Budget & Finance Committee Meeting July 21

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

2. Committee Attendees: Scott Fisher (Chair), Ty Kehrer (Vice-Chair), Ken Walsh, Marion Donnelly, Robin Kinkead, and Rob Maloney.

Non-Committee Attendees: Wendy Taylor (General Manager), Suzanne Allen (Armstrong Management), Jeffrey Salmon (SRP Board of Directors), and Kathy Beaulne (Alliance Bank).

3. Public Comment / Issues:  None.

4. No one electronically recorded the meeting.

5. The Committee reviewed the minutes from its June 16, 2010 meeting.
a. Ty Kehrer made a motion that, “The Budget and Finance Committee accepts the minutes from the June 16, 2010 Budget and Finance Committee Meeting.”  The motion was seconded by Ken Walsh and passed with Marion Donnelly, Robin Kinkead, and Rob Maloney bstaining.

6. The Committee was presented information on the CDAR program and CD options available through Alliance Bank for Association funds by Kathy Beaulne.

7.  The Committee reviewed the June 2010 financial statements.  Suzanne Allen of Armstrong Management presented the financial statements to the Committee.
a. Robin Kinkead made a motion that, The Budget and Finance Committee accepts the June 2010 financial statements as presented."  The motion was seconded by Marion Donnelly and passed unanimously.

8. The Committee reviewed and discussed investments and money management issues.
a. Robin Kinkead made a motion that, “The Budget and Finance Committee renew the three general Operating CDs held by AAFS on 1 year terms and transfer  funds from the Smith Barney Capital Improvement money market (including the US Treasury strip maturing 8/15/10) to the UBOC money market (now classified as Capital Improvement funds) up to the insurable limit."  The motion was seconded by Ty Kehrer and passed unanimously.

9. The Committee reviewed a proposal for removal of trees due to storm damage.
a. Marion Donnelly made a motion that, "The Budget and Finance Committee recommends the approval of the proposal from Arbor Artist for removal of 25 damaged trees located behind Kenmore Lane, for an amount not to exceed $4,000 to be paid from the Tree/Snow account (code 41257)."  The motion was seconded by Robin Kinkead and passed, with Rob Maloney opposed.

10.  The meeting was adjourned at 8:40 p.m.

11.  The next meeting of the Budget & Finance Committee is Wednesday, August 18, 2010 at 7:00 p.m. at South Riding Center.