Budget & Finance Meeting Oct 24

Budget & Finance Committee

1. Meeting was called to order by Chair at 7:00 p.m.

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

Non-Committee Attendees: Wendy Taylor (General Manager), Scott Fisher (SRP Treasurer), Suzanne Allen (Armstrong Management), Nimish Sanghavi (Resident) and Chris Morris (Resident).

3. Public Comment / Issues:  None.

4. No one electronically recorded the meeting.

5. The Committee reviewed the draft minutes from September 19, 2012 meeting. 

a. Wes Elliott made the motion that the Budget and Finance Committee accept the September 19th, 2012 minutes as presented.”  The motion was seconded by Ken Walsh. 
b. The motion passed with Dale Urbanek abstaining.

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

7. The Committee reviewed and discussed investments.
a. No CD’s were purchased.
b. The Budget and Finance Committee made a recommendation that the SR Board transfer $248,000 from the Capital Improvement Smith Barney Money Market to the General Operating Smith Barney Money Market as soon as possible.
c. The Budget and Finance Committee made the recommendation that the SR Board transfer $248,000 from the General Operating Smith Barney Money Market to the Replacement Reserve Smith Barney Money Market after the first transfer clears the bank.
d. Both of these transfers are to help settle up the inter fund transfer accounts.

8. The Committee reviewed the following two proposals presented by Wendy Taylor.
a. The Committee reviewed proposals to replace trees along various streets in South Riding.
i. Ken Walsh made the motion that, “The Budget and Finance Committee recommends the use of Clippers to replace trees in South Riding at a cost of up to $10,000 from the Replacement Reserve Funds.”  The motion was seconded by Dale Urbanek.
ii. The motion passed “Unanimously”.
b. The Committee reviewed proposals for the 2012 Annual Audit and Tax Return.
i. Wes Elliott made the motion that, “The Budget and Finance Committee recommends using the Goldklang Group for the 2012 Audit and Tax Return at a price of $16,300.”  The motion was seconded by Ken Walsh.
ii. The motion passed “Unanimously”.

9. Wendy Taylor gave the Committee an update on the Financial Management Contract and that the decision has been made to stay with Armstrong Management.

10. The meeting was adjourned at 8:29 p.m.

11.   The next meeting of the Budget and Finance Committee is Wednesday, November 28,
              2012 at 7:00 p.m. at Town Hall.