Budget & Finance Meeting February 16

1. Meeting was called to order by Chair at 7:03 p.m.

2. Committee Attendees: Scott Fisher (Chair), Ty Kehrer (Vice-Chair), Dale Urbanek and Andy Feinstein.

Non-Committee Attendees: Wendy Taylor (General Manager), Suzanne Allen (Armstrong Management), and Robin Kinkead (resident).

3. Public Comment / Issues:  none.

4. No one electronically recorded the meeting.

5. The Committee reviewed the minutes from its January 19, 2011 meeting.
a. Ty Kehrer made a motion that, “The Budget and Finance Committee accepts the minutes from the January 19, 2011 Budget and Finance Committee Meeting.”  The motion was seconded by Dale Urbanek.  The motion passed “Unanimously” with Andy Feinstein abstaining.

6.  Financial statements - The Committee reviewed the final December 2010 financial statements.  Suzanne Allen of Armstrong Management presented the financial statements to the Committee. 
a.  Andy Feinstein made a motion that, “The Budget and Finance Committee accepts the final December 2010 financial statements as presented.”  The motion was seconded by Ty Kehrer.  The motion passed “Unanimously.”

7. The Committee reviewed the January 2011 financial statements.  Suzanne Allen of Armstrong Management presented the financial statements to the Committee. 
a. Andy Feinstein made a motion that, “The Budget and Finance Committee accepts the final January 2011 financial statements as presented.”  The motion was seconded by Dale Urbanek.  The motion passed “Unanimously.”

8. Investments and FDIC coverage - The Committee reviewed and discussed investments and FDIC coverage.  The committee recommended that the Board repurchase a $250,000 five year Treasury with the recently matured Replacement Reserve funds.  Suzanne Allen of Armstrong Management will be confirming whether the rate currently offered on the UBOC Capital Improvement money market can be improved.  It is recommended by the committee to the Board that new Capital Improvement money market accounts be established through Armstrong Management’s program with Capital One and US Bank.

9. Reserve Study bid - The Committee discussed the Reserve Study bid submitted by MillerDodson.  SR staff is still compiling additional information and a final recommendation by the Budget and Finance Committee on Reserve study vendor was tabled for a future meeting.

10. Delinquencies - The Committee discussed small amount account delinquencies. 
a. Andy Feinstein made the motion that, “the Budget and Finance Committee recommends approval to write-off all delinquent balances through December 31, 2010 of $14.50 or less and not to exceed a total of $1,000.”   The motion was seconded by Dale Urbanek.  The motion passed “Unanimously.”

11. Pool Furniture - The Committee reviewed bids for purchase of a 13’ permanent Cantilevered Umbrella for South Riding Center pool with Capital Improvement funds.
a.  Andy Feinstein made the motion that, “the Budget and Finance Committee recommends approval of the purchase of a 13’ permanent Cantilevered Umbrella for South Riding Center pool from Hadsell Sun & Shade for an amount not to exceed $8,200.00.”  The motion was seconded by Dale Urbanek.  The motion passed “Unanimously.”

12. The Committee reviewed bids for purchase of pool furniture for Meadows and South Riding Center pools with Capital Improvement funds.
a. Andy Feinstein made the motion that, “the Budget and Finance Committee recommends approval of purchase of pool furniture for Meadows and South Riding Center pools from Hadsell Sun & Shade for an amount up to $65,000.00.”  The motion was seconded by Dale Urbanek.  The motion passed “Unanimously.”

13.  Adjourned - The meeting was adjourned at 8:25 p.m.

14.  The next meeting of the Budget and Finance Committee is Wednesday, March 16, 2011 at 7:00 p.m. at Town Hall.