Budget and Finance Committee Meeting May 19

1.  Meeting called to order by Chair at 7:04 p.m.

2.  Committee Attendees: Scott Fisher (Chair), Ty Kehrer (Vice-Chair), Ken Walsh, Andy Feinstein, Wes Elliott, Rob Maloney, and James Gould.

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

3.  Public Comment / Issues: None.

4.  No one electronically recorded the meeting.

5.  The Committee reviewed the minutes from its April 21, 2010 meeting.
a.Ken Walsh made a motion that, "The Budget and Finance Committee accepts the minutes from the April 21, 2010 Budget and Finance Committee Meeting."  The motion was seconded by Ty Kehrer and passed with Andy Feinstein, Wes Elliott, Rob Maloney, and James Gould abstaining.

6.  The Committee reviewed the April 2010 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 April 2010 financial statements as presented."  The motion was seconded by Wes Elliott and passed unanimously.

7.  The Committee reviewed and discussed investments and recommended movement of capital improvement funds to a money market account with Alliance AFS and two Certificates of Deposit be purchased with Replacement Reserve funds. 

8.  The Committee discussed the granting of the proprietary’s 501c 4 status with Wendy noting that statements will need to disclose that assessments are not tax deductible.  The 2009 final audit and 2010 audit engagement of Goldklang & Group was also acknowledged.

9.  The committee reviewed the funding contribution required to the general operating reserve fund for 2010.
a.Wes Elliott made a motion that, "The Budget and Finance Committee transfer $89,145 per computation of the required deposit into the general Operating Reserve account as required by resolution for 2010."  The motion was seconded by James Gould and passed unanimously.

10.  The committee reviewed a sidewalk repair bid for consideration.
a.James Gould made a motion that, "The Budget and Finance Committee approve the proposal per management recommendation from Brothers Paving & Concrete Corp. for sidewalk replacements for an amount of $6,624 and per procurement policy guidelines from Reserves."  The motion was seconded by Wes Elliott and passed unanimously.

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

12. The next meeting of the Budget & Finance Committee is Wednesday, June 16, 2010 at 7:00 p.m. in Town Hall.