HomeMy WebLinkAbout2013-02-25 - Finance-Accounting Committee Meeting MinutesMINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE - ACCOUNTING COMMITTEE MEETING
Monday, February 25, 2013 12:00 p.m.
1717 E Miraloma Ave, Placentia CA 92870
1. CALL TO ORDER
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The February 25, 2013 meeting of the Yorba Linda Water District's Finance -
Accounting Committee was called to order by Director Hawkins at 12:00 p.m.
The meeting was held in the Admin Conference Room at the District's
Administration Building located at 1717 East Miraloma Avenue in Placentia,
California 92870.
ROLL CALL
COMMITTEE
Director Phil Hawkins, Chair
Director Gary T. Melton
PUBLIC COMMENTS
None.
ACTION CALENDAR
STAFF
Stephen Parker, Finance Manager
4.1. Unaudited Financial Statements for the Period Ending December 31, 2012
Mr. Parker presented the full accrual quarterly financial statements for the
Committee to recommend the Board receive and file. He shared that most
of our expenses were in line with the budget half way through the year,
with the exception of water - related charges, but that those were offset with
water - related revenues that were higher than budget as well. Mr. Parker
also shared the debt service coverage calculation, which at 200% was
healthy. The Committee supported staff's recommendation.
DISCUSSION ITEMS
5.1. GFOA and CSMFO Budget Award Notification
Mr. Parker was pleased to notify the Committee that the District was
notified it received the Excellence in Budgeting Award from the California
Society of Municipal Finance Officers and the Distinguished Budgeted
Presentation Award from the Government Finance Officers Association of
the United States and Canada relating to the District's FY 12/13 Operating
Budget.
5.2. FY 2013/14 Budget Calendar
Mr. Parker provided the Committee with an updated Budget Calendar and
identified changes from the previous calendar in red.
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5.3. Draft Finance Department Budget
Mr. Parker presented the Committee with the Finance Department's draft
budget for FY 13/14. Mr. Parker described the major differences and the
Committee was satisfied with the budget as presented. The Committee
did ask Mr. Parker to provide the Finance Department's forecast for the
current fiscal year as a future staff task.
5.4. Investment Report for Period Ending January 2013
Mr. Parker pointed out that the District's portfolio yield increased to 0.71 %
in conjunction with the January Investment Report. He also shared some
of the District's significant balance changes, which in January was
primarily a reduction of Operating Reserves due to the payment of OCWD
annexation charges and semi - annual replenishment assessments.
5.5. Budget to Actual Results for January 2013
Mr. Parker reviewed the January Budget to Actual Results. As the
balances were not significantly different from the schedules presented with
the Unaudited Financial Statements for the Period Ending December 31,
2012, there were no further questions. Mr. Parker asked if it would be
helpful to provide a detailed listing of significant variances in the supplies
and services section of the budget. The Committee requested that Mr.
Parker provide this at a future meeting.
5.6. Status of Strategic Plan Initiatives
Mr. Parker reported on the status of strategic plan initiatives related to
fiscal responsibility. The Committee recommended that this item be
tabled until such time that there are fiscal responsibility - related goals that
are being pursued.
5.7. Future Agenda Items and Staff Tasks
• Remove the Strategic Plan Initiatives from future Finance - Accounting
Committee Meetings.
• Provide detail for significant variances in individual line items in
supplies and services expenses.
• Provide the Finance Department forecast for FY 12/13.
6. ADJOURNMENT
6.1. The meeting was adjourned at 1:03 p.m. The next Finance - Accounting
Committee meeting is scheduled to be held Monday, March 25, 2013 at
12:00 p.m.
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