Budget & Finance June 19, 2019 Meeting

Budget & Finance Committee

Meeting was called to order by Ty Kehrer at 7:04pm at Town Hall.

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

2. Non-Committee Attendees: Wendy Taylor (SRP General Manager), and Angee Dill (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 May 2019 Meeting. 

a. Frank Puleo made a motion that, “The Budget and Finance Committee accepts the May minutes as presented.”  The motion was seconded by Wes Elliott.

b. The minutes passed with Dale Urbanek abstaining.

6. Review of Financial Statements:
a. The Budget and Finance Committee reviewed the May 2019 financial statements.  Wes Elliott made the motion that, “The Budget and Finance Committee accepts the May 2019 financials with a notation of correction to report the Capital Improvement funding expenses through May and going forward.  There has been $23,250 in disclosure income and $50,000 of Capital Improvement funding to offset.”  The motion was seconded by Frank Puleo.
b. The motion passed “Unanimously”.

7. Investments:
a. The Budget and Finance committee recommended a transfer between funds to clean up some of the due to from accounts.  It was suggested that a transfer of $100,000 be made from the Morgan Stanley Replacement Reserve Money Market to the CAB Operating account. 
b. The Budget and Finance Committee recommended the purchase of a new Replacement Reserve Fund CD in the amount of $240,000 from the Morgan Stanley Replacement Reserve Money Market.  The CD is a 4 year term, best rate available.
c. The Budget and Finance Committee recommended the purchase of a new Replacement Reserve Fund CD in the amount of $240,000 from the Morgan Stanley Replacement Reserve Money Market.  The CD is a 5 year term, best rate available.  This CD purchase will be delayed until the two CD’s in the Replacement Reserve mature on June 25th and June 26th.

8. Discussions:
a. Celebrate South Riding – The Committee reviewed the preliminary results of the event.  Currently there was a small projected loss.  The Committee still recommends the event be continued for the foreseeable future.
b. Reserve Study – The report is still in process and SRP will have it soon.  The Committee will use it to factor in budgeting for the 2020 year.

9. The meeting adjourned at 7:54pm.

10. Next Budget and Finance Meeting:  Wednesday July 17, 2019 at Town Hall at 7:00 pm.