Budget & Finance Apr 23rd Meeting

Budget & Finance Committee

Meeting Minutes

1. Meeting was called to order by the Chair at 7:00 pm.

2. Committee Attendees: Wes Elliott (Chair), Ty Kehrer (Vice-Chair), Ken Walsh, and Nimish Sanghavi

3. Non-Committee Attendees: Wendy Taylor (SRP General Manager), Scott Fisher (SRP Treasurer), Jennifer Edwards and Christina Hjelmquist (SFMC).

4. Public Comment / Issues: None

5. No one electronically recorded the meeting.

6. The Committee reviewed the draft minutes from the March 19, 2014 meeting:

a. Ken Walsh made the motion that, “The Budget and Finance Committee accept the March 19th, 2014 minutes as presented.”  The motion was seconded by Wes Elliott.
b. The motion passed with Ty Kehrer and Nimish Sanghavi abstaining. 

7. The Committee reviewed the financial statements for March 2014:
a. Ty Kehrer made the motion “The Budget and Finance Committee accept the March 2014 Financial Statements as presented”.  The motion was seconded by Nimish Sanghavi.
b. The motion passed “Unanimously.”

8. The committee reviewed and discussed investments:
a. The committee requested that the proceeds from the Capital Improvement NCB CD ($240,000) maturing on 04/28/2014 be transferred to the Capital Improvement Capital One Money Market account.
b. The committee requested that Morgan Stanley Smith Barney invest $145,000 of Replacement Reserve funds in a GE Cap Retail Bank Draper Utah for 60 months at 1.95%.

9. The Committee reviewed the audited financial statements for 2013:
a. Ty Kehrer made the motion that, “The Budget and Finance Committee recommends the Board of Directors accepts the 2013 Audited Financial Statements as presented”.  The motion was seconded by Nimish Sanghavi.
b. The motion passed “Unanimously.” 

10. There was a discussion regarding necessary sidewalk replacement.  Discussion included the need to establish a long term plan for sidewalk replacement, to include possible tree replacement, and alternative materials to ensure sidewalk durability. 

a. Ken Walsh made the motion that “The Budget & Finance committee recommends that we use Brothers Paving & Concrete to replace 488 sidewalk slabs at a price not to exceed $50,000 from Replacement Reserves.”  The motion was seconded by Nimish Sanghavi.
b. The motion passed “Unanimously””

11. There was a discussion regarding a proposal for an additional $2,000 of landscaping, to be performed by Clippers at Owens Park.

a. The committee discussed the request, and agreed that no motion was necessary as there were no new or replacement acquisitions being obtained.  The committee further believes that normal landscaping falls into operations and does not require committee action.
b. The committee recommended that staff adhere to the current landscaping guidelines as evidenced by the current landscaping contract, and that if amendments to those guidelines are desired that they be considered on a community wide basis (instead of a single location), and incorporated in the new landscaping contract.

12. There was a discussion regarding a request to install additional security cameras at Riding Center.  The committee was concerned that there was only one bid, but understood the benefits of tieing into the existing security camera system for the exercise equipment.

a. Ty Kehrer made the motion that “The Budget & Finance committee recommends that we use Design Tech Electronics, Inc. to install additional CCTV equipment at Riding Center at a price not to exceed $5,000 from Capital Reserves.”  The motion was seconded by Ken Walsh.
b. The motion passed “Unanimously.”

13. There was a discussion regarding a request for a safety cover for the Hyland Hills Splash Park to be delivered and installed at the end of the 2014 pool season.

a. Ken Walsh made the motion that “The Budget & Finance committee recommends that we use NVblu to obtain and install a safety cover for the Hyland Hills Splash Park Pool with Capital Improvement funds, at a price not to exceed $15,000.”  The motion was seconded by Ty Kehrer.
b. The motion passed “Unanimously.”

14. There was a discussion regarding a request for a second pool vacuum.  The committee appreciated staff bring the requisition request to the committees attention, but felt that it was below the threshold to capitalize and was appropriate to record as an operating expense and to use operating funds.  No further action taken.

15. There was a discussion regarding a single bid for architectural and design services for the South Riding storage building off of Gum Spring road.  The committee discussed the request and determined that no action was necessary since the bid is really just an addition to the contract which the Board of Directors has negotiated with a general contractor for the site development and building on the Gum Spring property.

a. The committee is concerned regarding the use of our limited Capital Improvement funds, and with what this project will cost.  The committee requests a complete cost analysis of the additional expenditures required to build on the Gum Spring property be given to the committee.  The committee also suggests that a comparison be made with the “net cost” of selling the Gum Spring property (either before or after site work completion) and then building on the property at Tall Cedars and Riding Center. 

16. There was a discussion regarding the need to complete emergency roof repairs on the roof of the Hyland Hills pool building.  It was disclosed that there was significant wood rot on a flat roof caused by improperly placed drains when the building was originally built.  The committee is expecting staff to send out an email request complete with bids, at an expected cost of up to $20,000, as soon as bids can be obtained.  This will be an email request to facilitate getting the repairs completed in time for the pool season opening.

17. The meeting adjourned at 9:06 pm.