HomeMy WebLinkAbout2007-11-09 - Finance-Accounting Committee Meeting MinutesITEM NO. /0• e .
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE
November 9, 2007
A meeting of the Yorba Linda Water District Finance-Accounting Committee was called
to order by Committee Chairman William R. Mills at 8:40 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
STAFF PRESENT:
Michael Payne, General Manager
Ken Vecchiarelli, Assistant General Mgr.
Sandi Van Etten, Sr. Accountant
VISITORS PRESENT:
None
ACTION ITEMS:
1. None
DISCUSSION ITEMS:
2. Proposed Water Rates for 2007-08 & 2008-09. The Committee members
requested further research on the fixed monthly service charge and further
requested staff to prepare a definition and formula for this service charge. The
Committee members' main concern is to support and recommend the $0.22 per
billing unit commodity increase needed for capital improvements and
replacements. Staff is also recommending transfer of $2,000,000 from the
annexation fund to a water reserve account for unplanned emergencies.
STANDING ITEMS:
3. Investment Report for Month ending July 31, 2007 was already presented and
reviewed at the previous Finance-Accounting Committee meeting held October 9.
4. Investment Report for Month ending August 31, 2007 and September 30, 2007.
The Committee members reviewed the August and September investment reports.
The negative $4,100,000 balance for water fund cash and investments was noted
with the comment that the District is spending down its investments to pay for
capital projects in progress.
5. Monthly Status Report on Investments Ending October 31, 2007. The Committee
reviewed a written report prepared by Keith Khorey of Wells Capital Management.
The Committee members requested Mr. Khorey continue presenting his monthly
updates while the market and interest rates are in a declining position.
ADJOURNMENT:
. The Committee adjourned at 530 p.m. The next meeting of the Finance-Accounting
Committee is scheduled for December 5, 2007 at 4:00 p.m.