Budget & Finance Meeting Dec 12

Budget & Finance Committee

December 12, 2012
Minutes


1. Meeting was called to order by Chair at 6:33 p.m.

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

Non-Committee Attendees: Wendy Taylor (General Manager), Scott Fisher (SRP Treasurer), Suzanne Allen (Armstrong Management), Robin Kinkead (Resident) and Scott Marikian (Resident).

3. Public Comment / Issues:  None.

4. No one electronically recorded the meeting.

5. The Committee reviewed the draft minutes from November 28, 2012 meeting. 

a. Wes Elliott made the motion that the Budget and Finance Committee accept the November 28th, 2012 minutes as presented.”  The motion was seconded by Ken Walsh. 
b. The motion passed with Schalyn Sohn abstaining.

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

7. The Committee discussed various outstanding money transfers between funds that are in process to balance the funds.  The Committee recommended the transfer of $188,942.33(or current balance) from the Capital Improvement BB&T Money Market to the Operating Bank United Account.  The Committee also recommended the transfer of $105,133 from the Capital Improvement Smith Barney MM to the Operating Smith Barney account.  The Committee also recommended the transfer of $222,000 be transferred from the Capital Improvement US Bank account to the Operating Bank United account.  Once these transfers clear the Committee recommends the transfer of $105,133 from the Operating Smith Barney MM to the Replacement Reserve Smith Barney MM.  In addition another transfer from the Operating Bank United account to the Replacement Reserve Smith Barney MM in the amount of $9,145.31 is needed to satisfy the due to/from between Operating and the Replacement Reserve accounts. 

8. The Committee reviewed and discussed investments.
a. No CD activity was needed for the Capital Improvement or the Replacement Reserve funds. 
b. The Committee did not have any investment options presented at the meeting but decided that they would via e-mail choose a short term Operating CD to purchase.


9. The Committee discussed the possibility of opening a checking account for the Capital Improvement fund to help avoid the inter-fund transfers.

10. The meeting was adjourned at 7:22 p.m.

11. The next meeting of the Budget and Finance Committee is Wednesday, January 16, 2013 at 7:00 p.m. at Town Hall.