Budget & Finance Meeting Apr 18

Budget & Finance Committee

April 18, 2012
Minutes


1. Meeting was called to order by Chair at 7:04 p.m.

2. Committee Attendees: Scott Fisher (Chair), Ty Kehrer (Vice Chair), Wes Elliott, Robin Kinkead, Schalyn Sohn and Dale Urbanek.

Non-Committee Attendees: Wendy Taylor (General Manager) and Jeff Salmon (SRP  Board of Directors).

3. Public Comment / Issues:  None.

4. No one electronically recorded the meeting.

5. The Committee reviewed the minutes from its March 21, 2012 meeting.
a. Wes Elliott made a motion that, “The Budget and Finance Committee accepts the minutes from the February 15, 2012  Budget and Finance Committee Meeting.”  The motion was seconded by Ty Kehrer.
b. The motion passed “Unanimously” with Robin Kinkead abstaining.

6. The Committee reviewed the March 2012 financial statements prepared by Armstrong Management.
a. Robin Kinkead made a motion that, “The Budget and Finance Committee accepts the February 2012 financial statements as presented.”  The motion was seconded by Wes Elliott.
b. The motion passed “Unanimously”.

7. The Committee reviewed and discussed investments.
a. The Budget and Finance Committee made a recommendation that the SR Board reinvest Replacement Reserve funds held in the Smith Barney M/M into a 9 month certificate of deposit offering at .30% (for $96k with Bank of China – NY).

8. The Committee reviewed the 2011 SRP draft Audit from Goldklang Group CPAs.
a. Wes Elliott made the motion that, “The Budget and Finance Committee recommend acceptance of the draft audit subject to acceptance of the (7) proposed adjustments submitted to Goldklang Group CPA’s findings and entries.”  The motion was seconded by Ty Kehrer.
b. The motion passed “Unanimously”.

9. The Committee discussed an adjustment to pool opening and closing dates and hours.

10. The meeting was adjourned at 8:22 p.m.

11.   The next meeting of the Budget and Finance Committee is Wednesday, May 16,
              2012 at 7:00 p.m. at Town Hall.
 

1.  Meeting was called to order by Chair at 7:15 p.m.

2.  Committee Attendees: Scott Fisher (Chair), Marion Donnelly, Wes Elliott, Robin Kinkead and Dale Urbanek.

Non-Committee Attendees: Wendy Taylor (General Manager), Suzanne Allen (Armstrong Management) and Nam Duong (BB&T Investments).

3. Public Comment / Issues:  None.

4. No one electronically recorded the meeting.

5. The Committee was presented information on Equity Linked Certificate of Deposit products by Nam Duong, a BB&T Investments Representative.

6.  The Committee reviewed the minutes from its September 21, 2011 meeting.

a.  Dale Urbanek made a motion that, “The Budget and Finance Committee accepts the minutes from the September 21, 2011 Budget and Finance Committee Meeting.”  The motion was seconded by Wes Elliott and passed with Marion Donnelly, Scott Fisher and Robin Kinkead abstaining.

7.  The Committee reviewed the September 2011 financial statements.  Suzanne Allen of Armstrong Management presented the financial statements to the Committee.

a.  Robin Kinkead made a motion that, “The Budget and Finance Committee accepts the September 2011 financial statements as presented.”  The motion was seconded by Marion Donnelly and passed “Unanimously”.

8.  The Committee reviewed and discussed investments.

9.  The Committee reviewed and was updated on the Hyland Pools expansion study and the pursuit of a land acquisition for a maintenance building.

10.  The Committee reviewed the Armstrong Management Agreement contract renewal recommended by SRP staff.

a.    Robin Kinkead made the motion that, “the Budget and Finance Committee recommend approval of the three year renewal of the Armstrong Management Agreement.”  The motion was seconded by Wes Elliott and passed “Unanimously”.

11.  The Committee reviewed bids for a 2011 4x4 Ford Truck purchase request.

a.   Robin Kinkead made the motion that, “the Budget and Finance Committee approve the purchase from Battlefield Ford for a 2011 4x4 Ford Truck with Boss snow plow per SR staff’s recommendation for an amount not to exceed $35,765 to come from Reserves.”  The motion was seconded by Dale Urbanek and passed “Unanimously”.

12.  The meeting was adjourned at 8:30 p.m.

13.  The next meeting of the Budget and Finance Committee is Wednesday, November 30, 2011 at 7:00 p.m. at Town Hall.



1. Meeting was called to order by Chair at 7:04 p.m.

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

  Non-Committee Attendees: Wendy Taylor (General Manager), Suzanne Allen (Armstrong Management), Jeff Salmon (SRP BOD) and Deen Salami (resident).

3. Public Comment / Issues:  none.

4. No one electronically recorded the meeting.

5. The Committee reviewed the minutes from its December 15, 2010 meeting.
a.Ty Kehrer made a motion that, “The Budget and Finance Committee accepts the minutes from the December 15, 2010 Budget and Finance Committee Meeting.”  The motion was seconded by Wes Elliott and passed “Unanimously”.

6. The Committee reviewed the preliminary December 2010 financial statements.  Suzanne Allen of Armstrong Management presented the financial statements to the Committee.  Final approval for the year end financials was tabled for the February meeting.

7.The Committee reviewed and discussed investments and FDIC coverage.  A recommendation for maturing investments in February will be made via email once rate information on Treasuries and certificates of deposit are obtained from Armstrong.

8.The Committee discussed Reserve Study bids that were submitted.  The Committee recommended SR staff compile questions to review during a visit by Facility Advisors.  A final recommendation was tabled for the next Budget and Finance Committee meeting.

9.The Committee reviewed bids for purchase of a Kubota RTV900 snow plow attachment with Capital Improvement funds.
a.Dale Urbanek made the motion that, “the Budget and Finance Committee recommends approval of the purchase of a Kubota RTV900 snow plow attachment from Byrd Tractors for $5,516.00.”  The motion was seconded by Wes Elliott and passed “Unanimously”.

10.The Committee reviewed bids for purchase of a Ford F350 Maintenance Utility Truck with Replacement Reserve funds.
a.Wes Elliott made the motion that, “the Budget and Finance Committee recommends approval of the purchase of a Ford F350 Maintenance Utility Truck from Chantilly Ford for an amount up to $40,000.00.”  The motion was seconded by Ty Kehrer and passed “Unanimously”.

11.The Committee reviewed a proposal prepared by Pearson Development Solutions for purchase/installation of a Pergola at Meadows Pool with Capital Improvement funds.
a.Dale Urbanek made the motion that, “the Budget and Finance Committee recommends approval of the installation of a Pergola at Meadows Pool from Hadsell Sun & Shade for an amount up to $15,000.00.”  The motion was seconded by Ty Kehrer and passed “Unanimously”.

12. The Committee reviewed service bids for a maintenance/management contract of (15) SRP ponds with Replacement Reserve funds.
a.Ty Kehrer made the motion that, “the Budget and Finance Committee recommends approval of a one year contract with Solitude Lake Management for pond maintenance with an option to extend in years 2012 & 2013 for an amount up to $20,000.00.”  The motion was seconded by Wes Elliott and passed “Unanimously”.

13. The meeting was adjourned at 8:24 p.m.

14. The next meeting of the Budget and Finance Committee is Wednesday, February 16, 2011 at 7:00 p.m. at Town Hall.