1. Meeting called to order by Chair at 7:00 p.m.
2. Committee Attendees: Kevin Ubelhart (Chair), Scott Fisher (Vice-Chair), Dale Urbanek, Ty Kehrer, Robin Kinkead, Wes Elliott, Rob Maloney, and Andy Feinstein.
Non-Committee Attendees: Wendy Taylor (General Manager), Suzanne Allen (Armstrong Management), Jeffrey Salmon (Board of Directors), and Martin Graves (Operations Director).
3. Public Comment / Issues: None.
4. No one electronically recorded the meeting.
5. The Committee reviewed the minutes from its March 18, 2009 meeting.
a. Scott Fisher made a motion that, “The Budget and Finance Committee accepts the minutes from the March 18, 2009 Budget and Finance Committee Meeting.” The motion was seconded by Ty Kehrer. The motion passed with Andy Feinstein and Robin Kinkead abstaining.
6. The Committee reviewed the March 2009 financial statements. Suzanne Allen of Armstrong Management presented the financial statements to the Committee.
a. Scott Fisher made a motion that, “The Budget and Finance Committee accepts the March 2009 financial statements as presented." The motion was seconded by Rob Maloney. The motion passed “Unanimously”.
7. The Committee discussed investments. The Committee discussed the purchase of one $100,000 CD for the replacement reserve fund with a five year maturity from Sallie Mae. Also, a conference call is to be set up between the Chair, Vice-Chair, Wendy Taylor and Ted Hart of Smith Barney to discuss investment recommendations for the capital improvement fund.
8. The Committee discussed FDIC insurance related to the FirsTrust operating savings account.
a.Wes Elliott made a motion that, "The Budget and Finance Committee recommends opening a second operating savings account with Union Bank of California and recommends transferring funds from the FirsTrust savings account to this new account to reduce the balance in the FirsTrust account below $250,000." The motion was seconded by Robin Kinkead. The motion passed with Scott Fisher abstaining.
9. The Committee received copies of bids for financial management services in response to the RFP. The Committee was instructed to review these bids prior to the next meeting.
10. The Committee reviewed bids for landscape replacements at various locations in the community.
a. Robin Kinkead made a motion that, "The Budget and Finance Committee recommends the acceptance of the proposal from Clippers, Inc. for landscape replacements for an amount not to exceed $64,388 to be paid from the replacement reserve." The motion was seconded by Dale Urbanek. The motion passed “Unanimously”.
11. The Committee reviewed bids for internet access at two community pools.
a.Robin Kinkead made a motion that, "The Budget and Finance Committee recommends the acceptance of quotation A for internet access at two community pools for an amount not to exceed $4,376 with the internet service to be paid from operating funds and wireless networking equipment to be paid from capital improvement funds." The motion was seconded by Ty Kehrer. The motion passed with 5 members voting for the motion, Scott Fisher abstaining, and 2 members opposed. Rob Maloney opposed based on allowing internet access to outside users.
12. The meeting was adjourned at 8:30 p.m.
13. The next meeting of the Budget & Finance Committee is Wednesday, May 20, 2009 at 7:00 p.m. in Town Hall.