HomeMy WebLinkAbout2004-10-12 - Finance-Accounting Committee Meeting MinutesITEM 7t~f
APPROVED BY THE BOARD OF DIRECTORS
OF THE VORBA LINDA WATER DISTRICT.
MINUTES OF THE OCT
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE MEETING
Tuesday October 12, 2004, 4:00 P.M.
A meeting of the Finance-Accounting Committee was called to order by
Committee Chair Arthur C. Korn at 4:00 p.m. The meeting was held at the
District Headquarters, 4622 Plumosa Drive, Yorba Linda.
DIRECTORS PRESENT STAFF PRESENT
Arthur C. Korn, Chair Michael A. Payne, General Manager
John Summerfield Beverly Meza, Business Manager
ALSO PRESENT
Katherine Beseau, Moreland & Associates, Inc.
ACTION CALENDAR ITEMS
Financial Statements for one Month ending July 31, 2004.
Staff presented the Financial Statements. This item was reviewed and
recommended to the Board of Directors that the financial statements
for the one month ending July 31, 2004 be received and filed.
DISCUSSION ITEMS
2. Developer and Customer Service Fees
Michael Payne reported that staff is currently reviewing the developer
and customer service fees.
STANDING ITEMS
3. Water Rates
Staff reviewed with the Committee the state property tax shift, OCWD
replenishment assessments, Cal Pers and other expense that could
affect the water rate which goes into effect on January 2005. The
Committee discussed the water rate and made recommendations.
4. State Budget Update
Staff reported the District will lose at least 40% of the District's property
taxes that will be shifted to the state. The property tax shift could
reach the maximum of 10% of the District's total revenue for the year
ended June 2002.
INFORMATION ITEMS
5. District Audit
Staff reported the audited financial statements have been completed
by Moreland and Associates, Inc. Moreland and Associates, Inc. will
attend the October 21, 2004 meeting and review the statements with
the Committee. A copy of the financial statements was distributed to
the Committee.