1. Meeting was called to order by Chair at 7:00 p.m.
2. Committee Attendees: Scott Fisher (Chair), Ty Kehrer (Vice Chair), Marion Donnelly, Robin Kinkead, Dale Urbanek and Ken Walsh.
Non-Committee Attendees: Wendy Taylor (General Manager), Suzanne Allen (Armstrong Management) and Jeff Salmon (SRP Board of Directors).
3. Public Comment / Issues: None.
4. No one electronically recorded the meeting.
5. The Committee reviewed the minutes from its October 19, 2011 meeting.
a. Robin Kinkead made a motion that, “The Budget and Finance Committee accepts the minutes from the October 19, 2011 Budget and Finance Committee Meeting.” The motion was seconded by Dale Urbanek and passed with Ty Kehrer abstaining.
6. The Committee reviewed the October 2011 financial statements. Suzanne Allen of Armstrong Management presented the financial statements to the Committee.
a. Ty Kehrer made a motion that, “The Budget and Finance Committee accepts the October 2011 financial statements as presented.” The motion was seconded by Marion Donnelly and passed “Unanimously”.
7. The Committee reviewed and discussed investments.
a. The Budget and Finance Committee made a recommendation that the Board reinvest Capital Improvement funds in the Smith Barney M/M into another $300k US Treasury Strip (term still to be determined). Furthermore, with the remaining Smith Barney M/M funds along with the UBOC account balance reinvest into a 4yr certificate of deposit with GE Capital Retail Bank at 1.75% (for $240k).
b. The Budget and Finance Committee made a recommendation that the Board reinvest Replacement Reserve funds scheduled to mature on 12/05/11 with Bank of China-NY into a 2yr certificate of deposit with Bank of China-NY (for $150k).
8. The Committee was updated on the Fishing Pier project which is proceeding within the amount approved and the Hyland Pools expansion study.
9. The Committee reviewed bids for street trees replacement.
a. Robin Kinkead made the motion that, “the Budget and Finance Committee approve the bid from Clippers for street trees replacement per SR staff’s recommendation for an amount of $6,868 to come from Reserves.” The motion was seconded by Dale Urbanek nd passed “Unanimously”.
10. The Committee discussed the Armstrong Management Association Operating account change presented by Armstrong staff and the process of notification to homeowner’s.
11. The meeting was adjourned at 8:28 p.m.
12. The next meeting of the Budget and Finance Committee is Wednesday, December 21, 2011 at 7:00 p.m. at Town Hall.