Budget and Finance Meeting Mar 21

Budget & Finance Committee

March 21, 2012
Minutes


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

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

Non-Committee Attendees: Wendy Taylor (General Manager), and Suzanne Allen (Armstrong Management) Beth Levin (Lara, Shull & May), Christian Lewandowski (SRP resident).

3. Public Comment / Issues:  None.

4. No one electronically recorded the meeting.

5. The Committee was presented information on Fixed Income Investment management by Beth Levine of Lara, Shull & May, LLC.

6. The Committee reviewed the minutes from its February 15, 2012 meeting.
a. Ty Kehrer made a motion that, “The Budget and Finance Committee accepts the minutes from the February 15, 2012  Budget and Finance Committee Meeting.”  The motion was seconded by Wes Elliott.
b. The motion passed “Unanimously”.

7. The Committee reviewed the February 2012 financial statements.  Suzanne Allen of Armstrong Management presented the financial statements to the Committee.
a. Schalyn Sohn made a motion that, “The Budget and Finance Committee accepts the February 2012 financial statements as presented.”  The motion was seconded by Ken Walsh.
b. The motion passed “Unanimously”.

8. The Committee reviewed and discussed investments.
a. The Budget and Finance Committee made a recommendation that the Board proceed with a check of references of Beth Levin with Lara, Shull & May to utilize for fixed income investment management services.
b. The Budget and Finance Committee made a recommendation that the Board reinvest Capital Improvement funds with Alliance Association Financial Services (AAFS) into a 6 month certificate of deposit at .60% (for $240k).  Furthermore, to transfer the remaining Capital Improvement funds from AAFS to the Smith Barney M/M.

9. The Committee reviewed pool opening and closing services proposals.
a. Wes Elliott made the motion that, “The Budget and Finance Committee recommend approval of SRP staff’s recommendation to use Hadsell Sun & Shade to perform opening and closing services for SRP’s four community pools for the bid amount of up to $11,320.00 (with an additional possible discount) with general operating funds.”  The motion was seconded by Dale Urbanek.
b. The motion passed “Unanimously” with Ty Kehrer abstaining.

10. The Committee reviewed the bid from Commercial Concrete for repair of three groups of sidewalk.

11. The Committee reviewed SRC stage electrical conduit burial proposals.
a. Ty Kehrer made the motion that, “The Budget and Finance Committee recommend approval of SRP staff’s recommendation to use Tri Star & Liang Electric to bury conduit for the SRC stage for the bid amount of up to $13,000.00 with capital improvement funds.”  The motion was seconded by Scott Fisher.
b. The motion passed “Unanimously”.

12. The Committee reviewed removal & replacement of Hyland Hills pool tiles proposals.
a. Wes Elliott made the motion that, “The Budget and Finance Committee recommend approval of SRP staff’s recommendation to use NVblu to remove & replace the Hyland Hills main pool tiles for the bid amount of $88,900.00 with replacement reserve funds.”  The motion was seconded by Ken Walsh.
b. The motion passed “Unanimously” with Ty Kehrer abstaining.

13. The Committee reviewed the preliminary 2011 SRP draft Audit from Goldklang Group CPAs.  Additional comment and recommendation for acceptance will be completed via email vote by the committee prior to the next Board meeting.

14. The meeting was adjourned at 8:44 p.m.

15.   The next meeting of the Budget and Finance Committee is Wednesday, April 18,
              2012 at 7:00 p.m. at Town Hall.