Budget & Finance Oct 15th Meeting

Budget & Finance Committee

1. Meeting was called to order by the Chair at 6:57 pm at Town Hall.

2. Committee Attendees: Ty Kehrer (Chair), Nimish Sanghavi (Vice-Chair), Ken Walsh and Robin Kinkead.

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 Ty Kehrer.

6. The Committee reviewed the draft minutes from the September 24, 2014 meeting.

a. Ken Walsh made the motion that, “The Budget and Finance Committee accept the September 24, 2014 minutes as presented with the exception of correcting the date at the top.”  The motion was seconded by Ty Kehrer.
b. The motion passed with Robin Kinkead and Nimish Sanghavi abstaining. 

7. The Committee reviewed the financial statements for September 2014:
a. Robin Kinkead made the motion “The Budget and Finance Committee accept the September 2014 Financial Statements as presented”.  The motion was seconded by Nimish Sanghavi.
b. The motion passed “Unanimously.”

8. There was a brief update by Wendy Taylor on the status of moving the Capital One bank account from a non-interest bearing account to one that pays interest.  Due to the signers currently on the old account Wendy is going to work with First Service, the Board and SFMC to get the balance transferred.  It is expected to be completed in the coming weeks.

9. The Committee reviewed and discussed investments:
a. The Budget and Finance Committee recommended the purchase of a new CD from the Replacement Reserves for $240,000 to be placed in the 3rd or 4th quarter of 2019 at the best available rate.  The purchase will be done by the investment manager at Smith Barney and come from the Smith Barney Replacement Reserve money market account.

10. The Budget and Finance Committee was updated by Wendy Taylor on the status of the landscaping and snow removal contracts.  The vendor has not been selected yet.

11. There was a brief discussion about a $10,000 fee to be paid to the former management company and the proper recording of this since the new management company is going to reimburse South Riding over a 10 month period.  It will be recorded as a prepaid expense and reduced monthly as the reduced invoice from SFMC is paid.

12. The meeting adjourned at 8:07 pm.

Next Budget and Finance Meeting:  November 19, 2014 at Town Hall