HomeMy WebLinkAbout2007-10-09 - Finance-Accounting Committee Meeting MinutesITEM NO. 81 e,
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE
October 9, 2007
A meeting of the Yorba Linda Water District Finance-Accounting Committee was called
to order by Committee Chair William R. Mills at 4.02 p.m. The meeting was held at
District Headquarters, 4622 Plumosa Drive, Yorba Linda.
DIRECTORS PRESENT:
Director William R. Mills, Chair
Director Michael J. Beverage
INTRODUCTION OF VISITOR
None
ACTION ITEMS:
1. None
STAFF PRESENT:
Michael Payne, General Manager
Kenneth Vecchiarelli, Assistant GM
Sandi Van Etten, Senior Accountant
S AND PUBLIC COMMENTS:
DISCUSSION ITEMS:
2. Proposed Water Rates for 2007-08 & 2008-09.
The committee discussed revenues and expenses. For both 2008 and 2009, staff
proposed .22 cents for COP's for capital projects and .10 cents for operating costs.
Director Beverage is not in favor of the .10 cents increase to cover operating costs.
Director Mills suggested a compromise of .05 cents might be acceptable.
Staff wants the water rate/unit to go from the current $1.57 to $1.89 in 2008 and
$1.99 in 2009.
It was noted Metropolitan Water District is raising their rate by 10% in the near
future. The committee concurred this would be handled as a pass through to the
District's customers.
It was recommended the "average residential customer" consumption amount be
raised from 1700 cubic feet to approximately 2800 cubic feet/month.
It was recommended the District pull out of the Ag Credit program by 1/1/08. The
District has only six accounts in the program, which nets only $200-300 monthly.
It was suggested the committee might not need a monthly status report from Keith
Khorey, Wells Capital Management.
It was recommended to pass back to the District's customers, as of 1/1/08, the
refund the District received from MWDOC.
APPROVED BY THE KARD DF DiRECTORS
OFTHE YORBA, NLA WATER DISTRICT
I~ C, T 20
BY
STANDING ITEMS:
3. Investment Report for Month ending July 31, 2007. This item was not discussed.
4. Monthly Status Report on Investments Ending 9/30/07. Report by Keith Khorey of
Wells Capital Management. This item was not discussed.
ADJOURNMENT:
The next regularly scheduled Finance-Accounting Committee meeting is November 20,
2007 at 8:30 a.m.
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