Budget & Finance Jan 15th Meeting

Budget & Finance Committee

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

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

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

3. Public Comment / Issues:  None

4. No one electronically recorded the meeting.

5. The Committee reviewed the minutes from the December 18, 2013 meeting.

a. Robin Kinkead made the motion that, “The Budget and Finance Committee accept the December 18, 2013 minutes as presented.”  The motion was seconded by Ty Kehrer. 
b. The motion passed with Nimish Sanghavi and Dale Urbanek abstaining.

6. The Committee reviewed the preliminary financial statements for December 31, 2013.

a. Nimish Sanghavi made the motion that “The Budget and Finance Committee recommends that all of the Disclosure Packet income for 2013 be retroactively allocated as Capital Improvement Contributions.”  This recommendation is in line with the treatment of these funds in 2014.  The motion was seconded by Robin Kinkead.
b. The motion passed “Unanimously”.

c. Ty Kehrer made the motion that “The Budget and Finance Committee recommends additional replacement reserve contributions be made to address shortfalls to the current reserve study in the amounts of: $125k funded to the Pool Replacement Reserve; $25k funded to the Concrete Reserves; and $25k funded to the Street Tree Reserves.”  The motion was seconded by Ken Walsh
d. The motion passed “Unanimously”.

7. Investments - The Committee reviewed current investments, with no CD’s maturing before the February meeting.

a. The committee recommended opening a new Operating Fund Money Market account with Washington First Bank with funds from the Bank United Operating Account and Capital One Operating Money Market account closed due to the transition from First Service to Service First.  Service First currently has checks totaling approximately $215k from the closing of these accounts.

b. The committee recommended opening a new Operating Fund Money Market account with American Bank, to be funded with $200k from the Mutual of Omaha – New Management Operating money market account. 

c. Re-categorize Accounts – The Budget and Finance Committee, through discussion regarding the expected adjusted balance of the due to/from accounts at 12/31/2013, made the recommendation to recategorized two Operating Money Market accounts as Replacement Reserve.  The re-categorization avoids additional paperwork, while maintaining active accounts for future use and maintaining full FDIC insurance coverage.

i. Ty Kehrer made the motion that “The Budget and Finance Committee recommends the re-categorization of two money market fund accounts as of December 31, 2013 from Operating Funds to Replacement Reserve Funds.  Specifically, the US Bank MM with $20,898 and the Sona Bank MM with $72,400 are to be re-categorized.  The Budget and Finance Committee further recommends that if the funds in the US Bank MM have been liquidated due to the transfer from First Service, that they be deposited in the Sona Bank MM.”  The motion was seconded by Robin Kinkead.
ii. The motion passed unanimously.

8. The Budget and Finance Committee reviewed the following proposals:

a. The Budget and Finance Committee reviewed the proposals for 4 new lights and light poles in the South Riding Center field.  The committee had previously recommended funding the electrical work for these lights, using poles the Association already owned.  Robin Kinkead made the motion that “The Budget and Finance Committee recommends the purchase of four lights and light poles from Metro Led Lighting to be installed in the South Riding Fields for a cost up to $5,000.”  The motion was seconded by Ken Walsh. 
b. The motion passed unanimously.

9. Robin Kinkead made the motion to adjourn the meeting at 8:10 pm.

10. The next meeting of the Budget and Finance Committee is Wednesday, February 19, 2014 at 7:00 p.m. at Town Hall.