Yorba Linda: city adopts unclaimed funds policy, water district sees bond rating comments, school district adds student board member, sets extra teacher pay for teaching extra classes

Meriting attention this week are interesting items from recent City Council and water and school district agendas and meetings.

First, from the Yorba Linda City Council:

A new policy regarding uncashed, city-issued checks and unrefunded deposits held in city accounts – some dating as far back as 1993 – has been adopted. It applies to cash held for at least three years “that will likely never be claimed,” according to a report to the council.

The policy sets procedures and public notice requirements for a currently eligible $20,000 in uncashed checks and about $677,000 in deposits for swimming pools and planning and engineering matters that will be transferred to the city's general fund.

Future write-off amounts, allowed under state law, are expected to be significantly smaller once the backlog of unclaimed funds has been eliminated.

Second, from the Yorba Linda Water District:

Reasons for a Fitch Ratings AA designation for a $29 million bond sale earlier this year to refund a 2008 bond issue and fund $6 million in upgrades to the Fairmont pump station include the district's “strong financial profile,” “healthy debt profile” and “strong operating profile.”

However, Fitch, one of three nationally recognized rating companies, also noted: “The rating is lower than suggested by the financial metrics due to continued concerns about the district's governance and the electorate's willingness to accept rates that guarantee full cost recovery.”

Fitch added: “The rating could be revised upward if adopted rates continue to produce strong financial performance and political tensions dissipate. Alternately, the rating ultimately could come under downward pressure if the district and community fail to reach a consensus on rates that lead to full cost recovery and continued solid financial performance.”

Third, from the Placentia-Yorba Linda school district:

Each semester a high school senior is appointed as a non-voting member of the district's board of trustees to report on student activities and offer student viewpoints during discussions. The position is rotated among the district's high schools.

This semester's representative is Kiara Espericueta from the La Entrada High School campus at Yorba Linda Boulevard and Casa Loma Avenue. La Entrada is the district's fully accredited school for independent study that offers personalized diploma programs.

And so far this year, trustees have approved 61 teachers to teach an extra period each day for extra pay. Forty high school teachers are teaching six periods daily instead of the usual five periods, while 21 middle school teachers are teaching seven periods daily instead of six.

The extra pay per teacher amounts to one-sixth or one-seventh of contract salaries or a yearly range from $8,274 to $17,128 at high schools and from $7,092 to $14,682 at middle schools, depending on each teacher's placement on the district's salary schedule.