Budget & Finance Meeting Aug 15

Budget & Finance Committee

August 15, 2012
Minutes


1. Meeting was called to order by Chair at 6:55 p.m.

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

Non-Committee Attendees: Wendy Taylor (General Manager), Jeff Salmon (SRP Board of Directors), Scott Fisher (SRP Treasurer), Ted Lange (SRP Board of Directors), Kevin Ubelhart (SRP President), Suzanne Allen (Armstrong Management), Elaine Stoner (SRP) and Mike Miller (Miller Architects).

3. Public Comment / Issues:  None.

4. No one electronically recorded the meeting.

5. Mike Miller from Miller Architects gave a presentation on the entire construction process and timeline for the potential new play pool, bathhouse and parking lot projects. 

a. After brief discussions Wes Elliot made the motion that, “The Budget and Finance Committee move forward with the contractor in the process to potentially build a new play pool, bathhouse and parking lot.”  The motion was seconded by Schalyn Sohn.
b. The motion passed “Unanimously”.

6. The Committee reviewed the draft minutes from both the June 20, 2012 meeting and the July 18, 2012 meeting.
a. Dale Urbanek made the motion that, “The Budget and Finance Committee accept the June 20, 2012 minutes as presented.”  The motion was seconded by Ken Walsh.
b. The motion passed with Ty Kehrer abstaining.
c. Schalyn Sohn made the motion that, “The Budget and Finance Committee accept the July 18, 2012 minutes as presented.”  The motion was seconded by Wes Elliott.
d. The motion passed with Ken Walsh and Dale Urbanek abstaining.

7. The Committee reviewed the Proposed 2013 Budget with the assistance of the General Manager Wendy Taylor.
a. Ken Walsh made the motion that, “The Budget and Finance committee approve the preliminary budget as presented subject to Wendy Taylor and the Compensation Committee’s review the various wage and salary line items presented.”  The motion was seconded by Dale Urbanek.
b. The motion passed “Unanimously”.

8. The Committee reviewed the July 2012 financial statements prepared by Armstrong Management.
a. Wes Elliott made a motion that, “The Budget and Finance Committee accepts the July 2012 financial statements as presented.”  The motion was seconded by Dale Urbanek.
b. The motion passed “Unanimously”.
c. The Budget and Finance Committee considered the June 2012 financials as passed and approved since the Board of Directors had already approved them.  There was no quorum in July to approve them at the Committee level.

9. The Committee reviewed and discussed investments.
a. The Budget and Finance Committee made a recommendation that the SR Board reinvest Capital Improvement funds that mature on August 29th at the best six month rate available with FDIC coverage in the amount of $240,000.  At the time the CD matures Suzanne Allen will email the Committee available CD offerings.
b. There were no investment decisions that needed done related to the Replacement Reserve funds.

10. The Committee reviewed a proposal from CFM Management Services.  The Committee will continue to investigate potential management company options.

11. The meeting was adjourned at 9:49 p.m.

12.   The next meeting of the Budget and Finance Committee is Wednesday, September 19,
              2012 at 7:00 p.m. at Town Hall.