Budget and Finance Committee Meeting May 18

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, Wes Elliott, Andy Feinstein, Deen Salami, Dale Urbanek and Ken Walsh.

Non-Committee Attendees: Wendy Taylor (General Manager), and Suzanne Allen (Armstrong Management).

3. Public Comment / Issues:  none.

4. No one electronically recorded the meeting.

5. The Committee reviewed the minutes from its April 21, 2011 meeting.
a. Ty Kehrer made a motion that, “The Budget and Finance Committee accepts the minutes from the April 21, 2011 Budget and Finance Committee Meeting.”  The motion was seconded by Deen Salami and passed “Unanimously” with Dale Urbanek and Ken Walsh abstaining.

6. The Committee reviewed the April 2011 financial statements.  Suzanne Allen of Armstrong Management presented the financial statements to the Committee. 
a. Deen Salami made a motion that, “The Budget and Finance Committee accepts the final April 2011 financial statements as presented.”  The motion was seconded by Andy Feinstein and passed “Unanimously”.

7. The Committee discussed the SRP web site contract and subsequent expenditure coming from Capital Improvement funds.  The Committee also reviewed and discussed investments.
a. The Budget and Finance Committee made a recommendation that the Board transfer money market funds from Western Alliance and Torrey Pines Banks (to remain under FDIC coverage) to 9mo no-penalty CD(s) at 1.14% through Armstrong Management’s program with Eagle Bank. Further, to establish a Capital Improvement 12 month certificate of deposit through Armstrong Management’s program with Congressional Bank (for $240k at 1.19%) using the capital improvement funds in the Smith Barney money market.

8. The Committee reviewed the AAA Trash disposal contract renewal proposal. 
a. There was Committee consensus and unanimous recommendation to waive SRP’s RFP policy and to maintain the existing trash disposal provider for a new three year contract (effective on June 2011) on the basis of the following:  an immediate reduction on proposed rate, a set and stated CPI calculation and obtaining a “most favored HOA status” concerning any future pricing change.

9. The Committee reviewed the calculation of the General Operating Reserve contribution needed for 2011.

10. The meeting was adjourned at 8:15 p.m.

11.  The next meeting of the Budget and Finance Committee is Wednesday, June 22, 2011 at 7:00 p.m. at Town Hall.