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Home My WebLink About2009-04-14 - Finance-Accounting Committee Meeting Agenda Packet Yorba Linda Water District FINANCE - ACCOUNTING COMMITTEE MEETING Tuesday, April 14, 2009, 4:00 PM 1717 E Miraloma Ave, Placentia CA 92870 AGENDA COMMITTEE STAFF Director Michael J. Beverage, Chair Ken Vecchiarelli, General Manager Director John W. Summerfield Pat Grady, Assistant General Manager Diane Cyganik, Finance Director Sandi Van Etten, Senior Accountant PUBLIC COMMENTS Any individual wishing to address the Committee is requested to identify themselves and state the matter on which they wish to comment. If the matter is on this agenda, the Committee Chair will recognize the individual for their comment when the item is considered. No action will be taken on matters not listed on this agenda. Comments are limited to matters of public interest and matters within the jurisdiction of the Water District. Comments are limited to five minutes. ACTION ITEMS This portion of the agenda is for items where staff presentations and committee discussions are needed prior to formal committee action. 1. Investment Report ending February 28, 2009. 2. Monthly Financial Statements for the Period ending February 28, 2009. DISCUSSION ITEMS This portion of the agenda is for matters such as technical presentations, drafts of proposed policies, or similar items for which staff is seeking the advice and counsel of the Committee Members. This portion of the agenda may also include items for information only. 3. Monthly Portfolio Report ending March 31, 2009. Report by Keith Khorey, Wells Capital Management. 4. Operating and Non-Operating Expense Budget. 5. Update on Actuarial RFP's. 6. Future Agenda Items and Staff Tasks. 1 i ADJOURNMENT The next meeting of the Finance-Accounting Committee will be held May 12, 2009 at 4:00 p.m. Items Distributed to the Committee Less Than 72 Hours Prior to the Meeting Pursuant to Government Code section 54957.5, non-exempt public records that relate to open session agenda items and are distributed to the Committee less than seventy-two (72) hours prior to the meeting will be available for public inspection in the lobby of the District's business office located at 1717 E. Miraloma Avenue, Placentia, CA 92870, during regular business hours. When practical, these public records will also be made available on the District's internet website accessible at http://www.ylwd.com/. Accommodations for the Disabled Any person may make a request for a disability-related modification or accommodation needed for that person to be able to participate in the public meeting by telephoning the Executive Secretary at 714-701-3020, or writing to Yorba Linda Water District, P.O. Box 309, Yorba Linda, CA 92885-0309. Requests must specify the nature of the disability and the type of accommodation requested. A telephone number or other contact information should be included so the District staff may discuss appropriate arrangements. Persons requesting a disability-related accommodation should make the request with adequate time before the meeting for the District to provide the requested accommodation. 2 ITEM NO. AGENDA REPORT Committee Meeting Date: April 14, 2009 To: Finance-Accounting Committee From: Ken Vecchiarelli, General Manager Staff Contact: Diane Cyganik, Finance Director Sandi Van Etten, Senior Accountant Reviewed by General Counsel: N/A Budgeted: N/A Total Budget: N/A Funding Source: N/A CEQA Account No: Job No: Compliance: N/A Estimated Costs: N/A Dept: Bus Subject: Investment Report for February 2009 SUMMARY: Government Code Section 53607, et, seq., requires the person delegated to invest funds to make a quarterly report of the investments to the legislative body. DISCUSSION: Staff is submitting the February 2009 monthly investment report for your review and approval. Staff will submit a quarterly report of the investments for Board action for the quarter ending March 31, 2009 upon its approval by the Finance-Accounting Committee. Below is a chart summarizing the yields as well as terms and maturities for the month of February 2009: Avg. Avg. Portfolio Portfolio # of Avg. Term Month Yield Without Yield With Days to of Portfolio In of 2009 Wells Capital Wells Capital Maturity Days February 0.32% 0.79% 125 43 Below is a chart comparing operating fund interest for current and prior fiscal years: Actual Interest 02/29/08 02/28/09 Monthly, Operating Fund $ 964 $ 385 Year-to-Date, Operating Fund $26,313 $ 5,155 Budget 2007/2008 2008/2009 Interest Budget, Operating Fund, February YTD $57,333 $43,000 Interest Budget, Operating Fund, Annual $86,000 $64,500 Interest earned on investments is recorded in the Fund that owns the investment. Investment Summary Comparison The distribution of investments in the portfolio both in dollars and as a percentage of the total portfolio by funds is as follows: Fund Description Balance 02/28/09 Annexation $9,382,954 19.67% Water Operating (5,097,823) -10.69% Water R&R 2,043,346 4.28% Water-Capital Projects 149,500 0.31% Restrict-Debt Service 1,498,782 3.14% COP Bond 2003 0 0.00% COP Bond 2008 23,810,184 49.91% Sewer Operating 1,387,053 2.91% Sewer R&R 291,675 0.61% Sewer Capital Projects 188,230 0.40% ID1 4,426,645 9.28% ID2 9,627,098 20.18% $47.707,644 100.00% PRIOR RELEVANT BOARD ACTION(S): These reports are presented to the Finance-Accounting Committee on a regular basis. Quarterly Investment Reports are presented to the Board of Directors. The Investment Report for the quarter ending December 31, 2008 was received and filed by the Board of Directors on February 26, 2009. I STAFF RECOMMENDATION: That the Finance-Accounting Committee receive and file the report. i Yorba Linda Water District Investment Portfolio Report February 28, 2009 Market % Percent Investment Maturity Value Cost of Total Institution Yield Date Date Cash & Checking Accounts: $ 109,444 $ 109,444 Wells Fargo Bank N/A 1,200 1,200 lmprest Cash $ 110,644 $ 110,644 0.23% Total 0.00% Money Market Accounts: $ 178,355 $ 178,355 Wells Fargo Money Market 0.35% N/A - - Wells Fargo MM/Annexation 0.35% $ 178,355 $ 178,355 0.37% Total 0.35% $ 288,999 $ 288,999 0.61% Sub-total 0.22% California Asset Mgmt. Program: $ 6,674,106 $ 6,674,106 14.01% California Asset Mgmt. Program 1.02% N/A Money Market Account: $ 23,810,184 $ 23,810,184 US Bank 2008 Revenue Bond 0.13% 0 0 US Bank 2003 Revenue Bond 0.00% N/A $ 23,810,184 $ 23,810,184 49.97% 0.13% $ 30,773,289 $ 30,773,289 64.59% Sub Total Investments 0.32% Individual Management Account: $ 16,915,187 $ 16,872,779 35.41% Wells Capital Management 1.65% N/A $ 47,688,476 $ 47,646,068 100% Total Investments 0.79% Per Government Code requirements, the Investment Report is in compliance with the Yorba Linda Water District's Investment Policy, and there are adequate funds available to meet budgeted and actual expenditures for the next six months. Santtk; Vox Blfrx. Sandi Van Etten, Senior Accountant 2/28/2009 ITEM NO. AGENDA REPORT Committee Meeting Date: April 14, 2009 To: Finance-Accounting Committee From: Ken Vecchiarelli, General Manager Staff Contact: Diane Cyganik, Finance Director Sandi Van Etten, Senior Accountant Reviewed by General Counsel: N/A Budgeted: N/A Total Budget: Funding Source: All Funds CEQA Account No: Job No: Compliance: N/A Estimated Costs: Dept: Bus Subject: Financial Statements for the period ending February 28, 2009. SUMMARY: A presentation will be made of the Financial Statements for month ending February 28, 2009. DISCUSSION: The Water Fund had an operating loss of $2,622,064 through February 28, 2009. The key factors are outlined below: Yorba Linda Water District Monthly Financial Statement Analysis - Water Operating Fund For the Month Ending February 28, 2009 February Y-T-D Y-T-D Budget 2009 Budget Budget Description FY 2008/09 Actual Y-T-D Remaining Remaining Total Water Revenue $ 17,498,010 $ 12,615,223 $ (4,882,787) -28% Total Variable Water Costs $ 11,156,500 $ 7,290,496 $ 3,866,004 35% Personnel Costs $ 7,389,200 $ 3,751,161 $ 3,638,039 49% Supplies & Services $ 3,773,100 $ 2,112,650 $ 1,660,450 44% Revenues are higher than anticipated through February with the variance similar to prior months. Variable costs are about on target; however when monthly meter reading is implemented on April 1, 2009, water billing revenue and water costs will be more synchronized with less of a timing difference for reporting purposes. Both Personnel Costs and Supplies & Services are under budget at this point in time, with the factors affecting the variance similar to prior months. The operating loss through February is approximately the same amount as the YTD net cash activity for water's operating fund bank account at Wells Fargo. This account still has around the same negative balance as last month. The water fund's budgeted operating loss at this point in time is $3,833,032, which includes depreciation expense. I The Sewer Fund had an operating loss of $142,503 for month ending February 28, 2009. The key factors are outlined below: Yorba Linda Water District Monthly Financial Statement Analysis - Sewer Operating Fund For the Month Ending February 28, 2009 February Y-T-D Y-T-D Budget 2009 Budget Budget Description FY 2008/09 Actual Y-T-D Remaining Remaining Sewer Maintenance Charges $ 1,249,850 $ 838,536 $ (411,314) -33% Personnel Costs $ 730,800 $ 420,802 $ 309,998 42% Supplies & Services $ 339,600 $ 203,623 $ 135,977 40% The Sewer Maintenance Charges are at budget. This would be expected as sewer revenue is a fixed amount per customer account. Personnel Costs and Supplies & Services are under budget, with the factors contributing to the variance similar to other months. The operating loss at this point in time is slightly higher than budgeted loss of $134,232. PRIOR RELEVANT BOARD ACTION(S): The Board of Directors reviews each quarter's financial statements. The financial statements for the quarter ended December 31, 2008 were received and filed on February 26, 2009. STAFF RECOMMENDATION: That the Committee recommend the Board of Directors receive and file the financial statements for the eighth month of fiscal year 2008-09. I FUND 1 Schedule of Revenue & Expense 02-28-09 ANNUAL CURE YR VARIANCE VAR BUDGET Y-T-D Y-T-D $ Operating Revenues: Metered water sales 17,040,410.00 14,407,253.56 2,633,156.44 15 Sewer maintenance charges 0.00 0.00 0.00 -100 Construction water sales 355,000.00 210,280.67 144,719.33 41 Irrigation sales 45,600.00 55,833.56 <10,233.56> -22 Other 13,490.00 56,455.02 <42,965.02> -318 Customer service fees 124,600.00 152,666.84 <28,066.84> -23 Rents and royalties 99,100.00 41,565.51 57,534.49 58 Outside District water sales 50,000.00 17,833.73 32,166.27 64 Unmetered water sales 7,000.00 5,627.90 1,372.10 20 To:-Restricted for Debt Serv" 0.00 <2,081,606.08> 2,081,606.08 -100 Total Operating Revenues 17,735,200.00 12,865,910.71 4,869,289.29 27 Operating Expenses: Variable water costs 11,156,500.00 7,290,496.13 3,866,003.87 35 Personnel services 7,389,200.00 3,751,160.87 3,638,039.13 49 Depreciation 0.00 2,333,667.46 <2,333,667.46> -100 Supplies and services 3,773,100.00 2,112,649.81 1,660,450.19 44 Total Operating Expenses 22,318,800.00 15,487,974.27 6,830,825.73 31 Operating (Loss) <4,583,600.00> <2,622,063.56> <1,961,536.44> 43 Nonoperating Revenues: Property taxes - debt service Property taxes - operations Interest income Other revenue Rev Restricted for Debt Sery Total Nonoperating Revenues Nonoperating expenses: Interest expense Security Vulnerability Exp Other expense Total Nonoperating Expenses Income (Loss) before Capital Contributions FUND 1 Schedule of Revenue & Expense 02 -28 -09 ANNUAL CORR YR VARIANCE VAR BUDGET Y -T -D Y -T -D % 0.00 0.00 0.00 -100 1,200,150.00 723,114.60 477,035.40 40 47,500.00 290,262.52 <242,762.52> -511 449,200.00 454,300.26 <5,100.26> -1 0.00 2,081,606.08 <2,081,606.08> -100 1,696,850.00 3,549,283.46 <1,852,433.46> -109 0.00 1,394,100.02 <1,394,100.02> -100 0.00 0.00 0.00 -100 0.00 146,654.81 <146,654.81> -100 0.00 1,540,754.83 <1,540,754.83> -100 <2,886,750.00> <613,534.93> <2,273,215.07> 79 Capital Contributions 667,100.00 352,385.76 314,714.24 47 Change in Net Assets: <2,219,650.00> <261,149.17> <1,958,500.83> 88 RUN DATE /TIME: 10:25:50 07 Apr 2009 REPORT ID: revexp07 OPERATING REVENUE WATER SALES Residential Water Combined Demand Commercial Fire Detector Landscape Water Irrigation Other Water Sales To: "Restricted for Debt Serv° Total OTHER Damages /Relocation Miscellaneous Billing Other Total SEWER MAINTENANCE CHARGES Sewer Rate Charge City Maintenance Charge Maintenance Assessment F.O.G. fees Collection Fees - Placentia Total CUSTOMER SERVICE CHARGES Customer Service Charges Back Flow Charges Total Rents E Royalties Total Operating Revenue FUND 1 Schedule of Combined Revenue 02 -28 -09 ANNUAL CURR YR VARIANCE VAR BUDGET Y -T -D Y -T -D $ 12,983,902.00 10,752,220.53 2,231,681.47 17 7,158.00 5,336.93 1,821.07 25 1,191,790.00 965,382.84 226,407.16 19 150,000.00 80,090.90 69,909.10 47 2,700,850.00 2,581,387.36 119,462.64 4 45,600.00 55,833.56 <10,233.56> -22 418,710.00 256,577.30 162,132.70 39 0.00 <2,081,606.08> 2,081,606.08 -100 17,498,010.00 12,615,223.34 4,882,786.66 28 3,290.00 12,368.69 <9,078.69> -276 0.00 0.00 0.00 -100 10,200.00 44,086.33 <33,886.33> -332 13,490.00 56,455.02 <42,965.02> -318 0.00 0.00 0.00 -100 0.00 0.00 0.00 -100 0.00 0.00 0.00 -100 0.00 0.00 0.00 -100 0.00 0.00 0.00 -100 0.00 0.00 0.00 -100 75,000.00 113,259.00 <38,259.00> -51 49,600.00 39,407.84 10,192.16 21 124,600.00 152,666.84 <28,066.84> -23 99,100.00 41,565.51 57,534.49 58 17,735,200.00 12,865,910.71 4,869,289.29 27 NON - OPERATING REVENUE Taxes 4 Assessments Interest Other Revenue Rev Restricted for Debt Sery Total FOND 1 Schedule of Combined Revenue 02 -28 -09 ANNUAL CORR YR VARIANCE VAR BUDGET Y -T -D Y -T -D % 1,200,150.00 723,114.60 47,500.00 290,262.52 449,200.00 454,300.26 0.00 2,081,606.08 1,696,850.00 3,549,283.46 477,035.40 40 <242,762.52> -511 <5,100.26> -1 <2,081,606.08> -100 <1,852,433.46> -109 TOTAL REVENUE 19,432,050.00 16,415,194.17 3,016,855.83 16 RUN DATE /TIME: 10:26:00 07 Apr 2009 REPORT ID: comrev07 FUND 1 Schedule of Combined Expenses 02 -28 -09 ANNUAL CURR YR VARIANCE BUDGET Y -T -D Y -T -D Depreciation Total Depreciation 1,556,020.79 592,593.60 265,619.70 0.00 30,990.06 836,101.07 194,667.06 93,650.84 11,940.47 56,455.54 3,638,039.13 VAR 47 56 37 -100 55 55 56 45 44 40 49 0.00 2,333,667.46 <2,333,667.46> -100 0.00 2,333,667.46 <2,333,667.46> -100 SUPPLIES & SERVICES PERSONNEL SERVICES Salaries Unit 3,330,350.00 1,774,329.21 Salaries SC 1,051,509.00 458,915.40 Salaries Management 713,116.00 447,496.30 Salaries Other 0.00 0.00 Fees Directors 56,183.00 25,192.94 Fringe Benefits Unit 1,512,348.00 676,246.93 Fringe Benefits SC 346,877.00 152,209.94 Fringe Benefits Management 209,170.00 115,519.16 Fringe Benefits Directors 27,004.00 15,063.53 Fringe Benefits Other 142,643.00 86,187.46 Total Personnel Services 7,389,200.00 3,751,160.87 Depreciation Total Depreciation 1,556,020.79 592,593.60 265,619.70 0.00 30,990.06 836,101.07 194,667.06 93,650.84 11,940.47 56,455.54 3,638,039.13 VAR 47 56 37 -100 55 55 56 45 44 40 49 0.00 2,333,667.46 <2,333,667.46> -100 0.00 2,333,667.46 <2,333,667.46> -100 SUPPLIES & SERVICES AMP Lease 0.00 0.00 0.00 -100 Communications 251,690.00 168,492.90 83,197.10 33 Contractual Services 807,159.00 444,234.09 362,924.91 45 Data Services 282,417.00 29,580.53 252,836.47 90 Dues & Memberships 31,585.00 19,838.96 11,746.04 37 Election Expense 39,999.00 37,789.15 2,209.85 6 Fees & Permits 44,617.00 15,496.33 29,120.67 65 Insurance 303,940.00 228,116.14 75,823.86 25 Legal /Settlement Agreements 0.00 0.00 0.00 -100 Maintenance 618,281.00 601,869.79 16,411.21 3 Non Capital Equipment 209,945.00 55,454.51 154,490.49 74 Office Expense 60,672.00 23,655.39 37,016.61 61 Rental Lease 0.00 0.00 0.00 -100 Professional Services 622,021.00 222,379.85 399,641.15 64 Training 87,643.00 10,919.72 76,723.28 88 Travel & Conferences 59,343.00 15,659.14 43,683.86 74 Uncollectible Accounts 19,499.00 0.00 19,499.00 100 Collection Agency Fee 1,000.00 0.00 1,000.00 100 Utilities 63,920.00 17,612.16 46,307.84 72 Vehicle 269,369.00 221,551.15 47,817.85 18 Job Closing Expenses 0.00 0.00 0.00 -100 Unbudgeted Expenses 0.00 0.00 0.00 -100 FUND 1 Schedule of Combined Expenses 02 -28 -09 ANNUAL CURR YR VARIANCE VAR BUDGET Y -T -D Y -T -D $ Total Services & supplies 3,773,100.00 2,112,649.81 1,660,450.19 44 VARIABLE WATER COSTS Fuel & Power Pumping 1,350,000.00 1,091,789.14 258,210.86 19 Ground Water Replenishment 3,706,500.00 1,877,422.67 1,829,077.33 49 Purchased Water 6,100,000.00 4,072,821.30 2,027,178.70 33 Readiness /Connection Charge 0.00 248,463.02 <248,463.02> -100 Total Variable Water Costs 11,156,500.00 7,290,496.13 3,866,003.87 35 TOTAL OPERATING EXPENSE 22,318,800.00 15,487,974.27 6,830,825.73 31 NON - OPERATING EXPENSE Other Expense 0.00 146,654.81 <146,654.81> -100 955 Security Vulnerability 0.00 0.00 0.00 -100 Interest Exp on Long -term Debt 0.00 1,394,100.02 <1,394,100.02> -100 Total Non - operating Expense 0.00 1,540,754.83 <1,540,754.83> -100 Total Expenses 22,318,800.00 17,028,729.10 5,290,070.90 24 RUN DATE /TIME: 10:26:14 07 Apr 2009 REPORT ID: comexp07 Operating Revenues: Metered water sales Sewer maintenance charges Construction water sales Irrigation sales Other Customer service fees Rents and royalties Outside District water sales Unmetered water sales To:-Restricted for Debt Serv" Total Operating Revenues Operating Expenses: Variable water costs Personnel services Depreciation Supplies and services Total Operating Expenses Operating (Loss) FUND 2 Schedule of Revenue & Expense 02 -28 -09 ANNUAL CURR YR VARIANCE VAR BUDGET Y -T -D Y -T -D % 0.00 0.00 0.00 -100 1,246,550.00 835,061.84 411,488.16 33 0.00 0.00 0.00 -100 0.00 0.00 0.00 -100 3,300.00 3,474.16 <174.16> -5 0.00 0.00 0.00 -100 0.00 0.00 0.00 -100 0.00 0.00 0.00 -100 0.00 0.00 0.00 -100 0.00 0.00 0.00 -100 1,249,850.00 838,536.00 411,314.00 33 0.00 0.00 0.00 -100 730,800.00 420,801.75 309,998.25 42 0.00 357,614.80 <357,614.80> -100 339,600.00 203,622.53 135,977.47 40 1,070,400.00 982,039.08 88,360.92 8 179,450.00 <143,503.08> 322,953.08 179 Nonoperating Revenues: Property taxes - debt service Property taxes - operations Interest income Other revenue Rev Restricted for Debt Sery Total Nonoperating Revenues Nonoperating expenses: Interest expense Security Vulnerability Exp Other expense Total Nonoperating Expenses Income (Loss) before Capital Contributions Form 2 -100 0.00 Schedule Of Revenue & Expense 1,337.99 <1,337.99> 02 -28 -09 1,337.99 <1,337.99> ANNUAL CURR YR VARIANCE VAR BUDGET Y -T -D Y -T -D $ 359,033.14 69 0.00 0.00 0.00 -100 66,000.00 0.00 66,000.00 100 17,000.00 7,268.46 9,731.54 57 51000.00 11,350.06 <6,350.06> -127 0.00 0.00 0.00 -100 88,000.00 18,618.52 69,381.48 79 0.00 0.00 0.00 0.00 267,450.00 Capital Contributions 251,000.00 Change in Net Assets: 518,450.00 RUN DATE /TIME: 10:25:50 07 Apr 2009 REPORT ID: revexp07 0.00 0.00 -100 0.00 0.00 -100 1,337.99 <1,337.99> -100 1,337.99 <1,337.99> -100 <126,222.55> 393,672.55 146 285,639.41 <34,639.41> -14 159,416.86 359,033.14 69 FUND 2 Schedule of Combined Revenue 02 -28 -09 ANNUAL CURB YR VARIANCE VAR BUDGET Y -T -D Y -T -D $ OPERATING REVENUE WATER SALES Residential Water 0.00 0.00 0.00 -100 Combined Demand 0.00 0.00 0.00 -100 Commercial 0.00 0.00 0.00 -100 Fire Detector 0.00 0.00 0.00 -100 Landscape Water 0.00 0.00 0.00 -100 Irrigation 0.00 0.00 0.00 -100 Other Water Sales 0.00 0.00 0.00 -100 To:-Restricted for Debt Serv" 0.00 0.00 0.00 -100 Total 0.00 0.00 0.00 -100 OTHER Damages /Relocation 0.00 0.00 0.00 -100 Miscellaneous Billing 0.00 88.00 <88.00> -100 Other 0.00 1,386.16 <1,386.16> -100 Total 0.00 1,474.16 <1,474.16> -100 SEWER MAINTENANCE CHARGES Sewer Rate Charge 1,141,650.00 776,715.21 364,934.79 32 City Maintenance Charge 0.00 0.00 0.00 -100 Maintenance Assessment 104,900.00 58,346.63 46,553.37 44 F.O.G. fees 0.00 0.00 0.00 -100 Collection Fees - Placentia 3,300.00 2,000.00 1,300.00 39 Total 1,249,850.00 837,061.84 412,788.16 33 CUSTOMER SERVICE CHARGES Customer Service Charges 0.00 0.00 0.00 -100 Back Flow Charges 0.00 0.00 0.00 -100 Total 0.00 0.00 0.00 -100 Rents & Royalties 0.00 0.00 0.00 -100 Total Operating Revenue 1,249,850.00 638,536.00 411,314.00 33 TOTAL REVENUE 1,337,850.00 857,154.52 480,695.48 36 RUN DATE /TIME: 10:26:00 07 Apr 2009 REPORT ID: comrev07 FUND 2 Schedule of Combined Revenue 02 -28 -09 ANNUAL CORR YR VARIANCE VAR BUDGET Y -T -D Y -T -D % NON - OPERATING REVENUE Taxes 6 Assessments 66,000.00 0.00 66,000.00 100 Interest 17,000.00 7,266.46 9,731.54 57 Other Revenue 51000.00 11,350.06 <6,350.06> -127 Rev Restricted for Debt Sery 0.00 0.00 0.00 -100 Total 88,000.00 18,618.52 69,381.48 79 TOTAL REVENUE 1,337,850.00 857,154.52 480,695.48 36 RUN DATE /TIME: 10:26:00 07 Apr 2009 REPORT ID: comrev07 eve =ewe =e =ceeeeeeeeveeeeevc PERSONNEL SERVICES Salaries Unit Salaries SC Salaries Management Salaries Other Fees Directors Fringe Benefits Unit Fringe Benefits SC Fringe Benefits Management Fringe Benefits Directors Fringe Benefits Other Total Personnel Services FUND 2 Schedule of Combined Expenses 02 -28 -09 ANNUAL CURR YR VARIANCE VAR BUDGET Y -T -D Y -T -D evveeveeeeeveeeveeev�evevevcceeeeveveeeeeevveevveeveeeeveee =v =aeecvee 329,376.00 203,596.04 125,779.96 38 103,997.00 48,652.42 55,344.58 53 70,525.00 51,905.84 18,619.16 26 0.00 0.00 0.00 -100 5,557.00 2,439.17 3,117.83 56 149,573.00 77,332.93 72,240.07 48 34,311.00 18,311.24 15,999.76 47 20,688.00 11,933.76 8,754.24 42 2,670.00 1,361.09 1,308.91 49 14,103.00 5,269.26 8,833.74 63 730,800.00 420,801.75 309,998.25 42 Depreciation 0.00 357,614.80 <357,614.80> -100 Total Depreciation 0.00 357,614.80 <357,614.80> -100 SUPPLIES & SERVICES AMP Lease 0.00 0.00 0.00 -100 Communications 22,545.00 13,905.84 8,639.16 38 Contractual Services 72,676.00 58,264.30 14,411.70 20 Data Services 25,427.00 830.15 24,596.85 97 Dues & Memberships 2,845.00 1,979.10 865.90 30 Election Expense 3,601.00 3,737.39 <136.39> -4 Fees & Permits 4,019.00 1,642.01 2,376.99 59 Insurance 27,365.00 22,560.94 4,804.06 18 Legal /Settlement Agreements 0.00 0.00 0.00 -100 Maintenance 55,669.00 26,582.50 29,086.50 52 Non Capital Equipment 18,900.00 3,233.21 15,666.79 83 Office Expense 5,463.00 2,339.56 3,123.44 57 Rental Lease 0.00 0.00 0.00 -100 Professional Services 56,004.00 20,565.63 35,438.37 63 Training 7,892.00 2,181.83 5,710.17 72 Travel & Conferences 5,342.00 1,264.46 4,077.54 76 Uncollectible Accounts 1,756.00 0.00 1,756.00 100 Collection Agency Fee 90.00 0.00 90.00 100 utilities 5,755.00 143.26 5,611.74 98 Vehicle 24,251.00 44,392.35 <20,141.35> -83 Job Closing Expenses 0.00 0.00 0.00 -100 Unbudgeted Expenses 0.00 0.00 0.00 -100 VAR 40 -100 -100 -100 -100 -100 8 Other Expense FUND 2 <1,337.99> -100 Schedule of Combined Expenses 0.00 0.00 02 -28 -09 Interest Exp on Long -term Debt 0.00 ANNUAL CORR YR VARIANCE Total Non - operating Expense BUDGET Y -T -D Y -T -D -100 Total Expenses 1,070,400.00 Total Services & supplies 339,600.00 203,622.53 135,977.47 VARIABLE WATER COSTS Fuel & Power Pumping 0.00 0.00 0.00 Ground Water Replenishment 0.00 0.00 0.00 Purchased Water 0.00 0.00 0.00 Readiness /Connection Charge 0.00 0.00 0.00 Total Variable Water Costs 0.00 0.00 0.00 TOTAL OPERATING EXPENSE 1,070,400.00 982,039.08 88,360.92 NON - OPERATING EXPENSE VAR 40 -100 -100 -100 -100 -100 8 Other Expense 0.00 1,337.99 <1,337.99> -100 955 Security Vulnerability 0.00 0.00 0.00 -100 Interest Exp on Long -term Debt 0.00 0.00 0.00 -100 Total Non - operating Expense 0.00 1,337.99 <1,337.99> -100 Total Expenses 1,070,400.00 983,377.07 87,022.93 8 RUN DATE /TIME: 10:26:14 07 Apr 2009 REPORT ID: comexp07 ITEM NO. Account Overview Yorba Linda Water District Account #18611500 Funding Date: 10/25/2005 Portfolio Statistics as of: 3/31/2009 Account Characteristics: Portfolio Yield to Maturity 1.69% Total Unrealized Gains/(Losses) - Current: 36,669 Total Net Realized Gains/(Losses) - Since Inception: 496 Total Long-Term Investments: - Total Short Duration Investments/Money Market Secs: 15,924,430 Total Market Value: 15,924,430 Total Number of Issues in the Portfolio: 23 MARKET DATA Overnight Fed Funds Rate: 0.00% 6-Month T-Bill Yield: 0.39% 12-Month T-Note Yield: 0.57% II WELLS CAPITAL MANAGEMENT Portfolio Summary Report Verbs Linda Water District For the period : 03/01/09 to 03/31/09 18611500 lio Chart 'stica 0.42% Portfolio BjFe�� r a 0.80% 0.97% 5 Year Treasury Note: 1.66% 1.98% Fed Funds Target Market Value: 15,924,430.18 Baa/BBB Market Value % of Account Unrealized G /L: 36,669.34 Agency Discount Note 9,087,200.00 57.069/6 Not Rated Commercial Paper 2,796,023.19 17.56% Yield To Maturity: 1.69% Discount 947,705.02 5.95% Portfolio Duration: 0.28 Years Fixed Rate 629,847.00 3.96% Floating Rate 986,475.00 6.19% Avg. Days to Maturity: 123 Money Market Fund 1,969,784.33 12.37% Avg. Portfolio Credit Quality: Aal Pending_Cash -492,604.36 -3.09% Total 15,924,430.18 100.00% Market Data _03/31109 ::02128109 Yields: 6 Month Treasury Bill: 0.42% 0.44% 2 Year Treasury Note: 0.80% 0.97% 5 Year Treasury Note: 1.66% 1.98% Fed Funds Target 0-0.25% 0 - 0.25% ective'�fatutrib -'�"' " 0.a0 P1 /MIGINMIGI /A -1 23.5% 0.35 Aaa/AAA 57.1% Aa/AA 6.2% 0M A/A 4.0% Baa/BBB 0.0% 0.25 Other 0.0% am Cash/Ovemights 9.3% Not Rated 0.0% 0.15 100.0% am Moodys Ratings - Primary 0.05 S&P Ratings - Secondary Fitch Ratings - Tertiary 0.00 o/n 2 to 90 91 W 190 The above Information Is an estimate of certain Investment calculations and does not represent your audited statement of record. 161 tot". 1102ye -2y.B YORBA LINDA WATER DISTRICT Statement of Cash Flows/Earnings for March 2009 I - Beginning Period Balances As of 2/28/2009 Total Original Cost 16,795,035 + Net Amort/Accr to Date 77,744 =Adjusted Book Value: 16,872,779 + Accrued Interest Receivable 19,167 + Unrealized Gain/(Loss) 42,409 = Total Market Value Plus Accrued Interest 16,934,354 II: Period Income Earned + Ending Accrual 24,253 Begininning Accrual (19,167) + Interest Received 3,010 Interest Paid at Purchase (1,249) + Interest Received at Sale - = Interest Earned in Period 6,847 + (Amort)/Accr This Period 16,036 = Monthly Portfolio Income $ 22,882 + Contributions - - Withdrawals (1,000,000) + Realized Gain/(Loss) - Fees Paid This Period (2,815) - Prior Period Unrealized Gain/Loss 42,409 + End Of Period Unrealized Gain/Loss 36,669 + Net Receipts/Deliveries in Kind 0.00 + Adjustments 0.00 = Net Change to the Portfolio (992,518) =Total Market Value Plus Accrued Interest 15,948,683 III: End of Period Balances As of 3/31/2009 Total Original Cost 15,796,892 + Net Amort/Accr to Date 90,869 = Adjusted Book Value 15,887,761 + Accrued Interest Receivable 24,253 + Unrealized Gain/(Loss) 36,669 = Total Market Value Plus Accrued Interest 15,948,683 Reconciliation Difference: Wells Capital Management Holdings Report Securities Held as of 3/31/09 on a Trade Date Basis Identifier Credit Ratings Per Value Saosity Desorption Coupon Moody's S&P Fitch 1. Cash & Cash Equivalents (Original maturity of 90 days or bas) Cash U.S. DOLLARS (492,604) PENDING CASH Money Mkt Securities Agency Discount Note Commemal Paper Yorba Linda Water District 18611500 Final EBectrw Days Duradon Market Price Market Market Value Holdings as YIN at Maturity Maturity to EB Value •Acaued Percentage of Purrtass Mal Interest Account or Reset (492,604) (492,604) -3.09% 4497WOSC3 P -1 A -1+ NR 500,000 ING (US) FUNDING LLC 0.000 05112109 50202TSF5 P -1 A -1 NR 500,000 LMA AMERICAS LLC 0.000 05115109 77619ER36 P -1 A-1+ NR 400,000 ROMULUS FUNDING CORP 0.000 04103/09 85520LRW7 P -1 A-1 NR 500.000 STARBIRD FUNDING CORP 0.000 04130/09 Money Market Fund VP7000038 NR NR NR 1, 969.784 WF ADV MONEY MKT TR#645 0.583 Cash & Cash Equivalents Total 3,377,180 499,749 II. Marketable Securities (Original maturity greater than 90 days) 0.90% IIA: Short Term Seeurigas (Remaining maturity ofless than 385 days) 45 Gov?Guaranteed - CP 99.886 499,432 06051HUP0 P -1 A -1 NR 500,000 BANK OF AMER CORP TLGP 0.000 36161CSM5 P -1 A-1+ NR 450,000 GE CAPITAL TLGP 0.000 Corporate Securities 399,983 399,983 Corporate Obligation 0.76% 04130109 Fixed Rate 0.08 99.932 285659AE8 A2 A A+ 300,000 ELECTRONIC DATA SYSTEMS 7.125 Floating Rate 04101109 1 89233/33/36 Aal AA+ NR 500,000 TOYOTA MOTOR CREDIT CORP 2.434 Govt Securities 12.37% 0.58% Gov Agncy Obligation 16 0.04 Money Mkt Securities 3,376,006 3,377,836 Agency Discount Note 0.74% 09121109 05/12/09 42 0.11 99.950 499,749 499,749 3.14% 0.90% 05/15/09 45 0.12 99.886 499,432 499,432 3.14% 0.88% 04103/09 3 0.01 99.996 399,983 399,983 2.51% 0.76% 04130109 30 0.08 99.932 499,662 499,662 3.14% 1.02% 04101109 1 0.00 100.000 1,969,784 1,971,614 12.37% 0.58% 0.000 16 0.04 AGY 3,376,006 3,377,836 21.20% 0.74% 07/23/09 07/23109 114 05111109 05@1/09 51 10/15/09 10/15/09 198 01/29/10 01/29/10 304 313313MR6 AGY AGY AGY 1,000,000 FFCB 0.000 10107/09 313385EP7 AGY AGY AGY 1,000,000 FHLB 0.000 04/20/09 313385JB3 AGY AGY AGY 800,000 FHLB 0.000 07113/09 313385KS4 AGY AGY AGY 1,000,000 FHLB 0.000 08121/09 313385RK4 AGY AGY AGY 800,000 FHLB 0.000 01105/10 313385SB3 AGY AGY AGY 1,000,000 FHLB 0.000 01/21110 313397LZ2 AGY AGY AGY 800,000 FHLMC 0.000 09121109 313589FHI AGY AGY AGY 700,000 FNMA 0.000 05108109 313589FVO AGY AGY AGY 1,000,000 FNMA 0.000 05120109 313589GE7 AGY AGY AGY 1,000,000 FNMA 0.000 05/29/09 0.31 99.580 497,900 0.14 99.957 449,805 0.52 103.003 309.010 0.08 99.739 498,694 497,900 3.13% 0.61% 449,805 2.82% 1.94% 318,866 1.94% 2.12% 500,823 3.13% 2.43% 10107/09 190 0.52 99.820 998,200 998,200 6.27% 2.00% 04120/09 20 0.05 100.000 1,000,000 1,000,000 628% 3.04% 07113/09 104 0.28 99.940 799,520 799,520 5.02% 2.99% 08121/09 143 0.39 99.890 998,900 998,900 6.27% 3.02% 01/05110 280 0.77 99.590 796,720 7 96.720 5.00% 0.82% 01121110 296 0.81 99.570 995,700 995,700 6.25% 0.87% 09/21109 174 0.48 99.850 798,800 798,800 5.02% 0.71% 05108109 38 0.10 99.980 699,860 699,860 4.39% 2.98% 05/20/09 50 0.14 99.980 999,800 999,800 6.28% 1.75% 05129/09 59 0.16 99.970 999,700 999,700 6.28% 2.91% The above intimation Is an estimate of certain Investment calculations and does, not represent your audited statement of record. Page: 1 of 2 Holdings Report Securities Held as of 3/31/09 on a Trade Date Basis Id.fifier Credit Ratings Par Value S ty Desaipfian Coupon Final Effective 106.946 320,837 330,025 Maturity Maturity Moody's S&P Fitts Commercial Paper 13170RVS3 P -1 A-1+ F -1+ 500,000 CALYON NORTH AMERICA INC 0.000 08126109 08/26109 83365RT39 P -1 A-1+ NR 400,000 SOCIETE GENERALE N AMER CP 0.000 06103109 06103109 Short Term Securities Total: 11,750,000 155 0.35 118: Long -Term Securities, (Remaining maturity greater than 365 days) 12,570,847 78.80% Corporate Securities Portfolio Total: 15,927,180 121 Fixed Rate 15,924,430 15,948,681 100.00% Yorba Linda Water District 18611500 Days Duration Market Price Market Market Value Hddings as YTM at to ER Value - Aouued Percentage of Purdiase Maturity Interest Aaount or Reset 148 0.40 99.530 497,652 497,652 3.13% 1.11% 64 0.17 99.886 399,545 399,545 2.51% 0.98% 138 0.34 11,739,805 11,751,791 73.72% 1.98% 718507BQ8 At A A 300,000 PHILLIPS PETE 8.750 05/25/10 05125110 420 1.08 106.946 320,837 330,025 2.01% 2.51% Floating Rate 91159HGP9 Aa3 AA AA- 500,000 US BANCORP 1.636 05106110 05/06110 401 0.10 97.556 487,782 489,031 3.06% 1.64% Marketable Securities Total 12,550,000 155 0.35 12,548,424 12,570,847 78.80% 1.98% Portfolio Total: 15,927,180 121 0.28 15,924,430 15,948,681 100.00% 1.69% The above Information is an estimate of certain Imeabnern calculations and clues not represent your audited stalemenf of record. 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