Budget & Finance April 24th Meeting

Budget & Finance Committee

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

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

Non-Committee Attendees: Wendy Taylor (General Manager), Scott Fisher (SRP Treasurer), and Jamie Brodnax (Armstrong Management).

3. Public Comment / Issues:  None

4. No one electronically recorded the meeting.

5. The Committee reviewed the draft minutes from the March 20, 2013 meeting. 

a. Wes Elliott made the motion that, “The Budget and Finance Committee accept the March 20th, 2013 minutes as presented.”  The motion was seconded by Ken Walsh. 
b. The motion passed “Unanimously”.

6. The Committee reviewed the financial statements for March 2013

a. Wes Elliott made the motion that, “The Budget and Finance Committee accept the March 2012 Financial Statements as presented”.  The motion was seconded by Ken Walsh.
b. The motion passed “Unanimously”.

7. The Committee reviewed and discussed investments.

a. Related to the Capital Improvement Fund, the Committee decided to rollover the $240,000 CD that matures on March 28th with NCB Bank at .61% for 12 months.

b. In the Capital Improvement fund as the three $100,000 CD’s come due from GE Capital Retail, World Jumbo and Bank of America, we will transfer them to the Smith Barney Money Market Operating account to offset part of the due to/from account and to be used to pay future capital improvement expenditures.

c. In the Replacement Reserve Morgan Stanley Money Market account, the Committee decided request a new list from our financial advisor since the list we had was one week old.  The Committee is looking to invest between $200,000 and $240,000 in a five year CD.  Once the suggestions are given a vote via email will take place.

8. There was a brief discussion on the 2013 Audit and the use of the same audit firm. 
a. Wes Elliott made the motion that, “The Budget and Finance Committee suggest that a three year proposal and price quote be requested for South Riding from our current auditor.”  The motion was seconded by Ken Walsh.
b. The motion passed “Unanimously”.

9. There was a brief discussion about the Hyland Hills new splash park and various overages.  To control one overage related to landscaping it was suggested to use Clippers to complete some of the outside landscaping.  Certain trees and plantings needed to be replaced that were removed during the initial construction.  These replacements will come from the replacement reserve fund.
a. Ken Wash made the motion that, “The Budget and Finance Committee suggest the use of Clippers for a cost of up to $11,000 from Replacement Reserves to complete the tree replacement around the new Hyland Hills splash park.”  The motion was seconded by Wes Elliott.
b. The motion passed “Unanimously”.

10. The meeting was adjourned at 7:56 p.m.

11. The next meeting of the Budget and Finance Committee is Wednesday, May 15, 2013 at 7:00 p.m. at Town Hall.