HomeMy WebLinkAbout2013-08-26 - Finance-Accounting Committee Meeting Minutes1
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE MEETING
Monday, August 26, 2013 12:00 p.m.
1717 E Miraloma Ave, Placentia CA 92870
1. CALL TO ORDER
The August 26, 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.
2. ROLL CALL
COMMITTEE STAFF
Director Phil Hawkins, Chair Steve Conklin, Acting General Manager
Director Gary T. Melton Delia Lugo, Acting Finance Manager
3. PUBLIC COMMENTS
None.
4. ACTION CALENDAR
4.1. Unaudited Financial Statements for Period Ending June 30, 2013
Mrs. Lugo presented the unaudited quarterly financial statements to the
committee. She explained that these statements would change pending
further reconciliations and journal entries pertaining to the year-end
processes of the annual audit. The June 2013 debt service coverage is at
1.72%, well above the 1.10% required coverage level. Due to the annual
audit field work being postponed till October 28, 2013, Delia explained that
there will not be unaudited statements to present for the 1th quarter of
FY2014. The general ledger balances would need to be rolled over by
closing the books for FY 2013. After some further discussion about the
financial statements the Committee supported staff recommendation to
present the June 2013 Unaudited Financial Statements on the Consent
Calendar for the next Board meeting.
5. DISCUSSION ITEMS
5.1. Investment Report for the Period Ending July 31, 2013
Mrs. Lugo presented the investment report for July 2013. In discussion
the Committee was told that the District’s investment portfolio’s average
yield is 0.69%. Committee confirmed that the par value of each Certificate
of Deposit investment is below $250,000 due to the FDIC’s threshold. The
yields of CDs and Federal Agency Securities purchased are 1.23% or
below due to the timing of the purchases which was in late May and early
2
June. Discussion regarding the LOC, the total amount drawn, and which
current project expenses are included in the draws occurred.
5.2. Budget-to-Actual Reports for July 31, 2013
Mrs. Lugo shared the July 2013 Budget-to-Actual results with the
Committee. As the current fiscal year opens, there are no items or
financial activity to highlight. It has been requested that a column
displaying the Year to Date Under/(Over) Budget be included in the future
monthly Budget-to-Actual reports submitted for discussion.
5.3. Future Agenda Items and Staff Tasks
None.
6. ADJOURNMENT
6.1. The meeting was adjourned at 12:45 p.m. The next Finance-Accounting
Committee meeting is scheduled to be held Monday, September 16, 2013
at 12:00 p.m.