HomeMy WebLinkAbout2008-06-10 - Finance-Accounting Committee Meeting Agenda PacketI,
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YORBA LINDA WATER DISTRICT
FINANCE - ACCOUNTING COMMITTEE MEETING
Tuesday, June 10, 2008, 4:00 p.m.
1717 E. Miraloma Avenue, Placentia - Tel: (714) 701 - 3020
AGENDA
COMMITTEE:
Director Michael J. Beverage, Chair
Director John W. Summerfield
Alternate: Director William R. Mills
STAFF:
Michael A. Payne, General Manager
Ken Vecchiarelli, Asst. Gen Mgr.
Sandi Van Etten, Senior Accountant
INTRODUCTION OF VISITORS AND PUBLIC COMMENTS:
Any individual wishing to address the Committee is requested to identify themselves and state the matter on which
they wish to comment. If the matter is on this agenda, the Committee Chair will recognize the individual for their
comment when the item is considered. No action will be taken on matters not listed on this agenda. Comments are
limited to matters of public interest and matters within the jurisdiction of the Water District. Comments are limited to
five minutes.
ACTION ITEMS:
This portion of the agenda is for items where staff presentations and committee discussions are needed
prior to formal committee actions.
Monthly Financial Statements for the ninth and tenth months ending March 31 and
April 30, 2008, respectively.
Recommendation: That the Finance-Accounting Committee review and
recommend to the Board of Directors that the Monthly Financial Statements
for March and April 2008 be received and filed.
DISCUSSION ITEMS:
This portion of the agenda is for matters such as technical presentations, drafts of proposed policies, or similar items
for which staff is seeking the advice and counsel of the Committee Members. This portion of the agenda may also
include items for information only.
2. Investment Report Ending April 30, 2008.
3. Monthly Portfolio Reports Ending May 31, 2008. Report by Keith Khorey, Wells
Capital Management.
4. Appropriations Limit .
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ADJOURNMENT:
The next Finance-Accounting Committee meeting is scheduled for July 8, 2008 at 4:00
P. M.
Accommodations for the Disabled.
Any person may make a request for a disability-related modification or accommodation needed for that person to be
able to participate in the public meeting by telephoning Michael A. Payne, District Secretary, at 714-701-3020, or
writing to Yorba Linda Water District, P.O. Box 309, Yorba Linda, CA 92885-0309. Requests must specify the
nature of the disability and the type of accommodation requested. A telephone number or other contact information
should be included so the District staff may discuss appropriate arrangements. Persons requesting a disability-
related accommodation should make the request with adequate time before the meeting for the District to provide
the requested accommodation.
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AGENDA REPORT
Committee Meeting Date: June 10, 2008
To: Finance-Accounting Committee
From: Michael A. Payne, General Manager
Staff Contact: Diane Cyganik, Finance Director
Sandi Van Etten, Senior Accountant
ITEM NO. J-
Reviewed by General Counsel: N/A Budgeted: N/A Total Budget:
Funding Source: All Funds
CEQA Account No: Job No:
Compliance: N/A Estimated Costs: Dept: Bus
Subject: Financial Statements for the ninth and tenth months of fiscal year 2007-2008 ending
March 31 and April 30, 2008, respectively.
SUMMARY:
A presentation will be made of the Financial Statements for the ninth and tenth months of fiscal
year 2007-2008 ending March 31 and April 30, 2008, respectively.
DISCUSSION:
The Water Operating Fund had a Net Loss for the ninth month of fiscal year 2007-2008 ending
March 31, 2008 of $626,058. The key factors are outlined below:
Yorba Linda Water District
Monthly Financial Statement Analysis - Water Operating Fund
For the Month Ending March 31, 2008
March ,
Y-T-D
Y-T-D
Budget
2008
Budget
Budget
Description
FY 2007/08
Actual Y-T-D
Remaining
Remaining
Total Water Sales
$
17,217,870
$
14,972,256
$
(2,245,614)
-13%
Total Variable Water Costs
$
10,520,000
$
7,554,953
$
2,965,047
28%
Personnel Costs
$
6,992,970
$
3,773,137
$
3,219,833
46%
Supplies & Services
$
3,740,200
$
2,238,305
$
1,501,895
40%
The Water Operating Fund is showing water sales greater than what we had anticipated due to
the drier weather conditions as well as the water rate increase that was not included in the
budget. The variable water costs are pretty much on target with budget. Personnel costs as well
as supplies & services are lower than anticipated based on the budget at this point in time.
Personnel costs are due to budgeted positions that have not been filled and supplies & services
are because of timing issues of as to when products are needed, ordered and received.
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The Sewer Fund had a Net Loss for the ninth month of fiscal year 2007-2008 ending March 31,
2008 of $108,875. The key factors are outlined below:
Yorba Linda Water District
Monthly Financial Statement Analysis - Sewer Operating Fund
For the Month Ending March 31, 2008
Description
Sewer Maintenance Charges
Personnel Costs
Supplies & Services
March,
Y-T-D
Budget
2008
Budget
FY 2007108
Actual Y-T-D
Remaining
$ 1,243,700
$ 904,609
$ (339,091)
$ 694,130
$ 430,625
$ 263,505
$ 336,600
$ 202,403
$ 134,197
Y-T-D
Budget
Remaining_
-27%
38%
40%
The Sewer Maintenance Charges are pretty much right on target as to what was budgeted for at
this point in time. The Personnel Costs as well as the Supplies & Services are slightly lower
than anticipated by 13% and 15%, respectively. However, there aren't any significant material
variances to report.
Financial Statement Overview for April 30, 2008
The Water Operating Fund had a Net Loss for the tenth month of fiscal year 2007-2008 ending
April 30, 2008 of $1,589,240. The key factors are outlined below:
Yorba Linda Water District
Monthly Financial Statement Analysis - Water Operating Fund
For the Month Ending April 30, 2008
April,
Y-T-D
Y-T-D
Budget
2008
Budget
Budget
Description
FY 2007108
Actual Y-T-D
Remaining
Remaining
Total Water Sales
$
17,217,870
$
15,805,047
$
(1,412,823)
-8%
Total Variable Water Costs
$
10,520,000
$
8,467,317
$
2,052,683
20%
Personnel Costs
$
6,992,970
$
4,184,394
$
2,808,576
40%
Supplies & Services
$
3,740,200
$
2,488,165
$
1,252,035
33%
The Water Operating Fund is showing water sales greater than what we had anticipated due to
the drier weather conditions as well as the water rate increase that was not included in the
budget. The variable water costs are within 4% of was budgeted. Personnel costs as well as
supplies & services are lower than anticipated based on the budget at this point in time.
Personnel costs are due to budgeted positions that have not been filled and supplies & services
are because of timing issues of as to when products are needed, ordered and received. The
increased Net Loss is attributable to the reclassification of the monthly units from Ag Credit
times the $.22 to cover the debt service on the 2008 Certificates of Participation (COP's) at the
inception of water rate increase as of January 1, 2008. These monies have been placed in a
restricted account and are only to be used to make the debt service payments.
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The Sewer Fund had a Net Loss for the tenth month of fiscal year 2007-2008 ending April 30,
2008 of $140,632. The key factors are outlined below:
Yorba Linda Water District
Monthly Financial Statement Analysis - Sewer Operating Fund
For the Month Ending April 30, 2008
April,
Y-T-D
Y-T-D
Budget 2008
Budget
Budget
Description FY 2007108 Actual Y-T-D
Remaining
Remaining
Sewer Maintenance Charges $ 1,243,700 $ 994,114
$ (249,586)
-20%
Personnel Costs $ 694,130 $ 479,256
$ 214,874
31%
Supplies & Services $ 336,600 $ 232,584
$ 104,016
31%
The Sewer Maintenance Charges are pretty much right on target with the budget. The
Personnel Costs as well as the Supplies & Services are slightly lower than anticipated by 15%.
However, there aren't any significant material variances to report.
PRIOR RELEVANT BOARD ACTION(S):
The Board of Directors reviews each quarter's financial statements. The financial statements for
the quarter ending December 31, 2007 were received and filed on April 24, 2008.
STAFF RECOMMENDATION:
That the Committee recommend the Board of Directors receive and file the financial statements
for the ninth and tenth months of fiscal year 2007-2008 ending March 31 and April 30, 2008,
respectively.
FUND 1
Schedule of Revenue & Expense
03 -31 -08
ANNUAL CURR YR VARIANCE VAR
BUDGET Y -T -D Y -T -D $
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Operating Revenues:
Metered water sales
16,789,370.00
14,654,489.43
2,134,880.57
13
Sewer maintenance charges
0.00
0.00
0.00
-100
Construction water sales
335,000.00
226,525.10
108,474.90
32
Irrigation sales
42,500.00
61,519.95
<19,019.95>
-45
Other
12,830.00
73,260.69
<60,430.69>
-471
Customer service fees
123,400.00
128,479.32
<5,079.32>
-4
Rents and royalties
102,100.00
49,605.40
52,494.60
51
Outside District water sales
45,000.00
22,443.87
22,556.13
50
Unmetered water sales
6,000.00
7,277.61
<1,277.61>
-21
Total Operating Revenues
17,456,200.00
15,223,601.37
2,232,598.63
13
Operating Expenses:
Variable water costs
10,520,000.00
7,554,952.95
2,965,047.05
28
Personnel services
6,992,970.00
3,773,137.00
3,219,833.00
46
Depreciation
2,933,300.00
2,283,264.18
650,035.82
22
Supplies and services
3,740,200.00
2,238,305.44
1,501,894.56
40
Total Operating Expenses
24,186,470.00
15,849,659.57
8,336,810.43
34
Operating (Loss)
<6,730,270.00>
<626,058.20>
<6,104,211.80>
91
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FUND 1
Schedule of Revenue & Expense
03 -31 -08
IChange in Net Assets: <4,451,470.00> 2,302,519.33 <955,162.03> 151
RUN DATE /TIME: 12:44:35 29 May 2008 REPORT ID: revexp07
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ANNUAL
CURR YR
VARIANCE
VAR
BUDGET
Y -T -D
Y -T -D
%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Nonoperating Revenues:
Property taxes - debt service
0.00
0.00
0.00
-100
Property taxes - operations
1,187,300.00
782,787.88
404,512.12
34
Interest income
65,000.00
603,786.19
<538,786.19>
-829
Other revenue
440,500.00
450,821.58
<10,321.58>
-2
Total Nonoperating Revenues
1,692,800.00
1,837,395.65
<144,595.65>
-9
Nonoperating expenses:
Interest expense
0.00
345,627.71
<345,627.71>
-100
Security Vulnerability Exp
0.00
0.00
0.00
-100
Other expense
0.00
104,352.44
<104,352.44>
-100
Total Nonoperating Expenses
0.00
449,980.15
<449,980.15>
-100
Income (Loss) before
Capital Contributions
<5,037,470.00>
761,357.30
<5,798,827.30>
114
Capital Contributions
586,000.00
1,541,162.03
<955,162.03>
-163
IChange in Net Assets: <4,451,470.00> 2,302,519.33 <955,162.03> 151
RUN DATE /TIME: 12:44:35 29 May 2008 REPORT ID: revexp07
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FUND 2
Schedule of Revenue & Expense
03 -31 -08
ANNUAL CURR YR VARIANCE VAR
BUDGET Y -T -D Y -T -D $
Operating Revenues:
Metered water sales
0.00
0.00
0.00
-100
Sewer maintenance charges
1,240,600.00
902,167.34
338,432.66
27
Construction water sales
0.00
0.00
0.00
-100
Irrigation sales
0.00
0.00
0.00
-100
Other
3,100.00
2,441.45
658.55
21
Customer service fees
0.00
0.00
0.00
-100
Rents and royalties
0.00
0.00
0.00
-100
Outside District water sales
0.00
0.00
0.00
-100
Unmetered water sales
0.00
0.00
0.00
-100
Total Operating Revenues
1,243,700.00
904,608.79
339,091.21
27
Operating Expenses:
Variable water costs
0.00
0.00
0.00
-100
Personnel services
694,130.00
430,624.78
263,505.22
38
Depreciation
444,500.00
380,456.29
64,043.71
14
Supplies and services
336,600.00
202,402.73
134,197.27
40
Total Operating Expenses
1,475,230.00
1,013,483.80
461,746.20
31
Operating (Loss)
<231,530.00>
<108,875.01>
<122,654.99>
53
s
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FUND 2
Schedule of Revenue & Expense
03 -31 -08
Capital Contributions 249,500.00
Change in Net Assets: 105,070.00
RUN DATE /TIME: 12:44:35 29 May 2008 REPORT ID: revexp07
74,808.90
<21,919.00>
174,691.10 70
174,691.10 120
ANNUAL
CURR YR
VARIANCE
VAR
BUDGET
Y -T -D
Y -T -D
$
Nonoperating Revenues:
Property taxes - debt service
0.00
0.00
0.00
-100
Property taxes - operations
65,100.00
0.00
65,100.00
100
Interest income
17,000.00
10,939.31
6,060.69
36
Other revenue
51000.00
1,476.87
3,523.13
70
Total Nonoperating Revenues
87,100.00
12,416.18
74,683.82
86
Nonoperating expenses:
•
Interest expense
0.00
0.00
0.00
-100
Security Vulnerability Exp
0.00
0.00
0.00
-100
Other expense
0.00
269.07
<269.07>
-100
Total Nonoperating Expenses
0.00
269.07
<269.07>
-100
Income (Loss) before
Capital Contributions
<144,430.00>
<96,727.90>
<47,702.10>
33
Capital Contributions 249,500.00
Change in Net Assets: 105,070.00
RUN DATE /TIME: 12:44:35 29 May 2008 REPORT ID: revexp07
74,808.90
<21,919.00>
174,691.10 70
174,691.10 120
FUND 1
Schedule of Revenue & Expense
04 -30 -08
ANNUAL CURR YR VARIANCE VAR
BUDGET Y -T -D Y -T -D %
Operating Revenues:
Metered water sales
16,789,370.00
15,457,516.03
1,331,853.97
8
Sewer maintenance charges
0.00
0.00
0.00
-100
Construction water sales
335,000.00
250,515.30
84,484.70
25
Irrigation sales
42,500.00
63,363.04
<20,863.04>
-49
Other
12,830.00
97,057.88
<84,227.88>
-656
Customer service fees
123,400.00
135,861.16
<12,461.16>
-10
Rents and royalties
102,100.00
49,605.40
52,494.60
51
Outside District water sales
45,000.00
25,356.79
19,643.21
44
Unmetered water sales
6,000.00
8,296.31
<2,296.31>
-38
Total Operating Revenues
17,456,200.00
16,087,571.91
1,368,628.09
8
Operating Expenses:
Variable water costs
10,520,000.00
8,467,317.00
2,052,683.00
20
Personnel services
6,992,970.00
4,184,393.74
2,808,576.26
40
Depreciation
2,933,300.00
2,536,935.96
396,364.04
14
Supplies and services
3,740,200.00
2,488,164.76
1,252,035.24
33
Total Operating Expenses
24,186,470.00
17,676,811.46
6,509,658.54
27
Operating (Loss)
<6,730,270.00>
<1,589,239.55>
<5,141,030.45>
76
•
E
FUND 1
Schedule
of Revenue &
Expense
04 -30 -08
ANNUAL
CURR YR
VARIANCE
VAR
BUDGET
Y -T -D
Y -T -D
$
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Nonoperating Revenues:
Property taxes - debt service
0.00
0.00
0.00
-100
Property taxes - operations
1,187,300.00
1,181,762.27
5,537.73
0
Interest income
65,000.00
676,780.91
<611,780.91>
-941
Other revenue
440,500.00
493,122.73
<52,622.73>
-12
Total Nonoperating Revenues
1,692,800.00
2,351,665.91
<658,865.91>
-39
Nonoperating expenses:
•
Interest expense
0.00
536,666.60
<536,666.60>
-100
Security Vulnerability Exp
0.00
0.00
0.00
-100
Other expense
0.00
109,585.56
<109,585.56>
-100
Total Nonoperating Expenses
0.00
646,252.16
<646,252.16>
-100
Income (Loss) before
Capital Contributions
<5,037,470.00>
116,174.20
<5,153,644.20>
101
Capital Contributions
586,000.00
3,440,340.22
<2,854,340.22>
-487
Change in Net Assets:
<4,451,470.00>
3,556,514.42
<2,854,340.22>
179
RUN DATE /TIME: 17:42:19 02 Jun 2008
REPORT ID: revexp07
E
Operating Revenues:
Metered water sales
Sewer maintenance charges
Construction water sales
Irrigation sales
Other
Customer service fees
Rents and royalties
Outside District water sales
Unmetered water sales
Total Operating Revenues
Operating Expenses:
Variable water costs
Personnel services
Depreciation
Supplies and services
Total Operating Expenses
Operating (Loss)
FUND 2
Schedule of Revenue & Expense
04 -30 -08
ANNUAL CURR YR VARIANCE VAR
BUDGET Y -T -D Y -T -D $
0.00
0.00
0.00
-100
1,240,600.00
991,411.64
249,188.36
20
0.00
0.00
0.00
-100
0.00
0.00
0.00
-100
3,100.00
2,702.45
397.55
13
0.00
0.00
0.00
-100
0.00
0.00
0.00
-100
0.00
0.00
0.00
-100
0.00
0.00
0.00
-100
1,243,700.00
994,114.09
249,585.91
20
0.00
0.00
0.00
-100
694,130.00
479,256.16
214,873.84
31
444,500.00
422,906.30
21,593.70
5
336,600.00
232,583.81
104,016.19
31
1,475,230.00
1,134,746.27
340,483.73
23
<231,530.00>
<140,632.18>
<90,897.82>
39
s
E
FUND 2
Schedule of Revenue & Expense
04 -30 -08
S
ANNUAL
CURR YR
VARIANCE
VAR
BUDGET
Y -T -D
Y -T -D
$
Nonoperating Revenues:
Property taxes - debt service
0.00
0.00
0.00
-100
Property taxes - operations
65,100.00
0.00
65,100.00
100
Interest income
17,000.00
11,144.37
5,855.63
34
Other revenue
5,000.00
1,525.44
3,474.56
69
Total Nonoperating Revenues
87,100.00
12,669.81
74,430.19
85
Nonoperating expenses:
Interest expense
0.00
0.00
0.00
-100
Security Vulnerability Exp
0.00
0.00
0.00
-100
Other expense
0.00
281.82
<281.82>
-100
Total Nonoperating Expenses
0.00
281.82
<281.82>
-100
Income (Loss) before
Capital Contributions
<144,430.00>
<128,244.19>
<16,185.81>
11
Capital Contributions
249,500.00
1,466,820.90
<1,217,320.90>
-488
Change in Net Assets:
105,070.00
1,338,576.71
<1,217,320.90>
-1174
RUN DATE /TIME: 17:42:19 02 Jun 2008
REPORT ID: revexp07
S
• • ITEM NO. 7-
I REPORT
Committee Meeting Date: June 10, 2008
To: Finance-Accounting Committee
From: Michael A. Payne, General Manager
Staff Contact: Diane Cyganik, Finance Director
Sandi Van Etten, Senior Accountant
Reviewed by General Counsel: N/A Budgeted: N/A Total Budget: N/A
Funding Source: N/A
CEQA Account No: Job No:
Compliance: N/A Estimated Costs: N/A Dept: Bus
Subject: Investment Report for April 2008
SUMMARY:
Government Code Section 53607, et, seq., requires the person delegated to invest funds to
make a quarterly report of the investments to the legislative body.
DISCUSSION:
I am submitting the April 2008 monthly investment report for your information. I will submit a
formal report of the investments for Board action for the quarter ending June 30, 2008 upon
approval of all of the Investment Reports.
Below is a chart summarizing the yields as well as terms and maturities for the month of April
2008:
Avg.
Avg. Portfolio
Portfolio
# of
Avg. Term
Month Yield With Out
Yield With
Days to
of
Portfolio in
of 2008 Wells Capital
Wells Capital
Maturity
Days
April 2.11%
2.37%
49
14
Below is a chart comparing operating fund interest for current and prior fiscal years:
Actual Interest 04/30/07 04/30/08
Monthly, Operating Fund $ 16,667 $ 250
Year-to-Date, Operating Fund $171,307 $27,518
Budget 2006/2007 2007/2008
Interest Budget, Operating Fund, April YTD $277,892 $71,667
Interest Budget, Operating Fund, annual $333,470 $86,000
Interest earned on investments is recorded in the Fund that owns the investment.
• •
Investment Summary Comparison
The distribution of investments in the portfolio both in dollars and as a percentage of the total
portfolio by funds is as follows:
Fund Description
04/30/08
Annexation Fund
$ 10,784,192
18.39%
Water Fund
-2,206,089
-3.76%
Water R&R Operating Reserve
2,000,000
3.41%
Restricted for 2008 Debt Service
482,082
0.82%
2003 Bond Fund
6
0.00%
2008 Bond Fund
32,868,399
56.04%
Sewer Fund
1,222,927
2.08%
Sewer R&R Operating Reserve
119,136
0.20%
Imp. Dist. No. 1
4,068,239
6.94%
Imp. Dist. No. 2
9.315.439
15.88%
58.654.331
100.00%
PRIOR RELEVANT BOARD ACTION(S):
Monthly Investment reports are presented to the Finance-Accounting Committee on a regular
basis. Quarterly Investment Reports are presented to the Board of Directors. The Investment
Report for the Quarter Ending December 31, 2007 was received and filed on February 28, 2008.
STAFF RECOMMENDATION:
That the Finance-Accounting Committee receive and file the report.
•
Market
%
Value
Cost
of Total
Cash & Checking Accounts:
$
345,788
$
345,788
1,200
1,200
$
346,988
$
346,988
0.59%
Money Market
Accounts:
$
835,831
$
835,831
217,439
217,439
$
1,053,270
$
1,053,270
1.80%
$
1,400,258
$
1,400,258
2.39%
California Asset Mgmt. Program:
Wells Fargo Bank
Imprest Cash
Total
•
Wells Fargo Money Market
Wells Fargo MM/Annexation
Total
Sub-total
Percent Investment Maturity
Yield Date Date
N/A
0.00%
0.70% N/A
0.70%
0.70%
0.53%
$ 6,554,573 $ 6,554,573 11.18% California Asset Mgmt. Program 2.96%
Money Market Account:
$ 32,868,399 $ 32,868,399 US Bank 2008 Revenue Bond 2.01%
6 6 US Bank 2003 Revenue Bond 2.01%
$ 32,868,405 $ 32,868,405 56.06% 2.01%
$ 40,823,236 $ 40,823,236 69.63% Sub Total Investments 2.11%
Individual Management Account:
$ 17,794,845 $ 17,805,167 30.37% Wells Capital Management 2.96%
$ 58,618,081 $ 58,628,403 100% Total Investments 2.37%
N/A
N/A
N/A
Per Government Code requirements, the Investment Report is in compliance with the Yorba Linda Water District's
Investment Policy, and there are adequate funds available to meet budgeted and actual expenditures for the next
six months.
Yorba Linda Water District
Investment Portfolio Report
April 30, 2008
Institution
Sandi Van Etten, Senior Accountant
4/30/2008
• • ITEM NO.
Account Overview
Yorba Linda Water District
Account #18611500
Funding Date: 10/25/2005
Portfolio Statistics as of. 5/31/2008
Account Characteristics:
Portfolio Yield to Maturity 2.87%
Total Unrealized Gains/(Losses) - Current: (4,474)
Total Net Realized Gains/(Losses) - Since Inception: 496
Total Long-Term Investments: -
Total Short Duration Investments/Money Market Secs: 16,741,764
Total Market Value: 16,741,764
Total Number of Issues in the Portfolio: 13
MARKET DATA
Overnight Fed Funds Rate: 2.00%
6-Month T-Bill Yield: 2.01%
12-Month T-Note Yield: 2.25%
WELLS CAPITAL MANAGEMENT
Holdings Report
Yorba Linda Water District
498,969
18611500
Days Duration Market Price
Securities Held as of. 5/31/08 on a Trade Date Basis
to Eff
Value + Accrued Percentage of Purchase
Maturity
Identifier Credit Ratings
Par Value Security Description
Coupon
Final
Effective
498,969
498,969
2.98%
Maturity
Maturity
Moody's S &P Fitch
10,204.647
10,224,746
60.95%
2.52%
I. Cash & Cash Equivalents (Original maturity of 90 days or less)
150
11,701,264
11,721,363
Cash
2.52%
109
0.14
U.S. DOLLARS
(0) PENDING CASH
(0)
Money Mkt Securities
Agency Discount Note
Commercial Paper
1247P2G16 P1 A -1+ NR
500,000 CAFCO LLC
0.000
07/01/08
07/01/08
29865LG91 P1 A -1+ NR
500,000 EUREKA SECURITIZATION CPDN
0.000
07/09/08
07/09/08
82124LG14 P1 A -1+ NR
500,000 SHEFFIELD RECEIABLES CPDN
0.000
07/01/08
07/01/08
Money Market Fund
VP7000038 NR NR NR
10,204,647 WF ADV MONEY MKT TR #645
2.524
06/01/08
Cash & Cash Equivalents Total
11,704,647
II. Marketable Securities (Original maturity greater than 90 days)
IIA: Short Term Securities (Remaining maturity of less than 365 days)
Corporate Securities
Corporate Obligation
38141 EKG3 Aa3 AA- AA-
700,000 GOLDMAN SACHS GROUP INC
3.013
07/29/08
07/29/08
40429CCU4 Aa3 AA- AA-
400,000 HSBC FINANCE CORPORATION
2.930
09/15108
09/15/08
59018YVZ1 Al A+ A+
700.000 MERRILL LYNCH & CO
2.748
08/22/08
08122/08
617446A82 Aa3 AA- AA-
650,000 MORGAN STANLEY
2.491
11/21/08
11/21/08
7591 EPAB6 A2 A A+
450,000 REGIONS FINANCIAL CORPORA-
2.838
08/08/08
08/08/08
929903AQ5 Aa3 AA- AA-
700,000 WACHOVIA CORP
2.949
10/28/08
10/28/08
3,600,000
Govt Securities
Gov Agncy Obligation
Money Mkt Securities
Agency Discount Note
31358BYRO AGY AGY AGY 1,450,000 FNMA
Commercial Paper
Short Term Securities Total 5,050,000
IIB: Long -Term Securities (Remaining maturity greater than 365 days)
Corporate Securities
Corporate Obligation
Long Term Securities Total 0
0 0.00
(0) (0) 0.00% 0.00%
0 0 0.00% 0.00%
31 0.09
Yorba Linda Water District
498,969
18611500
Days Duration Market Price
Market Market Value Holdings as YTM at
to Eff
Value + Accrued Percentage of Purchase
Maturity
Interest Account or Reset
0 0.00
(0) (0) 0.00% 0.00%
0 0 0.00% 0.00%
31 0.09
99.794
498,969
498,969
2.98%
107
39 0.11
99.736
498,679
498.679
2.98%
0.19
31 0.09
99.794
498,969
498,969
2.98%
3.01%
1 0.00
100.000
10,204.647
10,224,746
60.95%
2.52%
1 0.00
150
11,701,264
11,721,363
60.95%
2.52%
59
0.17
99.969
699,782
701,715
107
0.04
99.626
398,503
400,977
83
0.19
99.753
698,270
698,804
174
0.06
99.654
647,752
648,246
69
0.19
99.861
449,372
450,224
150
0.16
99.836
698,851
700.686
109
0.14
3,592,530
3,600,652
4.18% 3.01%
2.38% 2.93%
4.17% 2.75%
3.87% 2.49%
2.68% 2.84%
4.17% 2.95%
21.46% 2.82%
•
0.000 06/27108 06/27/08 27
0.08
99.860 1,447.970
1,447,970
8.65%
5.26%
85
0.12
5,040,500
5,048,622
30.11%
3.52%
0
0.00
0
0
0.00%
0.00%
Holdings Report
Securities Held as of 5/31/08 on a Trade Date Basis
Identifier Credit Ratings Par Value
Moody's S&P Fitch
Marketable Securities Total 5,050,000
16,754,647
Security Description Coupon
Final Effective Days
Maturity Maturity to Eff
Maturity
85
29
•
•
Yorba Linda Water District
18611500
Duration Market Price Market
Market Value
Holdings as
YTM at
Value
+ Accrued
Percentage of
Purchase _
Interest
Account
or Reset
0.12 5,040,500
5,048,622
30.11%
3.52%
0.05 16,741,764
16,769,985
100.00%
2.87 %,
•
•
Portfolio Summary Report Yorha Linda Water District
For the period : 05/01/08 to 05/31/08 18611500
Portfolio Characteristics
Portfolio Breakdown
Market Value:
16,741,763.66
Market Value
% of Account
Unrealized G /L:
(4,473.66)
Agency Discount Note
1,447,970.00
8.65%
Commercial Paper
1,496,617.09
8.94%
Yield To Maturity:
2.87%
Corporate Obligation
3,592,529.60
21.46%
Portfolio Duration:
0.05 Years
Money Market Fund
10,204,646.93
60.95%
Pending_Cash
0.04
0.00%
Avg. Days to Maturity:
29
Total
16,741,763.66
100.00%
Avg. Portfolio Credit Quality:
Aa1
Market Data
05/31/08
04/30/08
Yields.
6 Month Treasury Bill:
2.01%
1.64%
2 Year Treasury Note:
2.63%
2.26%
5 Year Treasury Note:
3.40%
3.03%
Fed Funds Target:
2.00%
2.00%
Credit Quality*
Effective Maturity Distribution
0.7o
--
P1 /MIG1/VMIG1 /A -1
8.9%
0.60
Aaa /AAA
8.6%
Aa /AA
14.6%
0.50
A/A
6.9%
Baa /BBB
0.0%
0.40
-
Other
0.0%
Cash /Overnights
61.0%
oso
-
Not Rated
0.0%
100.0%
0.20
` Moody's Ratings - Primary
0.10
S&P Ratings - Secondary
Fitch Ratings - Tertiary
0.00
o/n 2 to 90 91 to 180
181 to 1 year 1 to 2 years
> 2 years
The above information is an estimate of
certain investment calculations and does not represent your audited statement of record.
•
•
r,
• •
YORBA LINDA WATER DISTRICT
Statement of Cash Flows/Earnings for May 2008
I - Beginning Period Balances
As of 4/30/2008
Total Original Cost
17,745,944
+ Net Amort/Accr to Date
59,224
=Adjusted Book Value:
17,805,167
+ Accrued Interest Receivable
36,250
+ Unrealized Gain/(Loss)
(10,323)
= Total Market Value Plus Accrued Interest
17,831,094
11: Period Income Earned
+ Ending Accrual
28,222
- Begininning Accrual
(36,250)
+ Interest Received
38,180
- Interest Paid at Purchase
-
+ Interest Received at Sale
-
= Interest Earned in Period
30,1521
+ (Amort)/Accr This Period
11,929
= Monthly Portfolio Income $
42,0811
+ Contributions
-
- Withdrawals
(1,106,001)
+ Realized Gain/(Loss)
-
- Fees Paid This Period
(3,038)
- Prior Period Unrealized Gain/Loss
(10,323)
+ End Of Period Unrealized Gain/Loss
(4,474)
+ Net Receipts/Deliveries in Kind
0.00
+ Adjustments
0.00
= Net Change to the Portfolio 1
(1,091,260) 1
=Total Market Value Plus Accrued
Interest
16,769,986
III: End of Period Balances
As of 5/31/2008
Total Original Cost
16,678,747
+ Net Amort/Accr to Date
67,490
= Adjusted Book Value
16,746,237
+ Accrued Interest Receivable
28,222
+ Unrealized Gain/(Loss)
(4,474)
= Total Market Value Plus Accrued
Interest
16,769,986
Reconciliation Difference:
(0)
Wells Capital Management