Budget & Finance Dec 17th Meeting

Budget & Finance Committee


Meeting was called to order by the Chair at 7:04 pm at South Riding Center.

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

2. Non-Committee Attendees: Wendy Taylor (SRP General Manager), Scott Fisher (SRP Treasurer), and Suzanne Allen (SFMC).

3. Public Comment / Issues: None

4. No one electronically recorded the meeting.  Minutes were recorded for this meeting by Ty Kehrer.

5. The Committee reviewed the draft minutes from the November 19, 2014 meeting.

a. Ken Walsh made the motion that, “The Budget and Finance Committee accept the November 19, 2014 minutes as presented.  The motion was seconded by Nimish Sanghavi.
b. The motion passed “Unanimously”. 

6. The Committee reviewed the financial statements for November 2014:
a. The Budget and Finance Committee recommended moving $180,000 from the Smith Barney MM Operating Reserve to the Smith Barney MM Capital Reserve to adjust down the due to/from account between the funds.
b. Wes Elliott made the motion “The Budget and Finance Committee accept the November 2014 Financial Statements as presented”.  The motion was seconded by Ken Walsh.
c. The motion passed “Unanimously.”

7. The Committee reviewed and discussed investments:
a. The Budget and Finance Committee recommended the purchase of an 18 month best rate available CD of $240,000 in the SBMM Capital Improvement Fund after the Bank of India CD matures on December 24th and before year end.
b. The Budget and Finance Committee recommended the purchase of 4 year best rate available CD at $240,000 in the Replacement Reserve Fund from excess funds held at Smith Barney in the Money Market account.

8. Discussions and approvals:
a. There was a brief discussion related to the lease of work-out equipment to possibly replace the existing equipment owned by the Association.  No motion was made.
b. The Budget and Finance Committee reviewed and bids to repair and replace the roof at the Hyland Hills bathhouse.  Ken Walsh made the motion that, “The Budget and Finance Committee recommend the use of Gallagher Contracting LLC to repair and replace the roof at the Hyland Hills bathhouse for a cost of up to $31,000.”  Wes Elliott seconded the motion.  The motion passed “Unanimously”.
c. There was a brief discussion about the possible write off of owner balances under $25.  The Budget and Finance Committee suggested a write off of balances under $10.  It was also suggested that the Board of Directors discuss and consider dealing with balances between $10 and $20.
d. There was a brief discussion about the prepaid dues balances held by the Association on old accounts related to owners who no longer live in South Riding.  Wendy Taylor is to discuss this with the auditors on how to possibly handle.

9. The meeting adjourned at 8:33 pm.

Next Budget and Finance Meeting:  January 21, 2015 at Town Hall