HomeMy WebLinkAbout2007-04-10 - Finance-Accounting Committee Meeting MinutesITEM NO. ~4' I
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE
April 10, 2007
A meeting of the Yorba Linda Water District Finance-Accounting Committee was called
to order by Committee Acting Chairman Michael J. Beverage at 4:01 p.m. The meeting
was held at District Headquarters, 4622 Plumosa Drive, Yorba Linda.
DIRECTORS PRESENT: STAFF PRESENT:
Director Michael J. Beverage, Acting Chair Michael Payne, General Manager
Director John W. Summerfield Diane Cyganik, Finance Director
VISITORS PRESENT:
None
ACTION ITEMS:
1. Consider Financial Statements for the eighth month ending February 28, 2007.
Finance Director Cyganik presented the Monthly Financial Statements for the
eighth month of fiscal year 2006/2007 ending February 28, 2007. The committee
discussed the new format and asked a few questions which were all answered.
The Committee will recommend that the financial statements for the months
0 ending February 28, 2007 be received and filed by the Board of Directors
STANDING ITEMS:
2. Review of Investment Report for the month ending February 28, 2007.
The Investment Report for month ending February 28, 2007 was discussed and
accepted as presented. The question was posed by Finance Director Cyganik
and General Manager Payne as to whether the Quarterly Investment Report
needs to be an Action Item on the Board of Director's agenda or if it could be
presented as a Consent Item. Director Beverage thought that since the monthly
investment reports were discussed at length in the committee meetings it could be
presented as a Consent Item. Director Summerfield concurred.
3. Monthly status of Wells Capital investments as of March 31, 2007.
Keith Khorey, Principal of Wells Capital Management reported via conference call
at 4:05 p.m. to discuss the activity that transpired in March 2007. Director
Summerfield asked about the possibility of investing more money in certificates of
deposits. Director Summerfield asked staff to compare the percentage rates to
Wells Capital as certificates of deposit mature. Mr. Khorey stated Wells Capital is
prohibited from buying these vehicles, and he would get the District the name of a
contact from Wells Fargo who handles these avenues. Mr. Khorey said his
0
directive was to preserve capital and liquidity, because he doesn't want to lock
anything for long terms in the event that the District should need access to the
monies. General Manager Payne asked who in his organization handles lines of
credit and Mr. Khorey stated Ms. Love of Wells Fargo. No further questions were
asked and the conference call was concluded by thanking Mr. Khorey.
INFORMATION ITEMS:
4. Orange County Water District Proposed Replenishment Assessment Rates and
Basin Production Percentages.
General Manager Payne shared the fiscal year 2007-08 options presented to the
District by OCWD for the Replenishment Assessment Rates (RA) and Basin
Production Percentage (BPP) with the committee. The BPP needs to be
established in April and will become effective July 1, 2007.
ADJOURNMENT:
The Committee adjourned at approximately 5:30 p.m. The next Finance-Accounting
Committee meeting is scheduled for May 8th at 4:00 p.m. at District Headquarters, 4622
Plumosa Drive, Yorba Linda, CA.
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