Budget & Finance Sept 24th Meeting

Budget & Finance Committee

1. Meeting was called to order by the Chair at 7:05 pm at Town Hall.

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

3. Non-Committee Attendees: Wendy Taylor (SRP General Manager), Scott Fisher (SRP Treasurer), Jeff Salmon (SR BoD), 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 August 20, 2014 meeting.

a. Wes Elliott made the motion that, “The Budget and Finance Committee accept the August 20, 2014 minutes as presented.”  The motion was seconded by Scott Fisher.
b. The motion passed with Dale Urbanek abstaining. 

7. The Committee reviewed the financial statements for August 2014:
a. Wes Elliott made the motion “The Budget and Finance Committee accept the August 2014 Financial Statements as presented”.  The motion was seconded by Dale Urbanek.
b. The motion passed “Unanimously.”

8. The Committee reviewed and discussed investments:
a. There was a general discussion about the current investment holdings and the recent matured CD’s.  A decision was made to not reinvest the recent matured Reserve Funds but to transfer them to the operating account for upcoming Reserve expenses.  These are currently in the Smith Barney Reserve Fund Money Market.
b. A decision was made to have Suzanne Allen do a thorough review of all signature cards for investments and money market accounts not held by Smith Barney to verify the Association has the authorized and correct signers on all accounts.
c. A decision was made to close the current Capital One Reserve Money Market and open a new account in order to have that money earn interest.  The current account is a non-interest bearing account.
d. A decision was made to have Suzanne Allen inquire with Ted at Smith Barney about the possible overlap of CD’s with the Bank of India and if needed have Ted make a correction of holdings.

9. The Budget and Finance Committee reviewed and approved the following contract bids for South Riding.

a. There was a general discussion about the upcoming landscaping contract bids by Wendy Taylor.  The Committee will be presented these to review in the following month.
b. The Budget and Finance Committee reviewed the proposals for mill and paving work on twelve select streets.  Ken Walsh made the motion that, “The Budget and Finance Committee approves the spending of up to $120,000 from the Reserve Funds to mill and pave the selected twelve streets.”  The motion was seconded by Wes Elliott.  The motion passed unanimously.  It should be noted that the initial approval is for Virginia Paving Company to do this work.  They currently were selected for a previous bid in the community.  If the Community is dissatisfied with this work this proposal will go to Brothers Paving and no additional cost approval will be needed.

c. The Budget and Finance Committee reviewed the proposals for the replacement of rock walls at Owen Park, Hyland Park and Hyland Hill Pool.  Dale Urbanek made the motion that, “The Budget and Finance Committee recommends the use of Authentic Restoration for a cost of up to $20,000 from the Reserve Funds to replace the rock walls at Owen Park, Hyland Park and Hyland Hill Pool.”  The motion was seconded by Ken Walsh.  The motion passed unanimously.

d. The Budget and Finance Committee reviewed the proposals for sidewalk repairs from tree root damage.  Ken Walsh made the motion that, “The Budget and Finance Committee recommends the use of Brothers Paving & Concrete for a cost of up to $25,000 from the Reserve Funds to repair the sidewalks.”  The motion was seconded by Wes Elliott.  The motion passed unanimously.

e. The Budget and Finance Committee reviewed the proposals for 13 street tree replacements.  Dale Urbanek made the motion that, “The Budget and Finance Committee recommends the use of Community Landscape Services for a cost of up to $5,000 from Reserve Funds to replace the 13 selected street trees.”  The motion was seconded by Ken Walsh.  The motion passed unanimously.

10. The meeting adjourned at 8:06 pm.


Next Budget and Finance Meeting:  October 15, 2014 at Town Hall