Budget & Finance June 19th Meeting

Budget & Finance Committee

1. Meeting was called to order by the Vice-Chair at 7:04 pm.

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

Non-Committee Attendees: Wendy Taylor (General Manager), Scott Fisher (SRP Treasurer), Jamie Broadnax (Armstrong Management) and Schalyn Sohn (SR Resident).

3. Public Comment / Issues: None

4. No one electronically recorded the meeting.

5. The Committee reviewed the draft minutes from the May 15, 2013 meeting:

a. Robin Kinkead made the motion that, “The Budget and Finance Committee accept the May 15th, 2013 minutes as presented.”  The motion was seconded by Nimish Sanghavi.
b. The motion passed with Dale Urbanek and Wes Elliott abstaining.
6. The Committee reviewed the financial statements for May 2013:
a. Robin Kinkead made the motion that, “The Budget and Finance Committee accept the May 2013 Financial Statements as presented”.  The motion was seconded by Dale Urbanek.
b. The motion passed “Unanimously. 

7. The committee reviewed and discussed investments:
a. Related to the Replacement Reserve fund CD maturing with Sona Bank, the committee decided to rollover the $100,000 CD with Sona Bank at 1.00% for 3 years.
b. Nimish Sanghavi made a motion to, “Consolidate all funds currently with Lara, Shull and May into the appropriate Morgan Stanley Smith Barney capital and reserve accounts using an ACT transfer.  The motion was seconded by Dale Urbanek.  The motion passed unanimously.

8. There was a brief discussion regarding the necessity to update the association’s data storage and the process to accomplish that.

a. Dale Urbanek made a motion to, “Accept the Web and Tech Committee recommendation to hire 4matix to provide media conversion services, to be paid from replacement reserves at a total cost not to exceed $18,000.  The motion was seconded by Robin Kinkead.
b. The motion passed unanimously.

9. There was a brief discussion regarding the continuing need to replace concrete sidewalk slabs in the community.

a. Robin Kinkead made a motion to, “Accept staff recommendation to hire Commercial Concrete for sidewalk replacement services, to be paid from replacement reserves, at a cost not to exceed $15,000.  The motion was seconded by Nimish Sanghavi.
b. The motion passed unanimously.

10. There was a brief discussion regarding the Goldklang and Group CPA’s P.C. Engagement letter.  After this discussion, the committee recommended that Wendy Taylor reopen negotiations as to the term of the agreement and the timing of the audit.  The committee recommended considering a shorter term which would allow the association flexibility at build out.  The committee also requested pricing information if the audit were performed after the auditor’s busy season.


11. The meeting adjourned at 9:21 pm.