HomeMy WebLinkAbout2004-07-13 - Finance-Accounting Committee Meeting MinutesITEM NO. t
SUMMARY MINUTES OF THE
YORBA LINDA WATER DISTRICT
FINANCE ACCOUNTING COMMITTEE
J U LY 13, 2004
APPROVED BY THE BOARD OF DIRECTORS
OF THE YORBA LINDA (MATER DISTRICT.
AUG 1.2
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A meeting of the FINANCE ACOUNTING COMMITTEE was called to order by
Arthur C. Korn at 4:00 p.m. The meeting was held at the District headquarters,
4622 Plumosa Drive, Yorba Linda.
Directors present at Roll Call:
Arthur C. Korn, Chair
John W. Summerfield
Staff Present:
Michael Payne, General Manager
Beverly Meza, Business Manager
Art Vega, Systems Administrator
Ken Vecchiarelli, Asst. General Manage
Also Present:
Elena Zaretsky from PFM Financial Management, Inc.
1. PFM Financial Management. Inc. Presentation by Elena Zaretsky to the
finance committee. She explained what Public Financial Management's
(PFM) experience and that PFM is an Independent Investment Advisor. PFM
is an investment advisory service. PFM only deals with public agencies. The
committee members discussed the options and recommended against using
an investment advisor.
2. Investment Policv. Staff Members reported that staff is recommending
changes intended to address any inconsistencies between the Policy and the
California Government Code and help make the Policy a better management
tool. The committee members sna d staff members discussed recommended
changes
3. Citv of Placentia Sewer Contract. Staff members reported that the three year
contract had expired with the City of Placentia. Mr. Payne reported that they
had requested we treat hot spots for now.
4. Wells Fargo Credit Card Update. Staff members reported that since changing
to Wells Fargo the cost of administration of the credit card charges has gone
done significantly.