HomeMy WebLinkAbout2007-03-13 - Finance-Accounting Committee Meeting MinutesITEM NO. !3 - 9, i
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE
March 13, 2007
A meeting of the Yorba Linda Water District Finance-Accounting Committee was called
to order by Committee Chairman William R. Mills at 4:00 p.m. The meeting was held at
District Headquarters, 4622 Plumosa Drive, Yorba Linda.
DIRECTORS PRESENT:
Director William R. Mills, Chairman
Director Michael J. Beverage
•
VISITORS PRESENT:
None
STAFF PRESENT:
Michael Payne, General Manager
Diane Cyganik, Finance Director
ACTION ITEMS
1. Consider a Professional Services Agreement with Stradling, Yocca, Carlson, &
Rauth for debt financing services.
Michael Payne reported on a meeting that staff had with Stradling, Yocca, Carlson,
& Rauth (Bond Counsel) regarding the possibility of issuing Certificates of
Participation and the use of Improvement District bonds. Staff is proposing entering
into a professional Services Agreement with bond counsel for issuing debt to fund
several capital projects. The committee offered advice to staff. The Committee
supports staffs approach and will recommend approval.
2. Consider Amendments to the Check Signing Policy & Procedures.
The Committee discussed amendments to the current policy on the Use of an
Automated Check Signing Machine and procedures. The Committee will
recommend approval of the amendments.
3. Consider Financial Statements for the six months ending December 31, 2006 and
the Financial Statements for the seven months ending January 31, 2007.
Finance Director Cyganik presented the Monthly Financial Statements for the
December 31, 2006 and the Financial Statements for the seven months ending
January 31, 2007.
The committee discussed several revisions to future financial statements. The
Committee will recommend the financial statements for the months ending
December 31, 2006 and seven months ending January 31, 2007 be received and
filed.
•
-1-
• STANDING ITEMS:
4. Review of Investment
January 31, 2007.
Reports for the months ending December 31, 2006 and
The Investment Reports for months ending December 31, 2006 and January 31,
2007 were discussed and accepted as presented.
5. Monthly status report on investments ending February 28, 2007. Report by Keith
Khorey of Wells Capital Management.
Keith Khorey, Principal of Wells Capital Management reported via conference call
and discussed the investment activity for the month of February. The committee
also discussed timing issues of bonds for capital projects. Mr. Khorey's response
was affirmative. The committee asked several other questions about certificates of
deposits and the current financial market.
INFORMATION ITEMS:
6. Policy Manual - Finance-Accounting Committee.
Mr. Payne reported to the committee that the policy manual for finance related had
been updated and that the books are available for the Board members use.
ADJOURNMENT
The Committee adjourned at approximately 5:58 a.m. The next Finance-Accounting
Committee meeting is scheduled for April 10, at 4:00 p.m. at District Headquarters,
4622 Plumosa Drive, Yorba Linda, CA.
CJ
-2-