minutes1 MINUTES OF THE YORBA LINDA WATER DISTRICT FINANCE-ACCOUNTING COMMITTEE MEETING January 28, 2013 A meeting of the Finance-Accounting Committee was called to order by Director Hawkins at 12:04 p.m. The meeting was held at the District’s Administrative Office at 1717 E Miraloma Ave, Placentia CA 92870. COMMITTEE STAFF Director Phil Hawkins, Chair Stephen Parker, Finance Manager Director Gary T. Melton 1. PUBLIC COMMENTS None. 2. ACTION CALENDAR 2.1. Authorized Officers for Investments Held at Pershing Mr. Parker explained that Pershing attorneys had a concern with specific language in the District’s previous resolution authorizing the Finance Manager and Acting GM to make investment decisions on behalf of the District as it pertained to Pershing. As a result, some minor editing was completed in the “Whereas” section, and the new resolution rescinds the one that was approved by the Board in the prior year. As there were no significant changes to the wording of the resolution, the Committee had no questions and supported staff’s recommendation. 2.2. Investment Report for Period Ending December 31, 2012 Mr. Parker presented the December Investment Report. He identified specific changes in the current month’s investment balances and pointed out that the portfolio yield dropped to 0.68%. The Committee had no questions and supported staff’s recommendation. 3. DISCUSSION ITEMS 3.1. New Member Orientation Mr. Parker reviewed some of the major items accomplished through the Finance-Accounting Committee during 2012 and highlighted upcoming items expected to go through the Committee. 3.2. Broker Dealer Approval Mr. Parker notified the Committee that staff had received all information required by the investment policy and had vetted a third broker-dealer through which investments can be purchased. Mark Edelman at Cantella & Co has provided these services for other area water districts. Mr. Parker explained that no other broker-dealers are being pursued at this time. 2 3.3. Continuing Disclosure Annual Report Mr. Parker shared that the CDAR is required to be filed annually as long as the District has bonds outstanding. This is a public document and was provided for the Committee’s review as an informational item. 3.4. Proposed Calendar for FY 2013/14 Budget Mr. Parker explained that the current years’ budget calendar allows for two meetings for each section to meet with its respective Committee to discuss supplies and services budget. In addition, there are multiple discussions scheduled for personnel costs, and quite a few set aside for the Capital Improvement Projects budget. The calendar calls for a Budget Workshop on April 18th, with a full draft to the Board on the first Board meeting in May, and a Board vote on the second Board meeting in May. The calendar keeps up the timeline where if a Prop 218 was needed during a given year, the schedule would not need to be adjusted, but meetings simply inserted. 3.5. Budget-to-Actual Results for December 2012 Mr. Parker presented the December Budget-to-Actual Results. He noted that water purchase costs were intentionally higher in the first half of the year, that supplies and services is trending close to budget, and pointed out an adjustment made in the month being reported. The Committee had no further questions. 3.6. Status of Strategic Plan Initiatives Mr. Parker reported on the status of strategic plan initiatives related to fiscal responsibility. 3.7. Future Agenda Items and Staff Tasks None. 4. ADJOURNMENT 4.1. The Committee adjourned at 1:07 p.m. The next meeting of the Finance- Accounting Committee will be held Monday, February 25, 2013 at 12:00 p.m.