HomeMy WebLinkAbout2005-10-11 - Finance-Accounting Committee Meeting MinutesITEM NO. 11 fL,
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MINUTES OF THE MEETING 0MY(MIKUNDAWARR0191710
YORBA LINDA WATER DISTRICT OCT 2 77
FINANCE - ACCOUNTING COMMITTEE MEETING
October 11, 2005,4:00 P.M.
BY
A meeting of the Finance-Accounting Committee was called to order by Committee
Chairman William Mills at 4:05 p.m. The meeting was held at the District Headquarters,
4622 Plumosa Drive, Yorba Linda.
DIRECTORS PRESENT: STAFF PRESENT:
Director William Mills, Chair Michael A. Payne, General Manager
Ric Collett, Director Beverly Meza, Business Manager
VISITORS PRESENT:
Kathleen Barnes, Principal at Wells Capital Management.
ACTION ITEMS:
1. Award a Professional Services Agreement to Moreland and Associates in the
amount of $5000 for conducting a special cash and investment cut-off audit to
correspond with the retirement of the Business Manager.
Michael Payne reported that Beverly Meza would be retiring at the end of the year
and since Beverly is the District's financial officer, a special audit should be done to
insure that the investments and financials are accounted for.
The committee concurred and will recommend to the Board of Directors that a
Professional Services Agreement with Moreland and Associates be approved for
conducting a special cash and investment cut-off audit in the amount of $5,000.
Keith Khorey, Principal at Wells Capital Management arrived at 4:20 p.m.
2. Consider Changes to the District's Public Funds Investment Policy.
Michael Payne reported that each year the Board of Directors reviews the District's
Public Investment policy. Since the District recently contracted with Wells Capital
Management, staff requested Keith Khorey to provide recommendations to the
Finance committee on proposed changes to the current policy to insure the District
is maximizing the investment portfolio. The committee discussed three proposed
changes and will recommend to the Board of Directors that changes be made in
the area of commercial paper, change of language in requiring physical delivery of
mid term notes and changing the requirement of a "AA" rating to a "A" rating.
STANDING ITEMS:
3. Investment report - Report by Wells Capital
Michael Payne reported the District's annual review of public investing be done.
Since the District has contracted with Wells Capital, staff requested Keith to
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provide recommendations to the Board of Directors on proposed changes. The
committee discussed 3 proposed changes and will recommend to the Board of
Directors that changes be made in the area of commercial paper,
Beverly Meza, Keith Khorey and Kathleen Bames left the meeting at 5:20 p.m.
4. Financial statements report
Michael Payne stated there was no report on the financial statements.
5. Review of customer and development fees
Michael Payne reported that staff is reviewing and proposes adjustments to the
customer and development fees. Staff will have a complete report at the next
finance committee meeting.
INFORMATION ITEMS:
6. None
ADJOURNMENT:
The Committee adjourned at 5:45 p.m.
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