Budget & Finance Dec. 20th Meeting

Budget & Finance Committee

Meeting was called to order by the Vice-Chair at 7:05 pm at Town Hall.

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

2. Non-Committee Attendees: Wendy Taylor (SRP General Manager), 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 2017 Meeting. 

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

6. The Committee reviewed the financial statements for November 2017.

     a. Wes Elliott made the motion that, “The Budget and Finance Committee accept the November 2017 financial statements as presented.”  The motion was seconded by Allison Stern.
     b. The motion passed “Unanimously”.

7. Cash Transfers:  As part of the annual reconciliation between the Operating Fund, Capital Improvement Fund and the Replacement Reserve Fund, the Due To/From accounts need adjusted and cash transferred.  Suzanne presented the Committee with the current balances through mid-December in order to do this.  It was decided that the recently received check from the matured Capital Improvement Fund CD of $255,000 (approximate) from First Virginia Community Bank would be deposited into the CAB Checking Operating account.  In addition a transfer from the Morgan Stanley Operating account to the CAB Checking of $89,000 would also be made.  This would satisfy the approximate $344,000 balance due to the Operating Fund account from Capital Improvement Fund.  In addition a transfer from the Morgan Stanley Replacement Reserve money market of $183,000 would be made to the CAB Operating account to satisfy its approximate balance due of $183,000 to the Operating Fund.

8. Investments:  None

8. Bid Review:  None

9. Discussions:  None

10. The meeting adjourned at 7:40 pm.

11. Next Budget and Finance Meeting:  Wednesday January 17, 2018 at Town Hall at 7:00 pm.