Budget and Finance Committee Meeting July 22

1.Meeting called to order by Chair at 7:20 p.m.

2.Committee Attendees: Kevin Ubelhart (Chair), James Gould, Ty Kehrer, Andy Feinstein, and Rob Maloney.

Non-Committee Attendees: Wendy Taylor (General Manager), Suzanne Allen (Armstrong Management), Linda Perry (BB&T Bank), Jonathan Myers (BB&T Bank), and Marion Donnelly (resident).

3.Public Comment / Issues: None.

4.No one electronically recorded the meeting.

5.The Committee reviewed the minutes from its June 17, 2009 meeting.
a.James Gould made a motion that, “The Budget and Finance Committee accepts the minutes from the June 17, 2009 Budget and Finance Committee Meeting.”  The motion was seconded by Kevin Ubelhart. The motion passed with Ty Kehrer, Andy Feinstein, and Rob Maloney abstaining.

6.The Committee reviewed the June 2009 financial statements.  Suzanne Allen of Armstrong Management presented the financial statements to the Committee.
a.Ty Kehrer made a motion that, “The Budget and Finance Committee accepts the June 2009 financial statements as presented."  The motion was seconded by Rob Maloney. The motion passed “Unanimously”.

7.The Committee discussed investments. 
a.Andy Feinstein made a motion that, "The Budget & Finance Committee recommends moving all funds in the General Operating Reserve fund to new investment accounts by purchasing three $100,000 12-month maturity certificates of deposits at Alliance Association Financial Services and the balance to a money market account at Alliance and close the Smith Barney account."  The motion was seconded by James Gould.  The motion passed “Unanimously”.

8.The Committee heard a presentation from BB&T Bank regarding the CDARS program and investment management for homeowners associations at BB&T bank.

9.The Committee reviewed the procurement policy for the Proprietary.
a.Andy Feinstein made a motion that, "The Budget & Finance Committee recommends adopting the procurement policy as presented."  The motion was seconded by Ty Kehrer.  The motion passed “Unanimously”.

10.The meeting was adjourned at 8:50 p.m.

11.The next meeting of the Budget & Finance Committee is Thursday, August 27, 2009 at 7:00 p.m. in the Riding Center Community Center.