Budget & Finance Meeting May 16

Budget & Finance Committee

May 16, 2012
Minutes


1. Meeting was called to order by Chair at 7:14 p.m.

2. Committee Attendees:  Ty Kehrer (Chair), Wes Elliott (Vice Chair).  Quorum was not established at this meeting with only two of the current seven members in attendance.

Non-Committee Attendees:  Wendy Taylor (General manager), Jeff Salman (SRP Secretary), Scott Fisher (SRP Treasurer), Ted Lange (SRP Board of Directors), Suzanne Allen, (Armstrong Management).

3. Public comment / Issues:  None

4. No one electronically recorded the meeting.


5. The Committee reviewed the minutes from its April 18, 2012 meeting.  No motion was made since we did not have quorum.  They will again be reviewed at the June meeting.

6. The Committee reviewed the April 2012 financial statements prepared by Armstrong Management.  No motion was made since we did not have quorum.  They will again be reviewed at the June meeting.


7. The Committee Reviewed and discussed the investments.

a. The Budget and Finance Committee made a recommendation that the SR Board reinvest a Capital Improvement CD that is going to mature on May 19, 2012 at Congressional Bank into an 18 month CD offering at .5% for $240,000 at Doral Bank Catano P R.  This CD offering will require the funds to be transferred to Lara, Shull & May, LLC.
b. The Budget and Finance Committee made a recommendation that the SR Board reinvest a Replacement Reserve CD that is going to mature on May 24, 2012 at Bank Hapoalim into an 2.5 year CD offering at .75% for $240,000 at Firstbank P R Santurce.  This CD offering will require the funds to be transferred to Lara, Shull & May, LLC.

8. The Committee reviewed and discussed the revised 2011 SRP draft Audit from Goldklang Group CPA’s.  Wendy Taylor is going to discuss some issues related to that with Kevin Ubelhart (SRP President).

9. The Committee reviewed and discussed bids for the potential purchase of Gym and Security Camera Equipment.  No motion was made since we did not have quorum.
10. It was decided that the following items would be discussed at the next months meeting since there was no quorum.
a. Discussion of SPR Management Company RFP
b. General Operating Reserve Contribution for 2012

11. The meeting was adjourned at 8:05 p.m.

12. The next meeting of the Budget and Finance Committee is Wednesday, June 20, 2012 at 7:00 p.m. at Town Hall.