Budget & Finance July 19th Meeting

Budget & Finance Committee

Meeting was called to order by the Vice-Chair at 6:58 pm at Town Hall.

1. Committee Attendees: Wes Elliott (Vice-Chair), Frank Puleo, Dale Urbanek and Ken Walsh.

2. Non-Committee Attendees: Wendy Taylor (SRP General Manager), Suzanne Allen (SFMC) and Alison Stern (Homeowner).

3. Public Comment / Issues: None

4. No one electronically recorded the meeting.  Minutes were recorded for this meeting by Wes Elliott.

5. Review and Adopt the Minutes from June 2017 Meeting.

a. Frank Puleo made the motion that, “The Budget and Finance Committee accepts the June 21, 2017 minutes as presented”.  Dale Urbanek seconded the motion.
b. The motion passed with Wes Elliott and Ken Walsh abstaining.

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

a. Frank Puleo made the motion that, “The Budget and Finance Committee accept the May 2017 financial statements as presented.”  The motion was seconded by Ken Walsh.
b. The motion passed “Unanimously”.

7. Investments:

a. The Budget and Finance Committee recommended the purchase of a Capital Improvement CD from the Morgan Stanley Capital Improvement Money Market.  The CD is to be a best rate available 5 year term for $240,000.
b. The Budget and Finance Committee recommended the purchase of a General Operating CD from the Morgan Stanley General Operating Money Market.  The CD is to be a best rate available 6-9 month CD for $200,000.

8. Bid Review: 

a. The Committee held a discussion regarding the Town Center Park Capital project and reviewed the two proposals presented.  Frank Puleo made a motion that “The Budget and Finance Committee recommends accepting the BrightView contract in an amount not to exceed $636,000 to construct the Town Center Park on the vacant lot at the corner of Center Street and Elklick Road from Capital Improvement Funds.”  Ken Walsh seconded the motion.
b. The motion passed “Unanimously”.  

9. Discussions:

a. A brief discussion was had regarding:
i. How and when the gazebo and open space in front of town hall would be reconstructed.
ii. Other open space projects that are being considered for the future.
iii. No further motions were made or requested.
b. Wendy reminded the committee that the August 16th meeting is the 2018 budget meeting at South Riding Center to begin at 6:30.

10. The meeting adjourned at 7:58 pm.

11. Next Budget and Finance Meeting:  Wednesday August 16, 2017 at South Riding Center at 6:30 pm.  This will be a Joint Meeting with the Board of Directors.