Budget & Finance Meeting Sept 19

Budget & Finance Committee

September 19, 2012
Minutes


1. Meeting was called to order by Chair at 7:03 p.m.

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

Non-Committee Attendees: Wendy Taylor (General Manager), Scott Fisher (SRP Treasurer), Suzanne Allen (Armstrong Management), Nam Duong (BB&T Bank) and Nimish Sanghavi (Resident).

3. Public Comment / Issues:  None.

4. No one electronically recorded the meeting.

5. There was a presentation by Nam Duong from BB&T Bank on additional Equity Linked CD’s that are available for purchase from Bank of the West.  He also gave us an update on the current Equity Linked CD at HSBC.

6. The Committee reviewed the draft minutes from August 15, 2012 meeting. 

a. Wes Elliott made the motion that the Budget and Finance Committee accept the August 15th, 2012 minutes as presented.”  The motion was seconded by Ken Walsh. 
b. The motion passed “Unanimously”.

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

8. 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 September 22nd at Bank of Nevada in the amount of $240,000 at .6% for twelve months with Bank of Nevada.
b. The Budget and Finance Committee made the recommendation that the SR Board invest $145,000 of Replacement Reserve money in a new Equity Linked CD with Bank of the West (through BB&T) for a period of seven years.  The funds to purchase this will be available after the Keybank National CD matures on October 1, 2012.
c. No other investment decisions were made.

9. The Committee reviewed the final version of the 2013 Budget. 
a. Wes Elliott made the motion that, “The Budget and Finance Committee accept the 2013 Budget as presented.”  The motion was seconded by Ken Walsh. 
b. The motion passed “Unanimously”.

10. The Committee reviewed the following five proposals presented by Wendy Taylor.
a. The Committee reviewed proposals to add a walkway to the lower level of South Riding Center.
i. Wes Elliott made the motion that, “The Budget and Finance Committee recommends the use of Superior Landscaping to construct the path at the cost of up to $6,000 at South Riding Center from Operating Funds.”  The motion was seconded by Schalyn Sohn.
ii. The motion passed “Unanimously”.
b. The Committee reviewed proposals to purchase a vehicle primarily for the use by the Covenants staff.
i. Wes Elliott made the motion that, “The Budget and Finance Committee recommends the use of Jerry’s Ford to purchase a new car for the use by  Covenants at a cost of up to $18,500 from Capital Improvement Funds”  The motion was seconded by Schalyn Sohn.
ii. The motion passed “Unanimously”.
c. The Committee reviewed proposals to update the landscaping at several neighborhood entrance locations.
i. Schalyn Sohn made the motion that, “The Budget and Finance Committee recommends the use of Clippers to update the landscaping at the various places at a cost of up to $19,000 out of operating funds.”  The motion was seconded by Wes Elliott.
ii. The motion passed “Unanimously”.
d. The Committee reviewed proposals to resurface the Town Hall tennis courts.
i. Ken Walsh made the motion that, “The Budget and Finance Committee recommends the use of Mid-Atlantic Tennis to resurface the tennis courts at Town Hall at a cost of up to $11,500 out of Reserve Funds.”  The motion was seconded by Schalyn Sohn.
ii. The motion passed “Unanimously”.
e. The Committee reviewed proposals to fix various concrete side-walks that have been damaged by trees.
i. Wes Elliott made the motion that, “The Budget and Finance Committee recommends the use of Commercial Concrete to repair the side-walk at various locations at a cost of up to $18,000 from replacement reserves.”  The motion was seconded by Ken Walsh.
ii. The motion passed “Unanimously”.

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

12.   The next meeting of the Budget and Finance Committee is Wednesday, October 17,
              2012 at 7:00 p.m. at Town Hall.