Budget & Finance March 20th Meeting

Budget & Finance Committee

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

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

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

3. Public Comment / Issues:  None

4. No one electronically recorded the meeting.

5. The Committee reviewed the draft minutes from February 20, 2013 meeting. 

a. Robin Kinkead made the motion that, “The Budget and Finance Committee accept the February 20th, 2013 minutes as presented.”  The motion was seconded by Wes Elliott. 
b. The motion passed “Unanimously”.

6. The Committee reviewed the financial statements for February 2013

a. There was a brief discussion on the status of the Accounts Receivables balance.  The Committee decided that they would watch the balance closely over the next few months and see if any further action is needed.
b. There was a brief discussion also on the new presentation of the deferred revenue and expenses on events until the month the event actually happens to help get better matching with the budget.
c. Wes Elliott made the motion that, “The Budget and Finance Committee accept the February 2012 Financial Statements as presented”.  The motion was seconded by Robin Kinkead.
d. The motion passed “Unanimously”.

7. The Committee reviewed the draft audit for 2012. 

a. Dale Urbanek made the motion that, “The Budget and Finance Committed accept the 2012 draft audit as presented.”  The motion was seconded by Wes Elliott.
b. The motion passed “Unanimously”.

8. The Committee reviewed and discussed investments.

a. Related to the Capital Improvement Fund, there was a CD that matured on March 4th for $100,000.  The Committee decided to have this money transferred to the general operating Smith Barney money market to be used for upcoming Capital Improvement expenditures. 
b. In the General Operating account, the Committee decided to renew the $245,000 CD with FifthThird Bank that matured on March 12t for three months at .2%.  Subsequently the next day via email the Committee decided to purchase a CD with First Niagra that pays .25% for the same three months.

9. The Committee reviewed three proposals to construct a storage facility.

a. Wes Elliott made the motion that, “The Budget and Finance Committee approve the use of Brynwood Builders for the storage facility at total cost of up to $10,500”.  The motion was seconded by Robin Kinkead.
b. The motion passed “Unanimously”.

10. The Committee reviewed three proposals to have Town Hall painted.

a. Robin Kinkead made the motion that, “The Budget and Finance Committee approve the use of Kris Paining to paint Town Hall with a total cost of up to $10,000.”  The motion was seconded by Dale Urbanek.
b. The motion passed “Unanimously”.

11. There was a brief discussion about charging a service charge related to the use of credit card transactions.  The Committee decided that at this point it was not appropriate to implement and would possibly reconsider this in the future if this becomes more standard practice.

12. The meeting was adjourned at 8:15 p.m.

13. The next meeting of the Budget and Finance Committee is Wednesday, April 17, 2013 at 7:00 p.m. at Town Hall.