HomeMy WebLinkAbout2007-05-22 - Finance-Accounting Committee Meeting MinutesMINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE
May 22, 2007
ITEM NO. 14f f"
APPROVED BY THE BOARD Or O;RIECTO46
OF THE YORBA LINDA WATER DISTRICT
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A meeting of the Yorba Linda Water District Finance-Accounting Committee was called
to order by Committee Chair William R. Mills at 8:35 a.m. The meeting was held at
District Headquarters, 4622 Plumosa Drive, Yorba Linda.
DIRECTORS PRESENT:
Director William R. Mills, Chair
Director Michael J. Beverage
VISITORS PRESENT:
None
STAFF PRESENT:
Michael Payne, General Manager
Diane Cyganik, Finance Director
ACTION ITEMS:
1. Yorba Linda Water District Sewer Maintenance Fees Report Fiscal Year 2007-08.
The Committee discussed the report and would like to take out depreciation from
the formula. In addition, the Committee would like to increase the Rehabilitation &
Replacement Fund from $25,000 to $100,000, or by approximately .25% of the total
sewer assets net of depreciation. The Committee posed the question as to whether
the District can set up the sewer rate notice to build in a Consumer Price Increase
(CPI) for each year thereafter. Finance Director Cyganik and Ms. Betsy Martyn,
McCormick, Kidman & Behrens, LLP, discussed whether it was legal to include a
CPI increase in the notice. Ms. Martyn's response was affirmative. She advised
Finance Director Cyganik that the District can include an increase in CPI of a
percentage rate not to exceed 5%. The report will be presented to the Board at the
May 24, 2007 Board meeting.
DISCUSSION ITEMS:
2. Review the "Draft" financial aspects of the 2007/08 & 08/09 Budget.
The "Draft" budget was not discussed due to time constraints.
ADJOURNMENT:
The Committee adjourned at approximately 10:42 a.m. The next Finance-Accounting
Committee meeting is scheduled for June 8t at 9:00 a.m. at District Headquarters, 4622
Plumosa Drive, Yorba Linda, CA.