Budget & Finance Meeting Feb 15

Budget & Finance Committee

February 15, 2012
Minutes


1. Meeting was called to order by Chair at 7:01 p.m.

2. Committee Attendees: Scott Fisher (Chair), Ty Kehrer (Vice Chair) via phone conference, Wes Elliott, Robin Kinkead, 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 January 18, 2012 meeting.
a. Dale Urbanek made a motion that, “The Budget and Finance Committee accepts the minutes from the January 18, 2012  Budget and Finance Committee Meeting.”  The motion was seconded by Wes Elliott.
b. The motion passed with Robin Kinkead abstaining.

6.  The Committee reviewed the final December 2011 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 final December 2011 financial statements as presented.”  The motion was seconded by Robin Kinkead.
b. The motion passed “Unanimously”.

7. The Committee reviewed the January 2012 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 January 2012 financial statements with notation of possible adjustment in delinquency and late fee figures as required by Armstrong Management.”  The motion was seconded by Robin Kinkead.
b. The motion passed “Unanimously”.

8. The Committee reviewed and discussed investments.  Alternative management options will be considered in an upcoming Budget and Finance meeting.
a. The Budget and Finance Committee made a recommendation that the Board reinvest Capital Improvement funds in the Smith Barney M/M into a 12 month certificate of deposit with Bank of Baroda - NY at .35% (for $240k) and with Apple Bank for Savings - NY at .30% (for $240k).  Furthermore, to transfer the remaining Capital Improvement funds from Smith Barney M/M to the BB&T M/M at .55% (for $165k).
b. The Budget and Finance Committee made a recommendation that the Board reinvest Replacement Reserve funds in the Smith Barney M/M into a 3 month certificate of deposit with Bank of Hapoalim B.M.-NY (for $240k).

9. The Committee discussed issues regarding pools and maintenance.

10. The meeting was adjourned at 8:32 p.m.

11.   The next meeting of the Budget and Finance Committee is Wednesday, March 21,
              2012 at 7:00 p.m. at Town Hall.