Budget and Finance Committee Meeting September 16

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

2. Committee Attendees: Kevin Ubelhart (Chair), Scott Fisher (Vice-Chair), James Gould, Ty Kehrer, Wes Elliott, Robin Kinkead, and Dale Urbanek.

Non-Committee Attendees: Wendy Taylor (General Manager), Paul Orlando (Armstrong Management), Suzanne Allen (Armstrong Management), Jeff Morse (Board of Directors), Ken Walsh (Board of Directors), and Marion Donnelly (resident).

3. Public Comment / Issues: None.

4. No one electronically recorded the meeting.

5. The Committee reviewed the minutes from its August 27, 2009 meeting.
a.Robin Kinkead made a motion that, “The Budget and Finance Committee accepts the minutes from the August 27, 2009 Budget and Finance Committee Meeting.”  The motion was seconded by Ty Kehrer and passed with Kevin Ubelhart, Wes Elliott and James Gould abstaining.

6. The Committee reviewed the August 2009 financial statements.  Suzanne Allen of Armstrong Management presented the financial statements to the Committee.
a.Wes Elliott made a motion that, “The Budget and Finance Committee accepts the August 2009 financial statements as presented."  The motion was seconded by Robin Kinkead and passed “Unanimously”.

7. The Committee discussed investments.  The Committee discussed the purchase of two $100,000 CDs for the replacement reserve with five year maturities to be purchased in the third quarter.  The Committee discussed purchasing a $500,000 CD for the capital improvement fund with a one year maturity with Alliance Association Financial Services.  The Committee also advised Wendy Taylor to coordinate a conference call with Ted Hart at Smith Barney to discuss investment account options.

8. The Committee reviewed a revised draft of the 2010 budget.
a.Dale Urbanek made a motion that, "The Budget & Finance Committee recommends adopting the 2010 budget as discussed and modified."  The motion was seconded by Wes Elliott and passed “Unanimously”.

9. The meeting was adjourned at 8:23 p.m.

10. Marion Donnelly has met the requirements to join the Budget & Finance Committee.  The Committee recommends her appointment.

11 The next meeting of the Budget & Finance Committee is Wednesday, October 21, 2009 at 7:00 p.m. in Town Hall.