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Home My WebLink About2014-03-28 - Finance-Accounting Committee Meeting Agenda PacketYorba Linda Water District AGENDA YORBA LINDA WATER DISTRICT FINANCE - ACCOUNTING COMMITTEE MEETING Friday, March 28, 2014, 8:00 AM 1717 E Miraloma Ave, Placentia CA 92870 1. CALL TO ORDER 2. ROLL CALL COMMITTEE Director Phil Hawkins, Chair Director Michael J. Beverage 3. PUBLIC COMMENTS STAFF Steve Conklin, Acting General Manager Delia Lugo, Finance Manager 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. Investment Report for Period Ending February 28, 2014 4.2. Budget to Actual Results for February 2014 4.3. Future Agenda Items and Staff Tasks 5. ADJOURNMENT 5.1. The next Finance - Accounting Committee meeting is scheduled to be held Monday, April 281 2014 at 4:00 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. AGENDA REPORT Meeting Date: March 28, 2014 To: Finance - Accounting Committee From: Steve Conklin, Acting General Manager Presented By: Delia Lugo, Finance Manager Dept: Prepared By: Kelly McCann, Senior Accountant Subject: Investment Report for Period Ending February 28, 2014 SUMMARY: ITEM NO. 4.1 Finance Staff is submitting the February 2014 Monthly Investment Reports 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 February 28, 2014 is 0.72 %. The overall increase in the investment balance from the previous month is approximately $604,000. A larger balance change includes an increase in the Water Operating Fund of approximately $544,000, predominantly due to a positive net effect between operating revenues and expenses through the reporting month of the fiscal year. 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: Nam( I nvst Rpt 2- 14.xlsx Inv�genda Backup - February 2014.xlsx Description: Investment Report for Period Ending February 2014 Agenda Backup Type: Backup Material Backup Material Yorba Linda Water District Investment Portfolio Report February 28, 2014 Market % Date of Percent Value Par of Total Institution Maturity Yield Checking Account. $ 125,804 $ 125,804 Wells Fargo Bank 41,743 41,743 Pershing $ 167,548 $ 167,548 0.81% Total 0.51% 0.00% Money Market Accounts: 100% Total Investments 0.72% $ 54,967 $ 54,967 Wells Fargo Money Market CIT Bank, Salt Lake 0.03% 26,302 26,302 US Bank (Revenue Bonds) Discover 0.03% 3,630,987 3,630,987 Bank of the West Goldman Sachs Bank 0.24% $ 3,712,256 $ 3,712,256 17.86% Total Beal Bank 0.24% Federal Agency Securities: 244,925 248,000 Wells Fargo $ 492,175 $ 500,000 Fannie Mae 05/25/18 1.14% 491,180 500,000 Federal Home Loan Bank 06/12/18 1.01% 497,160 500,000 Fannie Mae 06/12/18 0.80% 492,540 500,000 Federal Home Loan Bank 06/13/18 1.11% 492,845 500,000 Federal Home Loan Bank 06/20/18 1.14% 2,121,366 2,115,000 Federal Home Loan Bank 05/28/14 1.37% $ 4,587,266 $ 4,615,000 22.07% Total 0.51% 1.19% Certificates of Deposits: 100% Total Investments 0.72% $ 243,352 $ 248,000 CIT Bank, Salt Lake 05/22/18 1.22% 243,154 248,000 Discover 05/22/18 1.22% 243,464 248,000 Goldman Sachs Bank 05/22/18 1.22% 243,414 248,000 Beal Bank 05/23/18 1.01% 244,925 248,000 Wells Fargo 04/27/18 0.91% 241,667 247,000 Barclays Bank 04/30/18 0.71% 244,163 248,000 State Bank of India 05/14/18 1.16% 245,280 249,000 Webster Bank 05/03/18 0.91% 243,330 248,000 American Express Centurion Bank 05/23/18 1.22% 241,314 248,000 GE Capital Bank 05/24/18 1.13% 247,553 249,000 Merrick Bank 05/24/17 0.75% 246,564 248,000 BMW Bank 05/24/17 0.90% 248,305 249,000 Firstbank Puerto Rico 05/24/16 0.75% 244,296 249,000 Oriental Bank & Trust 05/29/18 1.07% 244,379 249,000 Silvergate Bank 05/30/18 1.01% 244,276 249,000 Enterprise Bank & TR Co Lowell 05/30/18 1.01% 244,264 249,000 Safra National Bank 05/31/18 1.01% 243,293 248,000 Townebank Portsmouth 05/31/18 1.01% 244,291 249,000 Mascoma Savings Bank 05/29/18 1.01% $ 4,641,287 $ 4,719,000 22.33% Total 1.01% Pooled Investment Accounts: $ 3,867,540 $ 3,867,540 Local Agency Investment Fund 0.24% CalTRUST Short Term 3,805,361 3,806,087 CalTRUST Short and Medium Term 0.79% $ 7,672,900 $ 7,673,627 36.92% 0.51% $ 2097819257 $ 209887,430 100% Total Investments 0.72% 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. Kelly D. McCann, Senior Accountant 2/28/14 Investment Summary Report Below is a chart summarizing the yields as well as terms and maturities for the month of February 2014: Average # of Month Portfolio Days to of 2014 Yield Maturity February 0.72% 535 Below is are charts comparing operating fund interest for current and prior fiscal years. Actual Interest Monthly - February Year -to -Date 2/28/2013 2/28/2014 $ 71213 $ 71441 $ 771671 $ 861171 Budget 2012/2013 2013/2014 Interest Budget, February YTD $ 1001000 $ 581000 Interest Budget, Annual $ 1501000 $ 871000 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: Fund Description Water Operating Reserve Water Emergency Reserve Water Capital Project Reserve Water Reserve for Debt Service Maintenance Reserve Employee Liability Reserve COP Revenue Bond 2008 - Reserve Sewer Operating Sewer Emergency Reserve Sewer Capital Project Reserve Water Operating Sewer Operating January 2014 % Alloc Balance 1/31/2014 $ 312671188 16.45% 110011322 5.04% 718501770 39.53% 217271276 13.73% 1911563 0.96% 1001000 0.50% 211501037 10.83% 3891551 1.96% 110061534 5.07% 111771513 5.93% $ 19,861,754 100.00% Wells Fargo Bank Checking (3,478) 318,922 315,444 February 2014 % Alloc Balance 2/28/2014 $ 318951325 18.86% 1, 003, 011 4.86% 718631144 38.07% 27271963 963 13.21 % 1911563 0.93% 1001000 0.48% 211471668 10.40% 3891572 1.89% 110061993 4.88% 113301213 6.44% $ 20,6555453 100.00% (87,511) 213,315 125,804 Totals $ 203177,198 $ 20, 781, 257 AGENDA REPORT Meeting Date: March 28, 2014 To: Finance - Accounting Committee From: Steve Conklin, Acting General Manager Presented By: Delia Lugo, Finance Manager Dept: Prepared By: Kelly McCann, Senior Accountant Subject: Budget to Actual Results for February 2014 DISCUSSION: ITEM NO. 4.2 Finance 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 February 2014. Through the month of February 2014, the District's water revenue is 72.5% of annual budget, which is 7.2% higher that 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 previous months reported reasons. Overall, Sewer Supplies and Services expenses are trending below budget the similar noted exceptions as 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: Feb 2014 consolidated stmt.xlsx Feb 2014 Water Stmt.xlsx Feb 2014 Sewer Stmt.xlsx Description: February 2014 Consolidated Statement February 2014 Water Statement February 2014 Sewer Statement Type: Backup Material Backup Material Backup Material Yorba Linda Water District Summary Financial Report Water & Sewer Funds For Eight Months Ending February 28, 2014 Revenue (Operating): Water Revenue (Residential) Water Revenue (Commercial & Fire Det.) Water Revenue (Landscape /Irrigation) Water Revenue (Service Charge) Sewer Charge Revenue Locke Ranch Assessments Other Operating Revenue Total Operating Revenue: Revenue (Non- Operating): Interest Property Tax Other Non - Operating Revenue Total Non - Operating Revenue: Total Revenue Expenses (Operating): Variable Water Costs (G.W., Import & Power) Salary Related Expenses Supplies & Services Total Operating Expenses Expenses (Non- Operating): Interest on Long Term Debt Other Expense Total Non - Operating Expenses: Total Expenses Net Income (Loss) Before Capital Contributions Capital Contributions Net Income (Loss) Before Depreciation Depreciation & Amortization Total Net Income (Loss) 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 $ 16, 217, 590 $ 10, 811, 727 $ 12, 264, 948 $ 3,952,642 $ (1,453,221) 75.63% 2,020,223 1,346,815 1,372,271 647,952 (25, 456) 67.93% 4,794,156 3,196,104 3,222,426 1,571,730 (26, 322) 67.22% 4,468,716 2,979,144 2,875,249 1,593,467 103,895 64.34% 1,550,530 1,033,687 1,058,136 492,394 (24, 449) 68.24% 200,797 133,865 115,928 84,869 17,937 57.73% 717,749 478,499 734,336 (16, 587) (255, 837) 102.31% 29, 969, 761 19, 979, 841 21, 643, 294 8,326,467 (1,663,453) 72.22% 87,000 1,264,672 509,150 58,000 843,115 339,433 86,170 791,823 552,269 830 472,849 (43,119) (28,170) 51,292 (212, 836) 99.05% 62.61% 108.47% 1,860,822 1,240,548 1,430,262 430,560 (189, 714) 76.86% 31,830,583 21,220,389 23,073,556 8,757,027 (1,853,167) 72.49% 13, 767, 658 7,904,873 4,225,654 9,178, 439 5,269,915 2,817,103 9,196, 200 4,997,488 2,329,497 4,571,458 2,907,385 1,896,162 (17, 762) 272,427 487,606 66.80% 63.22% 55.13% 25, 898,185 1,815,317 77,400 17, 265, 457 1,210,211 51,600 16, 523,185 1,151, 311 20,223 9,375,005 664,006 57,177 742,271 58,900 31,377 63.80% 63.42% 26.13% 1,892,717 1,261,811 1,171, 534 721,183 110,059 61.90% 271790,902 18,527,268 17,694,719 10,096,188 852,330 63.67% 4,039,681 2,693,121 5,378,837 (1,339,161) (2,705,498) 133.15% - - 5,949 5,949 (5,949) 0.00% 4,039,681 2,693,121 5,384,786 (1,333,212) (2,711,447) 133.30% 6,897,941 4,598,627 4,877,008 2,020,928 (278, 381) 70.70% (2,858,260) (1,905,507) 507,778 (3,354,140) (2,413,284) - 17.77% Revenue (Operating): Water Revenue (Residential) Water Revenue (Commercial & Fire Det.) Water Revenue (Landscape /Irrigation) Water Revenue (Service Charge) Other Operating Revenue Total Operating Revenue: Revenue (Non- Operating): Interest Property Tax Other Non - Operating Revenue Total Non - Operating Revenue: Total Revenue Expenses (Operating): Variable Water Costs (G.W., Import & Power) Yorba Linda Water District Water Fund For Eight Months Ending February 28, 2014 Annual YTD Feb YTD YTD YTD YTD Budget Budget Actual Actual Under(Over) Under(Over) % of Annual FY 2014 FY 2014 FY 2014 FY 2014 Annual Budget YTD Budget Budget $16,217,590 $10, 811, 727 $ 1,148,131 $12,264,948 $ 3,952,642 $ (1,453,221) 75.63% 2,020,223 1,346,815 134,009 1,372,271 647,952 (25, 456) 67.93% 4,794,156 3,196,104 243,416 3,222,426 1,571,730 (26, 322) 67.22% 4,468,716 2,979,144 366,028 2,875,249 1,593,467 103,895 64.34% 681,074 454,049 64,322 659,664 21,410 (205, 615) 96.86% 28,181, 759 18, 787, 839 1,955,906 20, 394, 558 7,787,201 (1,606,719) 72.37% 75,000 50,000 6,741 80,934 (5,934) (30, 934) 107.91% 1,264,672 843,115 1,407 791,823 472,849 51,292 62.61% 501,200 334,133 65,236 518,053 (16, 853) (183, 920) 103.36% 1,840,872 1,227,248 73,384 1,390,810 450,062 (163, 562) 75.55% 30,022,631 20,015,087 2,029,290 21,785,368 8,237,263 (1,770,281) 72.56% 13, 767, 658 9,178, 439 795,585 9,196, 200 4,571,458 (17, 761) 66.80% Salary Related Expenses 6,987,204 4,658,136 507,048 4,430,235 2,556,969 227,901 66.30% Supplies & Services: Communications 283,371 188,914 2,980 115,995 167,376 72,919 40.93% Contractual Services 504,089 336,059 19,006 286,033 218,056 50,026 56.74% Data Processing 158,779 105,853 4,059 100,225 58,554 5,628 63.12% Dues & Memberships 67,021 44,681 102 56,659 10,362 (11,978) 84.54% Fees & Permits 152,224 101,483 7,642 96,861 55,363 4,622 63.63% Insurance 278,293 185,529 707 214,088 64,205 (28, 559) 76.93% Materials 568,676 379,117 34,655 441,675 127,001 (62,558) 77.67% District Activities, Emp Recognition 23,390 15,593 727 9,934 13,456 5,659 42.47% Maintenance 357,243 238,162 21,322 171,611 185,632 66,551 48.04% Non - Capital Equipment 121,534 81,023 6,600 61,224 60,310 19,799 50.38% Office Expense 35,015 23,343 799 19,714 15,301 3,629 56.30% Professional Services 747,785 498,523 26,471 300,075 447,710 198,448 40.13% Training 64,403 42,935 3,807 16,701 47,702 26,234 25.93% Travel & Conferences 48,389 32,259 1,299 17,022 31,367 15,237 35.18% Uncollectible Accounts 23,250 15,500 (42) 870 22,380 14,630 3.74% Utilities 83,700 55,800 2,906 13,389 70,311 42,411 16.00% Vehicle Equipment 321,250 214,167 18,481 176,386 144,864 37,781 54.91% Supplies & Services Sub -Total 3,838,412 2,558,941 151,521 2,098,462 1,739,950 460,479 54.67% Total Operating Expenses 24, 593, 274 16, 395, 516 1,454,154 15, 724, 897 8,868,377 670,619 63.94% Expenses (Non- Operating): Interest on Long Term Debt 1,815,317 1,210,211 139,262 1,151, 311 664,006 58,900 63.42% Other Expense 71,400 47,600 - 20,223 51,177 27,377 28.32% Total Non - Operating Expenses: 1,886,717 1,257,811 139,262 1,171, 534 715,183 86,277 62.09% Total Expenses 26,479,991 17,653,327 1,593,416 16,896,431 9,583,560 756,896 63.81% Net Income (Loss) Before Capital Contributions 3,542,640 2,361,760 435,874 4,888,937 (1,346,297) (2,527,177) 138.00% Capital Contributions - - - - - - 0.00% Net Income (Loss) Before Depreciation 3,542,640 2,361,760 435,874 4,888,937 (1,346,297) (2,527,177) 138.00% Depreciation & Amortization 5,598,638 3,732,425 496,373 3,970,984 1,627,654 (238,559) 70.93% Total Net Income (Loss) (2,055,998) (1,370,665) (60,499) 917,953 (2,973,951) (2,288,618) - 44.65% Capital - Direct Labor (19,948) (201,933) Yorba Linda Water District Sewer Fund For Eight Months Ending February 28, 2014 Annual YTD Feb YTD YTD YTD YTD Budget Budget Actual Actual Under(Over) Under(Over) % of FY 2014 FY 2014 FY 2014 FY 2014 Annual Budget YTD Budget Annual Budge Revenue (Operating): Sewer Charge Revenue $ 1,550,530 $ 1,033,687 $ 129,372 $ 1,058,136 $ 492,394 $ (24,449) 68.24% Locke Ranch Assessments 200,797 133,865 51 115,928 84,869 17,937 57.73% Other Operating Revenue 36,675 24,450 1,447 74,672 (37,997) (50,222) 203.60% Total Operating Revenue: 1,788,002 1,192,001 130,870 1,248,736 539,266 (56,735) 69.84% Revenue (Non- Operating): Interest 12,000 8,000 700 5,236 6,764 2,764 43.63% Other Non - Operating Revenue 7,950 5,300 300 34,216 (26,266) (28,916) 430.39% Total Non - Operating Revenue: 19,950 13,300 1,000 39,452 (19,502) (26,152) 197.75% Total Revenue 138073952 132053301 1319870 132883188 5193764 (829887) 71.25% Expenses (Operating): Salary Related Expenses 917,669 611,779 58,010 567,252 350,417 44,527 62.35% Supplies & Services: Communications 21,829 14,553 224 8,488 13,341 6,065 38.88% Contractual Services 38,751 25,834 1,530 22,206 16,545 3,628 57.30% Data Processing 11,951 7,967 306 7,544 4,407 423 63.12% Dues & Memberships 5,314 3,543 8 4,265 1,049 (722) 80.26% Fees & Permits 15,141 10,094 290 9,609 5,532 485 63.46% Insurance 20,947 13,965 53 16,114 4,833 (2,149) 76.93% Materials 19,099 12,733 256 33,678 (14,579) (20,945) 176.33% District Activities, Emp Recognition 1,761 1,174 55 741 1,020 433 42.08% Maintenance 121,908 81,272 7,521 54,790 67,118 26,482 44.94% Non - Capital Equipment 16,417 10,945 281 11,925 4,492 (980) 72.64% Office Expense 11,136 7,424 4,339 5,760 5,376 1,664 51.72% Professional Services 37,425 24,950 1,748 16,231 21,194 8,719 43.37% Training 6,757 4,505 278 4,871 1,886 (366) 72.09% Travel & Conferences 4,062 2,708 58 1,234 2,828 1,474 30.38% Uncollectible Accounts 1,750 1,167 33 60 1,690 1,107 3.43% Utilities 7,100 4,733 283 1,587 5,513 3,146 22.35% Vehicle Equipment 45,899 30,599 1,719 31,932 13,967 (1,333) 69.57% Supplies & Services Sub -Total 387,247 258,165 18,982 231,035 156,212 27,130 59.66% Total Operating Expenses 1,304,916 869,944 76,992 798,287 506,629 71,657 61.18% Expenses (Non- Operating): Interest Expense - - - - - - 0.00% Other Expense 6,000 4,000 - - 6,000 4,000 0.00% Total Non - Operating Expenses: 6,000 4,000 - - 6,000 4,000 0.00% Total Expenses 133103916 8733944 765992 7983287 5123629 75,657 60.90% Net Income (Loss) Before Capital Contributions 4975036 3315357 54,878 4895901 75135 (158,544) 98.56% Capital Contributions - - - 5,949 5,949 (5,949) 0.00% Net Income (Loss) Before Depreciation 4979036 3319357 543878 4959850 139084 (1643493) 99.76% Depreciation & Amortization 1,299,298 866,199 113,253 906,024 393,274 (39,825) 69.73% Total Net Income (Loss) (8029262) (5343841) (589375) (4103174) (3803190) (1249667) 51.13% Capital - Direct Labor (203) (4,894)