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.
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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.