Budget & Finance Meeting July 18

Budget & Finance Committee

1. Meeting was called to order by Chair at 6:58 p.m.
2. Committee Attendees:  Ty Kehrer (Chair), Wes Elliott (Vice Chair), and Schalyn Sohn.  Quorum was not established at this meeting with only three of the current six members in attendance.
Non-Committee Attendees:  Wendy Taylor (General manager), Scott Fisher (SRP Treasurer), Ted Lange (SRP Board of Directors), Suzanne Allen, (Armstrong Management), Jamie Brodnox (Armstrong Management).
3. Public comment / Issues:  None
4. No one electronically recorded the meeting.
5. The Committee reviewed the minutes from its June 20, 2012 meeting.  No motion was made since we did not have quorum.  They will again be reviewed at the August meeting.
6. The Committee discussed changing the charter in order to meet quorum easier since there is such a small group on the committee.  No motion was made but a separate email will go around to the Committee to vote on this.
7. The Committee reviewed the June 2012 financial statements prepared by Armstrong Management.  No motion was made since we did not have quorum.  They will again be reviewed at the August meeting.
8. The Committee Reviewed and discussed the investments.
a. The Budget and Finance Committee made a recommendation that the SR Board buy a Capital Improvement 12 month CD at .6% for $240,000 at Alliance Association Financial Services. Funds will come from a $100,000 CD from Discover Bank that matured on July 5th and $140,000 from the UBOC Money Market account.
b. The Budget and Finance Committee also recommended that after the above purchase is done to move the remaining cash from the UBOC Money Market to BB&T Money Market to avoid further bank service charges.
c. No investments were recommended at this time for the Replacement Reserve.

9. At this point Suzanne Allen and Jamie Brodnox from Armstrong Management left the meeting.
10. The Committee was presented a proposal from Service First Management & Consulting, Inc. by George Ellis (Owner) and Bernadette Russell (VP/CFO).  They presented their proposal to be the management company for South Riding Proprietary.  A brief question and answer session followed.
11. The meeting adjourned at 9:12 p.m.
12. The next meeting of the Budget and Finance Committee is Wednesday, August 15, 2012 at 7:00 p.m. at South Riding Center.  This is the annual budget meeting and it is very important that we have a high attendance.