Budget & Finance Dec 18th Meeting

Budget & Finance Committee

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

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

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

3. Public Comment / Issues:  None

4. No one electronically recorded the meeting.

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

a. Wes Elliott made the motion that, “The Budget and Finance Committee accept the November 20, 2013 minutes as presented.”  The motion was seconded by Ken Walsh. 
b. The motion passed with Robin Kinkead abstaining.

6. The Committee reviewed the financial statements for November 30, 2013.

a. Wes Elliott made the motion that, “The Budget and Finance Committee accept the November 30, 2013 Financial Statements as presented”.  The motion was seconded by Robin Kinkead.

b. The motion passed “Unanimously”.

7. Investments Issues:

a. To clean up the due to/from accounts between the funds the Budget and Finance  Committee recommended the transfer of $19,218.42 from the Smith Barney MM Replacement Reserve account to the Smith Barney MM General Operating account.

b. To start to clean up the due to/from accounts between the Capital and Operating funds the Budget and Finance Committee recommends the transfer of up to $126,881.40 from Smith Barney MM Capital Improvement account to the Smith Barney MM General Operating account.  This transfer may be lower depending on the amount needed to keep the Capital Improvement account open.  Jamie Brodnax will inform the Committee of the amount transferred.

c. Re-categorize Accounts - The Budget and Finance Committee through discussion made the recommendation to re-categorize 3 Capital Improvement MM accounts in order to clean up the due to/from between the Capital Improvement fund and the General Operating fund.  This was also done to keep the accounts active for future use and avoid additional paperwork.  A motion was made for this action.

1. Wes Elliott made the motion that, “The Budget and Finance Committee recommends the re-categorization of three money market funds as of November 30, 2013 from Capital Improvement to General Operating.  Sona Bank MM for $72,384.54, US Bank MM for $20,896.75 and Capital One MM for $142,685.17.”  The motion was seconded by Ken Walsh.

2. The motion passed “Unanimously”.

d. The Budget and Finance Committee recommended additional transfers in the General Operating fund once all the above transfers and re-categorized accounts have been completed to maximize return. 

1. The Committee recommends the transfer of $60,000 from the Smith Barney MM General Operating account to the Capital One MM General Operating account.
2. The Committee recommends the transfer of $130,000 from the Smith Barney MM General Operating account to the US Bank MM General Operating account.

8. Committee Chairs - The Committee recommended the leaders for the Committee.

a. Ken Walsh made the motion to, “Recommended Wes Elliott move to Chair the Committee and Ty Kehrer to be the Vice-Chair of the Committee.”  The motion was seconded by Robin Kinkead.
b. The motion passed “Unanimously”.

9. The meeting was adjourned at 7:57 p.m.

10. The next meeting of the Budget and Finance Committee is Wednesday, January 15, 2014 at 7:00 p.m. at Town Hall.