Budget & Finance Nov 28

Budget & Finance Committee


1. Meeting was called to order by Chair at 7:04 p.m.

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

Non-Committee Attendees: Wendy Taylor (General Manager), Scott Fisher (SRP Treasurer), Suzanne Allen (Armstrong Management), and Robin Kinkead (Resident).

3. Public Comment / Issues:  None.

4. No one electronically recorded the meeting.

5. The Committee reviewed the draft minutes from October 23, 2012 meeting. 

a. Dale Urbanek made the motion that the Budget and Finance Committee accept the October 23rd, 2012 minutes as presented.”  The motion was seconded by Wes Elliott. 
b. The motion passed “Unanimously”.

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

7. The Committee discussed various outstanding money transfers between funds that are in process to balance the funds.  The Committee is working to clean up the balances by year end.

8. The Committee reviewed and discussed investments.
a. No CD activity was needed for the Capital Improvement or the Replacement Reserve funds.
b. The Budget and Finance Committee made a recommendation that the SR Board purchase a $242,000 CD at First VA Community Bank for the Operating fund, specifically from the Bank United account.  The CD is a 30 month penalty free withdraw at 1.09%.  This purchase is contingent on the verification from Suzanne Allen that the penalty free withdraw can take place at any time during the 30 month period.
c. The Budget and Finance Committee made the recommendation that the SR Board purchase a $245,000 CD at Fifth Third Bank through Morgan Stanley for the Operating fund.  The CD is a 4 month CD at .35%.  The funds will be transferred from the Bank United Operating account.
9. The meeting was adjourned at 8:01 p.m.

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