HomeMy WebLinkAbout2006-05-02 - Finance-Accounting Committee Meeting MinutesITEM NO. 14
MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE
May 2, 2006
APPROVED BY THE BOARD OF DIRECTORS
OF THE YORBA LINDA WATER DISTRICT
MAY 08206
BY
A meeting of the Yorba Linda Water District Finance-Accounting Committee was called
to order by Committee Chairman Ric Collett at 8:10 a.m. The meeting was held at
District Headquarters, 4622 Plumosa Drive, Yorba Linda.
COMMITTEE:
Director Ric Collett, Chairman
Director William R. Mills
VISITORS PRESENT:
STAFF PRESENT:
Michael Payne, General Manager
Diane Cyganik, Finance Director
Keith Khorey, Principal, Wells Capital Management
STANDING ITEMS
2. Monthly status of investments as of April 26, 2006 - Keith Khorey, Principal of
Wells Capital Management discussed the monthly investment reports and
answered questions regarding descriptions and contents. There were no areas of
concern.
Following Mr. Khorey's report, the Committee members thanked him and he left the
meeting.
ACTION ITEMS
1. Selection of Independent Audit Firm for Fiscal Years ending June 30, 2006 -
2008.
The Committee asked questions as to the audit selection process, the cost of the
prior audit firm and the cost of the other firm interviewed. The Committee
requested the price of both firms that were interviewed be disclosed in the Board
of Director's agenda report. The Committee voiced support of staffs
recommendation of Charles Z. Fedak & Company to be the District's
Independent Auditors for the fiscal years ending June 30, 2006, 2007 and 2008.
INFORMATION ITEMS
3. None
ADJOURNMENT:
The next regularly scheduled Finance-Accounting Committee meeting is scheduled for
June 12, 2006.
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