Budget & Finance Meeting Jan 18

Budget & Finance Committee

Budget and Finance Committee
January 18, 2012
Minutes


1. Meeting was called to order by Chair at 6:58 p.m.

2. Committee Attendees: Scott Fisher (Chair), Ty Kehrer (Vice Chair), Marion Donnelly, Wes Elliott, Dale Urbanek, and Ken Walsh.

Non-Committee Attendees: Wendy Taylor (General Manager), Elaine Stoner (Asst GM), Suzanne Allen (Armstrong Management) Jeff Salmon (SRP Board of Directors), Kevin Ubelhart (SRP Board of Directors), John Caldwell (Malvin, Riggins & Co. CPA) and Schalyn Sohn (SRP Resident).

3. Public Comment / Issues:  None.

4. No one electronically recorded the meeting.

5. The Committee reviewed the minutes from its December 21, 2011 meeting.
a. Ty Kehrer made a motion that, “The Budget and Finance Committee accepts the minutes from the December 21, 2011 Budget and Finance Committee Meeting.”  The motion was seconded by Wes Elliott.
b. The motion passed with Dale Urbanek abstaining.

6.  The Committee reviewed the draft 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 recommend an inter-equity balance sheet transfer of $233k from Operating to Replacement Reserves and a transfer of $150k from Operating to Capital Improvement funds.”  The motion was seconded by Ken Walsh.
b. The motion passed “Unanimously”.

7. The Committee reviewed the current operating budget surplus and future investments.
a. The Budget and Finance Committee made no purchase recommendations.  Maturing investments will be applied to active money market account.

8. The Committee was updated on and reviewed the two phase Highland Pools project that is in a design/plan stage and planned for early spring 2012.

9. The Committee reviewed bids for a roofed stage at SR Center.
a. Dale Urbanek made the motion that, “the Budget and Finance Committee approve the bid from Potomac Pile Driver per SR staff’s recommendation for an amount not to exceed $29,460 to come from Capital.”  The motion was seconded by Ty Kehrer.
b. The motion passed “Unanimously”.

10. The Committee reviewed bids for pool furniture at Meadows and Town Hall pools.
a. Marion Donnelly made the motion that, “the Budget and Finance Committee approve the purchase from Hadsell Sun & Shade for furniture, umbrellas and bases for Meadows and Town Hall pools per SR staff’s recommendation for an amount not to exceed $21,825 to come from Reserves.”  The motion was seconded by Dale Urbanek.
b. The motion passed “Unanimously”.

11. The Committee reviewed bids for an A/C unit for new server room in Town Hall.
a. Wes Elliott made the motion that, “the Budget and Finance Committee approve the bid from Mann-In, Inc. to obtain an A/C unit for server room in Town Hall per SR staff’s recommendation for an amount of $4,275 to come from Capital.”  The motion was seconded by Scott Fisher.
b. The motion passed “Unanimously”.

12.   The meeting was adjourned at 8:24 p.m.

13.   The next meeting of the Budget and Finance Committee is Wednesday, February 15,
              2012 at 7:00 p.m. at Town Hall.