Budget & Finance Sept 18th Meeting

Budget & Finance Committee

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

2. Committee Attendees: Ty Kehrer (Chair), Wes Elliott (Vice-Chair), Dale Urbanek, Robin Kinkead and Schalyn Sohn.

Non-Committee Attendees: Wendy Taylor (General Manager) and Carol Hanas (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 meeting.  No motion was made as minor revisions are to be made.  The newly revised minutes will be reviewed at the October meeting.

6. The Committee reviewed the financial statements for August 2013.

a. Wes Elliott made the motion that, “The Budget and Finance Committee accept the August 2013 Financial Statements as presented”.  The motion was seconded by Robin Kinkead.
b. The motion passed “Unanimously”.

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

a. In the Capital Improvement Fund, combine the Torrey Pines CD that matured on 8/3/13 and the Torrey Pines CD that is going to mature on 9/24/13 and purchase a new 9 month CD with Torrey Pines at .55% for $245,000.  Any excess funds will be moved to the Smith Barney Money Market account.
b. In the Capital Improvement Fund, renew the Bank of Nevada CD that matures on 9/22/13 and purchase a 9 month CD at .55% for the full amount that matures.  Currently the value listed is $240,870.64 but may be slightly higher for interest.
c. In the Capital Improvement Fund, use the funds from the Alliance CD that matures on 9/24/13 and purchase a new $100,000 CD with Alliance at .55% for 9 months.  The excess from the maturing CD is to be moved to the Smith Barney Money Market.
d. With all these purchases through Alliance (Alliance, Torrey Pines and Bank of Nevada), they have three charters that insure a total of $750,000.  If with any of these we are over $250,000 individually or $750,000 combined, any excess will be moved to the Smith Barney money market account in the Capital Improvement Fund.

8. Discussion items:

a. Wendy Taylor briefly discussed the final budget that the board approved. 
b. Wendy Taylor briefly discussed the new contract with AAA for the trash that lowers the rate for a longer term.

9. The meeting was adjourned at 7:43 p.m.

10. The next meeting of the Budget and Finance Committee is Wednesday, October 23, 2013 at 7:00 p.m. at Town Hall.