Budget & Finance Dec. 16th Meeting

Budget & Finance Committee

Budget and Finance Committee
December 16, 2015
Final Meeting Minutes

Meeting was called to order by the Chair at 7:00 pm at South Riding Center.

1. Committee Attendees: Ty Kehrer (Chair), Dale Urbanek, Wes Elliott (vice-chair), Ken Walsh and Nimish Sanghavi

2. Non-Committee Attendees: Wendy Taylor (SRP General Manager), Scott Fisher (SRP Vice President), 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. Review and Adopt the Minutes from November 2015 Meeting.

a. Wes Elliott made the motion that, “The Budget and Finance Committee accepts the November 18, 2015 minutes as presented”.  Dale Urbanek seconded the motion.
b. The motion passed with Ken Walsh abstaining.

6. The Committee reviewed the financial statements from November 2015.

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

7. Investments: 
a. The Budget and Finance Committee recommends after the CAB/Mutual of Omaha Replacement Reserve CD at matures on December 20, 2015 for approximately $180,000, it be transferred to an Operations account.  From there Operations will transfer $51,000 to the Capital Improvement Morgan Stanley Money Market.  This will then clean up the due to/from accounts between the three funds to where there will be minimal balances owed by year end.
b. The Budget and Finance Committee recommends the purchase of a $240,000 CD in the Capital Improvement fund from the Morgan Stanley Money Market.  We suggest a six month best rate available CD.
c. The Budget and Finance Committee recommends the purchase of second $240,000 CD in the Capital Improvement fund from Morgan Stanley Money Market.  We suggest a 12 month best rate available CD.
d. The Budget and Finance Committee recommends the purchase of a $240,000 CD in the Replacement Reserve Fund to be purchased from the Smith Barney Replacement Reserve Money Market.  We suggest a 12 month CD, best rate available. 
e. The Budget and Finance Committee recommends the purchase of a $100,000 CD in the Replacement Reserve Fund to be purchased from the Smith Barney Replacement Reserve Money Market.  We suggest a 3 month best rate available CD.

8. Bid Review – The Budget and Finance Committee reviewed bids for the purchase of a 7’X16’ dump trailer to replace the existing one.  Ken Walsh made the motion that, “The Budget and Finance Committee recommends the use of Potomac Trailers at a price of up to $7,000 to purchase a 7’X16’ dump trailer from the Replacement Reserve funds.”  The motion was seconded by Wes Elliott.  The motion passed “Unanimously”.

9. Discussions – There was a general discussion by Wendy to update the Committee on events in the neighborhood.

10. The meeting adjourned at 8:02 pm.


Next Budget and Finance Meeting:  TUESDAY January 19, 2016 at Town Hall at 7pm.