HomeMy WebLinkAbout2006-03-13 - Finance-Accounting Committee Meeting MinutesfvoRBauNOawwTERDIST Mcr ITEM NO.
MAR 2 6 MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE - ACCOUNTING COMMITTEE MEETING
m A A C - fvbruery 13, 2006
A meeting of the Finance - Accounting Committee meeting was called to order by Committee
Chair Ric Collett at 4:00 p.m. The meeting was held at the District Headquarters, 4622
Plumosa Drive, Yorba Linda.
DIRECTORS PRESENT
Ric Collett, Chair
William R. Mills
STAFF PRESENT
Michael A. Payne, General Manager
ACTION ITEMS
1. Consider Investment report for quarter ending December 31, 2005.
At the request of the Board of Directors, the Committee discussed the Investment
reporting requirements. The Committee made suggestions on reporting future
investments.
2. Consider changes to Financial Statements for six months of fiscal year 2005-2006 period
ending December 31, 2005.
At the request of the Board of Directors, the Committee discussed the Financial
Statements and the new summary sheet distributed at the last Board meeting. The
Committee discussed possible revisions to the summary sheet to include the comparisons
from a year ago and also actual to budget. The committee also discussed the reporting
guidelines and depreciation. General Manager Payne stated he would compile a chart
showing the tracking of various accounts.
STANDING ITEMS:
3. Monthly status on Investments as of February 28, 2006 - Report by Wells Capital. There
was no report.
INFORMATION ITEMS:
4. Report on the Finance Director's position. General Manager Payne reported that Ms.
Diane Cyganik was hired as the new Finance Director. Ms. Cyganik will begin on April 3,
2006.
5. Update on special cut off audit by Moreland & Associates. The committee discussed the
special cut off audit by Moreland & Associates. The draft Audit will be completed in April
and will be presented to the Finance-Accounting Committee when completed.
ADJOURNMENT:
The committee adjourned at 5:33 p.m. The next regularly scheduled Finance-Accounting
Committee meeting is April 10, 2006.