HomeMy WebLinkAbout2006-06-12 - Finance-Accounting Committee Meeting MinutesMINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE
June 12, 2006
ITEM NO. ?
APPROVED BY THE BOARD OF DIRECTOH6
OF THE YORBA LINDA WATER DISTRICT
JUN
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A meeting of the Yorba Linda Water District Finance-Accounting Committee was called to order
by Committee Chairman Ric Collett at 4:00 p.m. The meeting was held at District Headquarters,
4622 Plumosa Drive, Yorba Linda.
DIRECTORS PRESENT
Director Ric Collett, Chairman
Director William R. Mills
STAFF PRESENT
Michael Payne, General Manager
Diane Cyganik, Finance Director
Ken Vecchiarelli, Assistant G.M.
Lee Cory, Operations Manager
Gina Knight, H R Manager
VISITORS PRESENT
Paul Kaymark, CPA, Principal, Charles Z. Fedak & Company
INFORMATION ITEMS
3. March 31, 2006 Investment Report Update - Finance Director Cyganik handed out an
Investment Summary Report which was requested at the June 8, 2006 Board of Director's
meeting comparing the interest earnings for March 2005 vs. March 2006, the fiscal year-
to-date interest at March 31, 2005 vs. March 31, 2006 as well as the fiscal year 2004/2005
interest budget vs. fiscal year 2005/2006 interest budget in dollars in addition to
percentages that were presented. The Committee was pleased with the report and would
like to see this in the investment reports going forward. The report is attached for further
review by the Board Members.
STANDING ITEMS
2. Monthly status in investments as of May 31, 2006 - Keith Khorey, Principal of Wells
Capital Management provided Portfolio Reports of the Yorba Linda Water District as it
stood at May 31, 2006 outlining the activity that transpired during the month. Mr. Khorey
was unable to participate in the normal conference call during this meeting. However,
there were no areas of concern.
ACTION ITEMS
1. Fiscal Year 2005-2006 Audit Entrance Meeting - Paul Kaymark, CPA of Charles Z. Fedak &
Company discussed the scope of the audit and went over the Firm's standard Audit
Questionnaire which contained 29 questions of which the Committee as well as staff gave
their feedback and answered the questions accordingly. The Committee as well as the
staff looks forward to working with the Firm. No action was required on this item.
Following Mr. Kaymark's report, the Committee members thanked him and he left the meeting.
ADJOURNMENT:
The next regularly scheduled Finance-Accounting Committee meeting is scheduled for July 10,
2006.
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