HomeMy WebLinkAbout2007-12-05 - Finance-Accounting Committee Meeting Minutes•
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MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE - ACCOUNTING COMMITTEE MEETING
December 5, 2007
A meeting of the Finance-Accounting Committee was called to order by Committee
Chair William R. Mills at 8:30 a.m. The meeting was held at the District Administrative
Office at 4622 Plumosa Drive, Yorba Linda.
COMMITTEE MEMBERS PRESENT:
Director William R. Mills, Chair
Director Michael J. Beverage
STAFF PRESENT:
Michael A. Payne, General Manager
Sandi Van Etten, Sr. Accountant
INTRODUCTION OF VISITORS AND PUBLIC COMMENTS:
Paul Kaymark, Charles Z. Fedak & Co.
ACTION ITEMS:
1. Audited Financial Statements as of June 30, 2007. Paul Kaymark presented the
audited financials. The Committee members requested some changes in wording
on the management discussion letter. The audited financials were reviewed and
will be presented at the the Board meeting on December 13. After approval, the
final version will be printed.
Paul Kaymark also commented that LAIF is earning 5.4% interest, and the District
might consider investing again. The life of fixed assets could be shortened using
"financial payback" vs "useful life" of the asset.
DISCUSSION ITEMS:
2. Proposed Water Rates for 2007-08 & 2008-09. Tom DeMars of Fieldman Rolapp
was contacted by phone. He presented information on coverage ration for the
bonds, ratings and water rate increases and insurance rates. The Committee
members agreed the District needs the full amount of the proposed bond issue to
cover capital projects. The $0.22/unit increase is needed to cover debt service for
the bonds. Staff and Committee members discussed water rates and
recommendations will be presented to the members of the Board at the December
13 Board of Directors meeting.
3. Investment Report for month ending October 31, 2007 was presented in the
committee agenda.
4. Monthly Report on Investments Ending November 30, 2007. Keith Khorey, Wells
Capital Management, sent the report for discussion by the Committee members.
ADJOURNMENT:
The Committee adjourned at 11:08 a.m to a regularly scheduled Finance-Accounting
Committee meeting scheduled for January 8, 2008 at 4:00 p.m.