Budget & Finance May 21st Meeting

Budget & Finance Committee

Budget and Finance Committee
May 21, 2014
Meeting Minutes

1. Meeting was called to order by the Chair at 7:00 pm.

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

3. Non-Committee Attendees: Wendy Taylor (SRP General Manager), Scott Fisher (SRP Treasurer), Estee LaClare (SRP Board of Directors), Jennifer Edwards and Christina Hjelmquist (SFMC).

4. Public Comment / Issues: None

5. No one electronically recorded the meeting.

6. The Committee reviewed the draft minutes from the April 23, 2014 meeting:

a. Ty Kehrer made the motion that, “The Budget and Finance Committee accept the April 23rd, 2014 minutes as presented.”  The motion was seconded by Nimish Sanghavi.
b. The motion passed with Dale Urbanek abstaining. 

7. The Committee reviewed the financial statements for April 2014:
a. Dale Urbanek made the motion “The Budget and Finance Committee accept the April 2014 Financial Statements as presented”.  The motion was seconded by Nimish Sanghavi.
b. The motion passed “Unanimously.”

8. The committee reviewed and discussed investments:
a. The committee requested that SFMC invest $140,000 of Operating Funds into a 12 month no penalty CD with John Marshall Bank.
b. The committee requested that SFMC invest $240,000 of Capital Improvement Funds into a 12 month CD with Burke & Herbert Bank with funds from the Morgan Stanley Smith Barney Money Market account.
c. The committee requested that SFMC invest $240,000 of Replacement Reserve Funds in a 20 month CD with Freedom Bank from the Morgan Stanley Smith Barney Money Market account.

9. There was a discussion regarding the maintenance building project on the Gum Spring Road property.  Wendy said that we were looking for a project manager to run the project, and that we were working on a budget for the entire project.  Additional information should be available at the June meeting.

10. There was a discussion regarding a request for a safety cover for the Hyland Hills Main Pool to be delivered and installed at the end of the 2014 pool season.

a. Nimish Sanghavi made the motion that “The Budget & Finance committee recommends that we use Hadsell to obtain and install a new safety cover for the Hyland Hills Pool with Replacement Reserve funds, at a price not to exceed $23,000.”  The motion was seconded by Ty Kehrer.
b. The motion passed “Unanimously.”

11. Wendy Taylor informed the committee that an IRS Agent would be at Town Hall, beginning May 27th to audit our 2012 Tax Return filing.

12. Wendy Taylor informed the committee that Reserve Advisors would be here beginning June 9th to begin work on our new Reserve Study.  

13. Wendy Taylor informed the committee that we were soliciting bids to install a concrete apron on the newly opened section of Tall Cedars to allow access to our maintenance lot / truck storage area.  There will be some urgency to complete this project before VDOT releases Toll Brothers bond, or else we would need to apply to VDOT for approval.  Due to this urgency, the committee should expect to receive the request via email as soon as the bids are available.

14. The meeting adjourned at 8:00 pm.