Budget & Finance Committee Meeting February 18

1.Meeting called to order by Chair at 7:00 p.m.

2.Committee Attendees: Kevin Ubelhart (Chair), Scott Fisher (Vice-Chair), Dale Urbanek, Ty Kehrer, Robin Kinkead, and Andy Feinstein.

Non Committee Attendees: Wendy Taylor (General Manager), Suzanne Allen (Armstrong Mgmt), Ted Hart (Smith Barney), Ken Walsh (Board of Directors), James Gould (Resident), and Wes Elliott (Resident).

3.Public Comment / Issues: None.

4.No one electronically recorded the meeting.

5.The Committee reviewed the minutes from its January 21, 2009 meeting.
a.Ty Kehrer made a motion that, “The Budget and Finance Committee accepts the minutes from the January 21, 2009 Budget and Finance Committee Meeting.”  The motion was seconded by Robin Kinkead.
b.The motion passed "Unanimously".

6.The Committee reviewed the revised December 2008 financial statements and the January 2009 financial statements.  Suzanne Allen of Armstrong Management presented the financial statements to the Committee.
a.Robin Kinkead made a motion that, “The Budget and Finance Committee accepts the revised December 2008 financial statements as presented and accepts the January 2009 financial statements with two corrections to be made to the 2009 budget spread to correct the advertising revenue line item to spread the revenue evenly over 11 months beginning in February and to correct the prior year carryforward line item to be spread evenly over the year."  The motion was seconded by Ty Kehrer.
b.The motion passed “Unanimously”.

7.The Committee discussed investments.  Ted Hart of Smith Barney discussed investment options and the Proprietary investment guidelines.  It was noted that the investment guidelines allow investments in U.S. government agency obligations such a those issued by Fannie Mae and Freddie Mac.  He suggested leaving that provision in because such investments are now guaranteed by the U.S. government.  The Committee discussed the purchase of two $100,000 CDs for the replacement reserve fund to mature in the first quarter of 2014.

8.The Committee discussed the Armstrong Management Contract and RFP for management services.

9.The committee discussed the general operating reserve and the computation of the required funding.  The Administrative resolution calls for the computation to be made utilizing the results of the annual audit.  The committee will defer action until the 2008 audit is complete.

10.The Committee reviewed bids for gazebo and walkway installation.
a.Dale Urbanek made a motion that, "The Budget and Finance Committee recommends the acceptance of the proposal from Outdoor Structures, Inc. for gazebo and walkway installation for an amount not to exceed $15,950.00 and brick engraving not to exceed $2,500 to be paid from the capital improvement reserve."  The motion was seconded by Scott Fisher.
b.The motion passed “Unanimously”.

11.The meeting was adjourned at 8:42 p.m.

12.The next meeting of the Budget & Finance Committee is Wednesday, March 18, 2009 at 7:00 p.m. in Town Hall.