Budget & Finance May 15 Meeting

Budget & Finance Committee

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

2. Committee Attendees: Ty Kehrer (Chair), Nimish Sanghavi, Robin Kinkead and Ken Walsh.

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

3. Public Comment / Issues:  None

4. No one electronically recorded the meeting.

5. The Committee reviewed the draft minutes from the April 24, 2013 meeting. 

a. Ken Walsh made the motion that, “The Budget and Finance Committee accept the April 24th, 2013 minutes as presented.”  The motion was seconded by Scott Fisher. 
b. The motion passed with Robin Kinkead and Nimish Sanghavi abstaining.

6. The Committee reviewed the financial statements for April 2013

a. Robin Kinkead made the motion that, “The Budget and Finance Committee accept the April 2012 Financial Statements as presented”.  The motion was seconded by Nimish Sanghavi.
b. The motion passed “Unanimously”.

7. The Committee reviewed and discussed investments.

a. The Committee decided that since no CD comes due until May 31st that via e-mail on May 28th we will get updated purchase information from Morgan Stanley to reinvest a $240,000 CD from Compass Bank
b. The Committee again made mention that the two Capital Improvement $100,000 CD’s that matured in early May from World Jumbo and Bank of America are to be transferred to the Morgan Stanley Operating Money Market to offset some of the due to/from account.

8. The meeting was adjourned at 7:45 p.m.

9. The next meeting of the Budget and Finance Committee is Wednesday, June 19, 2013 at 7:00 p.m. at Town Hall.