HomeMy WebLinkAbout2013-12-16 - Finance-Accounting Committee Meeting Agenda Packet . Yorba Linda
. .. �' Water Dimstrict
AGENDA
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE MEETING
Monday, December 16, 2013, 12:00 PM
1717 E Miraloma Ave, Placentia CA 92870
1. CALL TO ORDER
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
Any individual wishing to address the committee is requested to identify themselves and state the matter on
which they wish to comment. If the matter is on this agenda, the committee Chair will recognize the individual for
their comment when the item is considered. No action will be taken on matters not listed on this agenda.
Comments are limited to matters of public interest and matters within the jurisdiction of the Water District.
Comments are limited to five minutes.
4. DISCUSSION ITEMS
This portion of the agenda is for matters such as technical presentations, drafts of proposed policies, or similar
items for which staff is seeking the advice and counsel of the Committee members. This portion of the agenda
may also include items for information only.
4.1. Budget to Actual Results for November 2013
4.2. Investment Report for Period Ending November 30, 2013
4.3. Future Agenda Items and Staff Tasks
5. ADJOURNMENT
5.1. The next Finance-Accounting Committee meeting is scheduled to be held Monday,
January 27, 2014 at 12:00 p.m.
Items Distributed to the Committee Less Than 72 Hours Prior to the Meeting
Pursuant to Government Code section 54957.5, non-exempt public records that relate to open session agenda items
and are distributed to a majority of the Committee less than seventy-two (72) hours prior to the meeting will be available
for public inspection in the lobby of the District's business office located at 1717 E. Miraloma Avenue, Placentia, CA
92870, during regular business hours. When practical, these public records will also be made available on the District's
internet website accessible at http://www.ylwd.com/.
Accommodations for the Disabled
Any person may make a request for a disability-related modification or accommodation needed for that person to be
able to participate in the public meeting by telephoning the Executive Secretary at 714-701-3020, or writing to Yorba
Linda Water District, P.O. Box 309, Yorba Linda, CA 92885-0309. Requests must specify the nature of the disability and
the type of accommodation requested. A telephone number or other contact information should be included so the
District staff may discuss appropriate arrangements. Persons requesting a disability-related accommodation should
make the request with adequate time before the meeting for the District to provide the requested accommodation.
ITEM NO. 4.1
AGENDA REPORT
Meeting Date: December 16, 2013
To: Finance-Accounting Committee
From: Steve Conklin, Acting General
Manager
Presented By: Delia Lugo, Acting Finance Dept: Finance
Manager
Prepared By: Delia Lugo, Acting Finance
Manager
Subject: Budget to Actual Results for November 2013
DISCUSSION:
Attached are the District's budget to actual summary results for the Water Fund, Sewer Fund and a
combined statement for both funds pertaining to the reporting month of November 2013.
For the month of November 2013, the District water revenue is 50.7% of annual budget, which is
1.8% higher than the historical trend for this point in the year.
The majority of the Water Fund's individual Supplies and Services expenses are below budget, with
the exceptions of Dues and Memberships, Materials, and Insurance still due to the previously
reported reasons.
Overall, Sewer Supplies and Services expenses are trending below budget, with the same
exceptions noted in the Water Fund.
STRATEGIC PLAN:
FR 1-F: Continue to Record and Report the Fairly Stated Financial Activities of the District in a
Timely and Transparent Manner to the Board of Directors and Member Agencies
ATTACHMENTS:
Name: Description: Type:
November 2013 consolidated stmt.xlsx November 2013 Consolidated Statement Backup Material
Nov 2013 Water Stmt.xlsx November 2013 Water Statement Backup Material
November 2013 Sewer Stmt.xlsx November 2013 Sewer Statement Backup Material
Yorba Linda Water District
Summary Financial Report
Water&Sewer Funds
For Five Months Ending November 30, 2013
Annual YTD YTD YTD YTD YTD
Budget Budget Actual Under(Over) Under(Over) %of
FY 2014 FY 2014 FY 2014 Annual Budget YTD Budget Budget
Revenue(Operating):
Water Revenue(Residential) $1632173590 $657573329 $836603194 $735573396 ($1,902,865) 53.40%
Water Revenue(Commercial&Fire Det.) 210201223 8411760 9611952 110581271 (120,192) 47.62%
Water Revenue(Landscape/Irrigation) 417941156 119971565 234421443 213511713 (444,878) 50.95%
Water Revenue(Service Charge) 414681716 118613965 137751410 216931306 863555 39.73%
Sewer Charge Revenue 115501530 6465054 6691037 8811493 (22,983) 43.15%
Locke Ranch Assessments 2001797 831665 151895 1841902 675770 7.92%
Other Operating Revenue 7171749 2991062 4911002 2261747 (191,940) 68.41%
Total Operating Revenue: 2919691761 1214875400 1510151933 1419531828 (2,528,533) 50.10%
Revenue(Non-Operating):
Interest 871000 361250 571613 291387 (21,363) 66.22%
Property Tax 112641672 5261947 1491472 111151200 3775475 11.82%
Other Non-Operating Revenue 5093150 2121146 3243974 1843176 (112,828) 63.83%
Total Non-Operating Revenue: 138603822 7751343 5323059 133283763 2431284 28.59%
Total Revenue 3138303583 13,262,743 1535473992 1632823591 (212853249) 48.85%
Expenses(Operating):
Variable Water Costs(G.W.,Import&Power) 1317671658 517361524 710351913 617311745 (1,299,389) 51.10%
Salary Related Expenses 719041873 312935697 310531778 418511095 2395919 38.63%
Supplies&Services 412251654 117601689 116611303 215641356 995386 39.31%
Total Operating Expenses 2518981185 1017901910 1157501994 1411471196 (960,084) 45.37%
Expenses(Non-Operating):
Interest on Long Term Debt 118151317 7561382 7231398 110911919 325984 39.85%
Other Expense 771400 321250 201223 571177 125027 26.13%
Total Non-Operating Expenses: 118921717 7881632 7431621 111491096 905709 39.29%
Total Expenses 2737903902 11,579,543 1234943615 1532963292 (8693375) 44.96%
Net Income(Loss)Before Capital Contributions 430393681 11683,200 330533377 9863299 (114153875) 75.58%
Capital Contributions - - 51949 51949 (5,949) 0.00%
Net Income(Loss)Before Depreciation 41039,681 11683,200 31059,326 992,248 (1,421,824) 75.73%
Depreciation&Amortization 618971941 218745142 310481130 318491806 (173,988) 44.19%
Total Net Income(Loss) ($238583260) ($11190,942) $113196 ($23857,558) ($1,202,138) -0.39%
Yorba Linda Water District
Water Fund
For Five Months Ending November 30,2013
Annual YTD Nov YTD YTD YTD YTD
Budget Budget Actual Actual Under(Over) Under(Over) %of Annual
FY 2014 FY 2014 FY 2013 FY 2014 Annual Budget YTD Budget Budget
Revenue(Operating):
Water Revenue(Residential) $16,217,590 $6,757,329 $1,365,925 $8,660,194 7,557,396 (1,902,865) 53.40%
Water Revenue(Commercial&Fire Det.) 2,020,223 841,760 162,415 961,952 1,058,271 (120,192) 47.62%
Water Revenue(Landscape/Irrigation) 4,794,156 1,997,565 354,613 2,442,443 2,351,713 (444,878) 50.95%
Water Revenue(Service Charge) 4,468,716 1,861,965 365,942 1,775,410 2,693,306 86,555 39.73%
Other Operating Revenue 681,074 283,781 91,132 441,340 239,734 (157,559) 64.80%
Total Operating Revenue: 28,181,759 11,742,400 2,340,027 14,281,339 13,900,420 (2,538,939) 50.68%
Revenue(Non-Operating):
Interest 75,000 31,250 20,007 54,768 20,232 (23,518) 73.02%
Property Tax 1,264,672 526,947 100,994 149,472 1,115,200 377,475 11.82%
Other Non-Operating Revenue 501,200 208,833 53,311 296,230 204,970 (87,397) 59.10%
Total Non-Operating Revenue: 1,840,872 767,030 174,312 500,470 1,340,402 266,560 27.19%
Total Revenue 30,022,631 12,509,430 2,514,339 14,781,809 15,240,822 (2,272,379) 49.24%
Expenses(Operating):
Variable Water Costs(G.W.,Import&Power) 13,767,658 5,736,524 906,130 7,035,913 6,731,745 (1,299,388) 51.10%
Salary Related Expenses 6,987,204 2,911,335 502,281 2,704,078 4,283,126 207,257 40.52%
Supplies&Services:
Communications 283,371 118,071 25,561 85,302 198,069 32,769 30.10%
Contractual Services 504,089 210,037 31,933 173,324 330,765 36,713 34.38%
Data Processing 158,779 66,158 49,635 89,924 68,855 (23,766) 56.63%
Dues&Memberships 67,021 27,925 18,197 51,687 15,334 (23,762) 77.12%
Fees&Permits 152,224 63,427 10,581 58,264 93,960 5,163 38.28%
Insurance 278,293 115,955 - 213,055 65,238 (97,100) 76.56%
Materials 568,676 236,948 60,481 295,751 272,925 (58,803) 52.01%
District Activities,Emp Recognition 23,390 9,746 1,425 5,234 18,156 4,512 22.38%
Maintenance 357,243 148,851 38,662 130,223 227,020 18,628 36.45%
Non-Capital Equipment 121,534 50,639 2,832 41,272 80,262 9,367 33.96%
Office Expense 42,920 17,883 2,194 11,836 31,084 6,047 27.58%
Professional Services 747,785 311,577 45,410 216,584 531,201 94,993 28.96%
Training 64,403 26,835 546 10,231 54,172 16,604 15.89%
Travel&Conferences 48,389 20,162 1,075 11,001 37,388 9,161 22.73%
Uncollectible Accounts 23,250 9,688 (74) 1,186 22,064 8,502 5.10%
Utilities 83,700 34,875 - 6,051 77,649 28,824 7.23%
Vehicle Equipment 321,250 133,854 24,138 118,052 203,198 15,802 36.75%
Supplies&Services Sub-Total 3,846,317 1,602,632 312,596 1,518,977 2,327,340 83,655 39.49%
Total Operating Expenses 24,601,179 10,250,491 1,721,007 11,258,968 13,342,211 (1,008,476) 45.77%
Expenses(Non-Operating):
Interest on Long Term Debt 1,815,317 756,382 144,247 723,398 1,091,919 32,984 39.85%
Other Expense 71,400 29,750 2,500 20,223 51,177 9,527 28.32%
Total Non-Operating Expenses: 1,886,717 786,132 146,747 743,621 1,143,096 42,511 39.41%
Total Expenses 26,487,896 11,036,623 1,867,754 12,002,589 141485,307 (965,965) 45.31
Net Income(Loss)Before Capital Contributions 3,534,735 1,472,806 646,585 2,779,220 755,515 (1,306,414) 78.63%
Capital Contributions - - - - - 0.00%
Net Income(Loss)Before Depreciation 3,534,735 1,472,806 646,585 2,779,220 755,515 (1,306,414) 78.63%
Depreciation&Amortization 5,598,638 2,332,766 496,373 2,481,865 3,116,773 (149,099) 44.33%
Total Net Income(Loss) ($2,063,903) ($859,960) $150,212 $297,355 ($2,361,258) ($1157,315) -14.41%
Capital-Direct Labor (21,135) (127,112)
Yorba Linda Water District
Sewer Fund
For Five Months Ending November 30,2013
Annual YTD Nov YTD YTD YTD YTD
Budget Budget Actual Actual Under(Over) Under(Over) %of
FY 2014 FY 2014 FY 2013 FY 2014 Annual Budget YTD Budget Annual Budget,
Revenue(Operating):
Sewer Charge Revenue $135503530 $6463054 $1311485 $6691037 $8813493 $ (22,983) 43.15%
Locke Ranch Assessments 2003797 833665 145891 151895 1843902 675770 7.92%
Other Operating Revenue 363675 153281 35256 493662 (12,987) (34,381) 135.41%
Total Operating Revenue: 137883002 7453001 1493632 7343594 130533408 105407 41.08%
Revenue(Non-Operating):
Interest 121000 51000 709 23845 91155 21155 23.71%
Other Non-Operating Revenue 71950 31313 231476 281744 (20,794) (25,432) 361.56%
Total Non-Operating Revenue: 191950 81313 241185 311589 (11,639) (23,277) 158.34%
Total Revenue 138073952 7533313 173,817 7663183 130413769 (12,870) 42.38%
Expenses(Operating):
Salary Related Expenses 9171669 3821362 561968 3495700 5671969 321662 38.27%
Supplies&Services:
Communications 213829 93095 15924 63421 153408 25674 29.41%
Contractual Services 383751 163146 25511 133156 253595 25990 33.95%
Data Processing 111951 41980 31737 61769 51182 (1,789) 56.64%
Dues&Memberships 51314 21214 11370 31890 11424 (1,676) 73.20%
Fees&Permits 151141 61309 21357 73088 81053 (779) 46.81%
Insurance 201947 81728 - 165036 41911 (7,308) 76.56%
Materials 191099 71958 272 131587 51512 (5,629) 71.14%
District Activities, Emp Recognition 11761 734 108 388 11373 346 22.03%
Maintenance 1211908 501795 11270 291900 921008 205895 24.53%
Non-Capital Equipment 161417 61840 181 101913 51504 (4,073) 66.47%
Office Expense 31231 11346 164 887 21344 459 27.45%
Professional Services 371425 151594 21369 105929 261496 41665 29.20%
Training 61757 21815 118 41462 21295 (1,647) 66.04%
Travel&Conferences 41062 13693 82 820 33242 873 20.19%
Uncollectible Accounts 13750 729 (19) 59 13691 670 3.37%
Utilities 73100 23958 - 852 63248 23106 12.00%
Vehicle Equipment 453899 193125 45125 163169 293730 23956 35.23%
Supplies&Services Sub-Total 3791342 1581059 201569 1423326 2371016 153733 37.52%
Total Operating Expenses 132971011 5401421 771537 4923026 8041985 483395 37.94%
Expenses(Non-Operating):
Interest Expense - - - - - - 0.00%
Other Expense 61000 21500 - - 61000 21500 0.00%
Total Non-Operating Expenses: 61000 21500 - - 61000 21500 0.00%
Total Expenses 133033011 5423921 77,537 4923026 8103985 50,895 37.76%
Net Income(Loss)Before Capital Contributions 5043941 2103392 96,280 2743157 2303784 (63,765) 54.29%
Capital Contributions - - 43282 53949 53949 (5,949) 0.00%
Net Income(Loss)Before Depreciation 5043941 2103392 100,562 2803106 2363733 (69,714) 55.47%
Depreciation&Amortization 112991298 5411374 1131253 5663265 7331033 (24,891) 43.58%
Total Net Income(Loss) (7943357) (3303982) ($12,691) (2863159) (4963300) ($44,823) 36.02%
Capital-Direct Labor (1,469) 11469
ITEM NO. 4.2
AGENDA REPORT
Meeting Date: December 16, 2013
To: Finance-Accounting Committee
From: Steve Conklin, Acting General
Manager
Presented By: Delia Lugo, Acting Finance Dept: Finance
Manager
Prepared By: Delia Lugo, Acting Finance
Manager
Subject: Investment Report for Period Ending November 30, 2013
SUMMARY:
Staff is submitting the November 2013 Investment Report for the Committee's review.
DISCUSSION:
The Investment Portfolio Report presents the market value and percent yield for all District
investments by institution. The Investment Report Summary includes budget and actual interest and
average term portfolio information as well as market value broken out by reserve categories.
The total yield for the month ending November 30, 2013 is 0.66%.
The overall increase in the investment balance from the previous month is approximately
$860,000.00. A couple of the larger balance changes include an increase in the Water Operating
Fund of approximately $717,000, an increase in Sewer Operating Fund of approximately $99,000,
and an increase in the Water Capital Project Reserve of approximately $24,000 for capital gain on
investment.
STRATEGIC PLAN:
FR 1-F: Continue to Record and Report the Fairly Stated Financial Activities of the District in a
Timely and Transparent Manner to the Board of Directors and Member Agencies
ATTACHMENTS:
Name: Description: Type:
Invst Rpt 11-13.xlsx Investment Reort for Period Ending November 30,2013 Backup Material
Inv�genda Backup - November 2013.xlsx Agenda Backup Backup Material
Yorba Linda Water District
Investment Portfolio Report
November 30,2013
Market % Date of Percent
Value Par of Total Institution Maturity Yield
Checking Account:
$ 49903 $ 49903 Wells Fargo Bank
24,210 24,210 Pershing
$ 523,893 $ 523,893 2.64% Total 0.00%
Money Market Accounts:
$ 54,963 $ 54,963 Wells Fargo Money Market 0.03%
26,301 26,301 US Bank (Revenue Bonds) 0.03%
7,205,768 7,205,768 Bank of the West 0.34%
$ 7,287,031 $ 7,287,031 36.70% Total 0.34%
Federal Agency Securities:
$ 493,420 $ 50000 Fannie Mae 05/25/18 1.14%
490,845 50000 Federal Home Loan Bank 06/12/18 1.01%
495,345 50000 Fannie Mae 06/12/18 0.80%
492,350 50000 Federal Home Loan Bank 06/13/18 1.11%
492,575 5001000 Federal Home Loan Bank 06/20/18 1.14%
2,127,690 2511500 Federal Home Loan Bank 05/28/14 1.37%
$ 4,592,225 $ 4,61500 23.13% Total 1.19%
Certificates of Deposits:
$ 241,641 $ 24800 CIT Bank, Salt Lake 05/22/18 1.23%
241,641 24800 Discover 05/22/18 1.23%
24109 24800 Goldman Sachs Bank 05/22/18 1.23%
241,698 24800 Beal Bank 05/23/18 1.02%
243,169 24800 Wells Fargo 04/27/18 0.91%
239,632 24700 Barclays Bank 04/30/18 0.72%
242,482 24800 State Bank of India 05/14/18 1.17%
243,572 24900 Webster Bank 05/03/18 0.92%
241,612 2481000 American Express Centurion Bank 05/23/18 1.23%
241,582 24800 GE Capital Bank 05/24/18 1.12%
246,176 24900 Merrick Bank 05/24/17 0.75%
245,205 24800 BMW Bank 05/24/17 0.91%
247,157 24900 Firstbank Puerto Rico 05/24/16 0.75%
242,563 24900 Oriental Bank&Trust 05/29/18 1.07%
242,646 24900 Silvergate Bank 05/30/18 1.02%
242,538 24900 Enterprise Bank&TR Co Lowell 05/30/18 1.02%
242,533 24900 Safra National Bank 05/31/18 1.02%
241,577 24800 Townebank Portsmouth 05/31/18 1.02%
242,556 24900 Mascona Savings Bank 05/29/18 1.02%
$ 4,611,870 $ 4,71900 23.23% Total 0.80%
Pooled Investment Accounts:
$ 1,06600 $ 1506600 Local Agency Investment Fund 0.26%
1,773,318 15774,046 CalTRUST Short and Medium Term 0.70%
$ 2,839,918 $ 25840,646 14.30% 0.54%
$ 1998549938 $ 1999859571 100% Total Investments 0.66%
Per Government Code requirements,the Investment Report is in compliance with the Yorba
Linda Water District's Investment Policy,and there are adequate funds available to meet
budgeted and actual expenditures for the next six months.
Tiffany Nguyen,Senior Accountant
11/30/13
Investment Summary Report
Below is a chart summarizing the yields as well as terms and maturities for the month of November 2013:
Average #of
Month Portfolio Days to
of 2013 Yield Maturity
November 0.66% 603
Below is are charts comparing operating fund interest for current and prior fiscal years.
Actual Interest 11/30/2012 11/30/2013
Monthly- November $ 227288 $ 207716
Year-to-Date $ 537049 $ 577613
Budget 2012/2013 2013/2014
Interest Budget, November YTD $ 627500 $ 361250
Interest Budget, Annual $ 1507000 $ 877000
Interest earned on investments is recorded in the fund that owns the investment.
Investment Summary Comparison Between Current and Previous Month
The distribution of investments in the portfolio both in dollars and as a percentage of the total portfolio by funds
is as follows:
October 2013 %Alloc November 2013 %Alloc
Fund Description Balance 10/31/2013 Balance 11/30/2013
Water Operating Reserve $ 215431823 13.32% $ 371097230 16.07%
Water Emergency Reserve 9931938 5.31% 9977288 5.15%
Water Capital Project Reserve 717961227 41.62% 778207407 40.40%
Water Reserve for Debt Service 217251304 14.59% 277257936 14.08%
Maintenance Reserve 2007115 1.07% 2001115 1.03%
Employee Liability Reserve 1001000 0.54% 1001000 0.52%
COP Revenue Bond 2008- Reserve 211411776 11.54% 271531991 11.13%
Sewer Operating 661998 0.36% 677034 0.35%
Sewer Emergency Reserve 110047006 5.37% 170051115 5.19%
Sewer Capital Project Reserve 111747347 6.28% 171761140 6.08%
$ 18,746,534 100.00% $ 19,355,255 100.00%
Wells Fargo Bank Checking
Water Operating (136,678) 141872
Sewer Operating 3851515 4847811
248,837 499,683
Totals $ 18,995,371 $ 19,854,938