Budget & Finance Feb 19th Meeting

Budget & Finance Committee

1. Meeting was called to order by the Chair at 7:02 pm.

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

Non-Committee Attendees: Wendy Taylor (SRP General Manager), Rebecca Lyons (SRP), Scott Fisher (SRP Treasurer), George Ellis and Jennifer Edwards (SFMC).

3. Public Comment / Issues: None

4. No one electronically recorded the meeting.

5. The Committee reviewed the draft minutes from the January 15, 2014 meeting:

a. Robin Kinkead made the motion that, “The Budget and Finance Committee accept the January 15th, 2014 minutes as presented.”  The motion was seconded by Ty Kehrer.
b. The motion passed “Unanimously. 

6. The Committee reviewed the Revised financial statements for December 2013:
a. Ty Kehrer made the motion “The Budget and Finance Committee accept the December 2013 Financial Statements as presented”.  The motion was seconded by Nimish Sanghavi.
b. The motion passed “Unanimously.”

7. The Committee reviewed the financial statements for January 2014:
a. Nimish Sanghavi made the motion that, “The Budget and Finance Committee accept the January 2014 Financial Statements as presented”.  The motion was seconded by Robin Kinkead.
b. The motion passed “Unanimously. 

8. The committee reviewed and discussed investments:
a. The committee requested that Morgan Stanley Smith Barney invest $96,000 of Replacement Reserve funds in a Compass Bank CD for 24 months at 0.50%.
b. The committee requested that Morgan Stanley Smith Barney invest $240,000 of Replacement Reserve funds in a 1st Merit Bank CD for 48 months at 1.30%.

9. There was a brief discussion regarding write down of homeowners past due balances that were below a threshold.  The committee had previously recommended, and the Board approved a write down of balances in 2011 which never occurred.  During the transition to SFMC, and with homeowner statements sent out, it has come to light that those balances were never written off. 

a. The committee concurred that those balances should be written off.  The committee agreed that no motion was necessary, as this had been previously approved by the committee and the Board of Directors.
b. The committee recommends that a policy regarding the annual review of homeowner balances be considered at a future meeting.

10. There was a brief discussion regarding changes made to the proposed Park Signage which the committee had previously approved funding for in November, 2013.  The changes were cosmetic, and necessary in order for the signs to be compliant with South Riding’s comprehensive sign plan.  The changes did not cause a price increase over the previously approved sign funding.

a. The committee discussed the changes, and agreed that no motion was necessary as the committee had previously approved sufficient funding for the signs.

11. There was a discussion regarding the bids received for South Ridings new Reserve Study to be performed this year.  After reviewing the bids and sample reserve study pages provided, the committee recommended that Wendy Taylor request additional information and samples from three of the companies supplying bids, for consideration at the March meeting. 

12. The meeting adjourned at 9:12 pm.