HomeMy WebLinkAbout2008-03-25 - Finance-Accounting Committee Meeting Minutes
ITEM NO.
APPROVED BY THE BOARD OF DIRECTRRS
MINUTES OF THE OF THEYORBALINDA WATER UISTRICT
YORBA LINDA WATER DISTRICT
FINANCE-ACCOUNTING COMMITTEE APR 2008
March 25, 2008
A meeting of the Yorba Linda Water District Finance-Accounting Committee was called
to order by Committee Chairman John Summerfield at 4:00 p.m. The meeting was held
at the EOC room, 913 S. Richfield Road, Placentia.
DIRECTORS PRESENT: STAFF PRESENT:
Director Michael J. Beverage, Chair Michael Payne, General Manager
Director John W. Summerfield Ken Vecchiarelli, Assistant Gen. Manager
Diane Cyganik, Finance Director
Sandi Van Etten, Senior Accountant
VISITORS PRESENT:
None
ACTION ITEMS:
1. Status report on Wells Capital portfolio investments as of March 24, 2008.
Keith Khorey and Michael Rodgers of Wells Capital joined in a conference call
regarding the District's investments at Wells Capital. They discussed the status
and exposure of the eight corporate obligations the District had as of March 1991. If
we chose to sell all corporate obligations right now, the District would incur an
estimated net loss of about $12,000.00. Several members felt it was advisable to let
the investments mature, with the longest maturity being 6/15/08, and then roll them
over into the money market fund, assuming the economic conditions would still
suggest that action. Wells Capital felt there was no urgency to sell off these
obligations immediately. After much discussion the consensus was reached that the
District should keep the investments as they are for now, and revisit this issue at
the next Finance-Accounting Committee meeting.
DISCUSSION ITEMS:
2. Status report on the Orange County Commingled Investment Pool.
It was confirmed that the District had received the full amount of our investment in
the pool, which totaled $133,447.53. Our account with the Orange County
Investment Pool is now closed. It was recommended that we not invest with them
further, both for safety of investments and ability to navigate their investment
system.
ADJOURNMENT:
The Committee adjourned at approximately 5:00 p.m. The next Finance-Accounting
Committee meeting is scheduled for April 89i at 4:00 p.m. at District Headquarters, 4622
Plumosa Drive, Yorba Linda, CA.
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