Budget & Finance Feb 20th Meeting

Budget & Finance Committee

1. Meeting was called to order by Chair at 7:05 p.m.
 
2. Committee Attendees: Ty Kehrer (Chair), Wes Elliott (Vice Chair), Ken Walsh, Dale Urbanek, Nimish Sanghavi and Robin Kinkead.
Non-Committee Attendees: Wendy Taylor (General Manager), Scott Fisher (SRP Treasurer), Jamie Brodnax (Armstrong Management), and Dina Relan Johnson (Armstrong).
 
3. Public Comment / Issues:  None
 
4. No one electronically recorded the meeting.
 
5. The Committee reviewed the draft minutes from January 16, 2013 meeting. 
a. Wes Elliott made the motion that, “The Budget and Finance Committee accept the January 16th, 2013 minutes as presented with the exception of one change on item 6b.”  The motion was seconded by Robin Kinkead. 
b. The motion passed “Unanimously”.
 
6. Wendy Taylor introduced Jamie Brodnax and Dina Relan Johnson, both from Armstrong Management and they went over the transition from Suzanne Allen who was the former Armstrong liaison.
 
7. The Committee reviewed the final draft of the December 2012 financial statements prepared by Armstrong Management.
a. Wes Elliott made the motion that, “The Budget and Finance Committee accept the December 2012 Financial Statements as presented”.  The motion was seconded by Nimish Sanghavi.
b. The motion passed “Unanimously”.
 
8. The Committee reviewed and discussed investments.
a. Related to the Capital Improvement Fund, there are two CD’s maturing on February 22nd and March 3rd for $240,000 and $100,000 respectively.  Both of these CD’s will automatically go into the Morgan Stanley account.  After that Armstrong will transfer them to the Bank United Operating account to be used for upcoming capital improvement expenditures. 
b. Related to the Replacement Reserve Fund, there is a CD that matures on February 25th for $96,000.  The Committee recommends the purchase of a new CD with Discover Bank Greenwood for $96,000 at .95%, maturing on February 27, 2017.  The Committee’s second choice if the first is not available is a CD at Discover Bank Greenwood for $96,000 at 1.05%, maturing on February 6, 2018.  Both of these offerings are through Morgan Stanley.
 
9. There was a brief discussion and update by Armstrong about the progress of the audit for 2012.
 
10. The Committee reviewed the financial statements for January 2013.
a. Wes Elliott made the motion that, “The Budget and Finance Committee accept the January 2013 financials as presented”.  The motion was seconded by Ken Walsh.
b. The motion passed “Unanimously”.
 
11. The Committee reviewed a proposal related to the purchase of fencing for two separate projects near the Hyland Hills Pool.
a. Robin Kinkead made the motion that, “The Budget and Finance Committee approve the use of Long Fence for the two projects for a total cost of up to $25,000”.  The motion was seconded by Dale Urbanek.
b. The motion passed “Unanimously”.
 
12. Wendy Taylor informed the Committee about the neighborhood applying for a grant for $20,000 with Loudoun County to address a wetland area near the tennis counts on Murray Drive.
 
13. The meeting was adjourned at 8:23 p.m.
 
14. The next meeting of the Budget and Finance Committee is Wednesday, March 20, 2013 at 7:00 p.m. at Town Hall.