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Home My WebLink About2008-10-14 - Finance-Accounting Committee Meeting MinutesITEM NO. _-9,6 MINUTES OF THE YORBA LINDA WATER DISTRICT FINANCE-ACCOUNTING COMMITTEE October 14, 2008 A meeting of the Yorba Linda Water District Finance-Accounting Committee was called to order by Committee Chairman Michael J. Beverage at 2:00 p.m. The meeting was held at the District's offices, 1717 E. Miraloma Ave, Placentia. DIRECTORS PRESENT: Director, Michael J. Beverage, Chair Director John W. Summerfield STAFF PRESENT: Michael Payne, General Manager Diane Cyganik, Finance Director Sandi Van Etten, Senior Accountant INTRODUCTION OF VISITORS AND PUBLIC COMMENTS: Mr. Nitin Patel, CPA and Ms. Daphnie Fuertez, CPA of Diehl, Evans & Company, LLP. ACTION ITEMS: 1. Audited Financial Statements for Fiscal Year 2007/2008. Mr. Nitin Patel, CPA and Ms. Daphnie Fuertez, CPA of Diehl Evans attended the meeting to present the draft of the Financial Statements. The Committee reviewed the Financial Statements and recommended that the Board of Directors receive and file them. Both staff and directors agreed that one change on the Combining Schedule of Revenues and Expenses would make the schedule clearer. Staff will contact the auditors to effect the change. DISCUSSION ITEMS: 2. Review of the Investment Report dated August 31, 2008. The Investment Report for month ending August 31, 2008 was discussed and accepted as presented. It was noted that capital project reserve and R&R reserve accounts have been added and funded. 3. Status report on Wells Capital portfolio investments as of September 30, 2008. The Committee called Keith Khorey to discuss the current market conditions. Keith confirmed that Wells Fargo Bank is buying Wachovia, and that we only own two corporate securities, Morgan Stanley and Wachovia, which both mature within a month. ADJOURNMENT: The Committee adjourned at approximately 3:20 p.m. The next Finance-Accounting Committee meeting is scheduled for November 10`h at 8:00 a.m. at the District's offices, 1717 E. Miraloma Avenue, Placentia, CA.