Budget & Finance Oct 23rd Meeting

Budget & Finance Committee

Budget and Finance Committee
October 23, 2013
Minutes


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

2. Committee Attendees: Ty Kehrer (Chair), Dale Urbanek, Robin Kinkead, Schalyn Sohn, Ken Walsh & Nimish Sanghavi

Non-Committee Attendees: Wendy Taylor (General Manager), Scott Fisher (SRP Treasurer) and Jamie Brodnax (Armstrong Management).

3. Public Comment / Issues:  None

4. No one electronically recorded the meeting.

5. The Committee reviewed the minutes from the August 21, 2013 and September 18, 2013 meeting.

a. Dale Urbanek made the motion that, “The Budget and Finance Committee accept the August 21, 2013 minutes as presented.”  The motion was seconded by Nimish Sanghavi.  The motion passed with Robin Kinkead abstaining.

b. Robin Kinkead made the motion that, “The Budget and Finance Committee accept the September 18, 2013 minutes as presented.”  The motion was seconded by Schalyn Sohn.  The motion passed with Nimish Sanghavi abstaining.

6. The Committee reviewed the financial statements for September 18, 2013.

a. Robin Kinkead made the motion that, “The Budget and Finance Committee accept the September 18, 2013 Financial Statements as presented”.  The motion was seconded by Nimish Sanghavi.

b. The motion passed “Unanimously”.

7. The Committee reviewed the investments and made the following recommendations.

a. In the Replacement Reserve Fund to allow the Provident CD for $96,000 that matures on October 24, 2013 to close and roll into the Smith Barney Money Market account in the Replacement Reserve.

b. In the Replacement Reserve Fund to purchase a $150,000 CD from Compass Bank paying .75% that matures on October 30, 2015.  This was item number 81 provided by our financial consultant.

c. In the Replacement Reserve Fund to purchase a $150,000 CD from Ally Bank paying 1.15% that matures on October 31, 2016.  This was item 1 provided by our financial consultant.

d. In the Replacement Reserve Fund to purchase a $150,000 CD from Sallie Mae Bank paying 1.65% that matures on October 30, 2017. This was item number 17 provided by our financial consultant.

e. In the General Operating Reserve Fund to renew the CD with Eagle Bank that matures on October 31, 2013 for nine months paying .3%.  This is a penalty free CD.

8. The Budget and Finance Committee reviewed the following proposals:

a. The Budget and Finance Committee reviewed the proposals for new park signs.  Robin Kinkead made the motion that, “The Budget and Finance Committee recommends the use of Fast Signs for a cost of up to $6,000 to replace the signs around the parks and playgrounds.”  The motion was seconded by Ken Walsh.  The motion passed unanimously.

b. The Budget and Finance Committee reviewed the proposals for additional concrete work on the neighborhood sidewalk.  Nimish Sanghavi made the motion that, “The Budget and Finance Committee recommends the use of Commercial Concrete to replace 303 concrete slabs at a cost of up to $32,000.”  The motion was seconded by Dale Urbanek.  The motion passed unanimously.

9. The meeting was adjourned at 7:53 p.m.

10. The next meeting of the Budget and Finance Committee is Wednesday, November 20, 2013 at 7:00 p.m. at Town Hall.