Budget and Finance Committee Meeting February 17

1.  Meeting called to order by Chair at 7:02 p.m.

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

Non-Committee Attendees: Wendy Taylor (General Manager), Suzanne Allen (Armstrong Management), and Ken Walsh (Board of Directors).

3.  Public Comment / Issues: None.

4.  No one electronically recorded the meeting.

5.  The Committee reviewed the minutes from its January 20, 2010 meeting.
a.  Robin Kinkead made a motion that, "The Budget and Finance Committee accepts the minutes from the January 20, 2010 Budget and Finance Committee Meeting."  The motion was seconded by Ty Kehrer and passed unanimously.

6.  The Committee reviewed the January 2010 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 January 2010 financial statements as presented."  The motion was seconded by Rob Maloney and passed unanimously.

7.  The Committee discussed investments.  The Committee discussed the purchase of three $100,000 CDs for the replacement reserve with one having a five year maturity, one having a three year maturity and one having a two year maturity to be purchased in the first quarter.  The Committee discussed purchasing one $100,000 of CD for the capital improvement fund with a three year maturity at the highest available rate.

8.  The Committee discussed forming a working group to make recommendations on proposed amendments to the declaration.

9.  The Committee discussed snow removal costs for 2010.

10. The meeting was adjourned at 8:47 p.m.

11. The next meeting of the Budget & Finance Committee is Wednesday, March 17, 2010 at 7:00 p.m. in Town Hall.