Budget & Finance Nov 19th Meeting

Budget & Finance Committee

1. Meeting was called to order by the Vice-Chair at 7:00 pm at Town Hall.

2. Committee Attendees: Ty Kehrer (Chair), Nimish Sanghavi (Vice-Chair), Ken Walsh, Dale Urbanek and Wes Elliott.  (Ty Kehrer arrived at 7:15)

3. Non-Committee Attendees: Wendy Taylor (SRP General Manager), Scott Fisher (SRP Treasurer), and Suzanne Allen (SFMC).

4. Public Comment / Issues: None

5. No one electronically recorded the meeting.  Minutes were recorded for this meeting by Wendy Taylor until Ty Kehrer arrived.

6. The Committee reviewed the draft minutes from the October 15, 2014 meeting.

a. Ken Walsh made the motion that, “The Budget and Finance Committee accept the October 15, 2014 minutes as presented with the exception of correcting the amount listed in item 11 to $10,000 from $12,000 and the number of months changed to 10 to 12.”  The motion was seconded by Nimish Sanghavi.
b. The motion passed with Dale Urbanek and Wes Elliott abstaining. 

7. The Committee reviewed the financial statements for October 2014:
a. The Committee has requested that Suzanne at SFMC look at the “due to/from” accounts between the funds on the balance sheet and report to the Committee with any findings before we approve a transfer.
b. Nimish Sanghavi made the motion “The Budget and Finance Committee accept the October 2014 Financial Statements as presented”.  The motion was seconded by Dale Urbanek.
c. The motion passed “Unanimously.”

8. The Committee reviewed and discussed investments:
a. Via emails between the October and November meetings the Committee approved the renewal of the Main Street CD for $240,000 in the Capital Improvement fund for 12 months at the best available rate.
b. The Budget and Finance Committee recommended the matured CD of $240,000 at VA Heritage Bank (Capital Improvement Fund) be sent to the Smith Barney Money Market (Capital Improvement Fund) and invested in a CD at the best available rate for period of 6 to 12 months.
c. The Budget and Finance Committee recommended the purchase of an additional CD at $240,000 in the Capital Improvement Fund from excess funds held at Smith Barney in the Money Market account for a period of 6 to 12 months.

9. Discussions and approvals:
a. Maintenance Building – There was a general discussion/update by Wendy Taylor on the future maintenance building location and eventual purchase.  No documents were reviewed or presented for approval.
b. Town Hall Pool Furniture – The Budget and Finance Committee reviewed bids for new Town Hall pool furniture.  Wes Elliott made the motion that, “The Budget and Finance and Committee approve the use of Hadsell for the new Town Hall pool furniture purchase for an amount of up to $38,000.”  The motion was seconded by Ken Walsh.  The motion passed unanimously.
c. Landscape Enhancements (Donovan & Braddock) – The Budget and Finance Committee reviewed bids for landscape enhancements to be done at the Donovan and Braddock entrance.  Ken Walsh made the motion that, “The Budget and Finance Committee approve the use of Community Landscape Services to perform landscape enhancements at Donovan and Braddock for a cost of up to $8,500.”  The motion was seconded by Nimish Sanghavi.  The motion passed unanimously.  (It should be noted that the Committee did not select the lowest bid from Clippers because their landscape contract was not renewed and the warranty on the trees would only last for one year.  With Community Landscape Services the warranty will last as long as the Community continues to use them.)
d. SRC Tile Replacement – The Budget and Finance Committee reviewed bids for tile work at South Riding Center.  Nimish Sanghavi made the motion that, “The Budget and Finance Committee approve the purchase of tile from Emil America to be used at South Riding Center for a cost of up to $6,500.”  The motion was seconded by Dale Urbanek.  The motion passed unanimously.
e. Stonewall Pond Trees – The Budget and Finance Committee listened to comments by Wendy Taylor regarding the requested purchase of new mature trees at the Stonewall Pond.  The Committee reviewed the bid and no motion was made to approve.
f.

10. The meeting adjourned at 8:35 pm.


Next Budget and Finance Meeting:  December 17, 2014 at Town Hall