Budget and Finance Committee Meeting August 18

1. Meeting called to order by Chair at 7:02 p.m.

2. Committee Attendees: Scott Fisher (Chair), Ty Kehrer (Vice-Chair), Marion Donnelly, Wes Elliot, Andy Feinstein, Robin Kinkead, Dale Urbanek, and Ken Walsh.

Non-Committee Attendees: Wendy Taylor (General Manager), Suzanne Allen (Armstrong Management), Paul Orlando (Armstrong Management), Jeffrey Salmon (Board of Directors), Kevin Ubelhart (Board of Directors), Ted Lang (Board of Directors), Nicole Pilkus (Board of Directors), and Elaine Stonier (SRP staff).

3. Public Comment / Issues: None.

4. No one electronically recorded the meeting.

5. The Committee reviewed the minutes from its July 21, 2010 meeting.
a. Robin Kinkead made a motion that, “The Budget and Finance Committee accepts the minutes from the July 21, 2010 Budget and Finance Committee Meeting.”  The motion was seconded by Ty Kehrer and passed with Marion Donnelly, Wes Elliot, and Dale Urbanek abstaining.

6. The Committee reviewed the July 2010 financial statements.  Suzanne Allen of Armstrong Management presented the financial statements to the Committee.
a. Ken Walsh made a motion that, “The Budget and Finance Committee accepts the July 2010 financial statements as presented."  The motion was seconded by Wes Elliot and passed unanimously.

7. The Committee briefly discussed investment options and money management issues to include checking on the eligibility of receiving a refund for taxes paid in 2006.  There was also general information shared by Wendy Taylor on a proposal to acquire land near Pine Brook Road.  The parcel would be used for a permanent maintenance facility for the Proprietary.

8. The Committee reviewed the draft of the proposed 2011 budget with Armstrong Management.
a. Wes Elliot made a motion that, “The Budget and Finance Committee recommend the proposed 2011 budget be submitted to the Board of Directors for review with the projected 2010 surplus and federal tax refund taken into consideration."  The motion was seconded by Robin Kinkead and passed unanimously.

9. The meeting was adjourned at 9:15 p.m.

10. The next meeting of the Budget & Finance Committee is Wednesday, September 15, 2010 at 7:00 p.m. in Town Hall.