Budget and Finance Committee meeting September 15

Budget and Finance Committee Meeting September 15, 2010

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

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

Non-Committee Attendees: Wendy Taylor (General Manager), Suzanne Allen (Armstrong Management), Paul Orlando (Armstrong Management), James Lee (Lakeside Condo resident).

3. Public Comment / Issues:  None.

4. No one electronically recorded the meeting.

5. The Committee reviewed the minutes from its August 18, 2010 meeting.
a. Dale Urbanek made a motion that, “The Budget and Finance Committee accepts the minutes from the August 18, 2010 Budget and Finance Committee Meeting with the one change regarding Andy Feinstein being moved to committee attendees.”  The motion was seconded by Ken Walsh and passed “Unanimously”.

6. The Committee reviewed the August 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 August 2010 financial statements as presented.”  The motion was seconded by Wes Elliott and passed “Unanimously”.

7. The Committee reviewed and discussed investments.
a. Wes Elliott made a motion that, “The Budget and Finance Committee purchase three $100,000 Capital Improvement CDs with Alliance Bank for 18 month terms at 1.45% and two $100,000 Capital Improvement CDs with Alliance Bank for 36 month terms at 2.0%.”  The motion was seconded by Andy Feinstein and passed “Unanimously”.

b. The Committee discussed waiting for additional investment options from Wendy Taylor regarding the remaining funds in both the Capital Improvement and Replacement Reserve money market accounts with Smith Barney.

8. The Committee briefly reviewed the revised draft of the 2011 budget.
a. Wes Elliott made a motion that, “The Budget and Finance Committee recommends we submit the budget as presented to the Board of Directors for final approval.”  The motion was seconded by Ken Walsh and passed “Unanimously”.

9. The Committee reviewed three proposals for seal coating of common streets and alleys.
a. Andy Feinstein made the motion that, “the Budget and Finance Committee approve the proposal from Collegiate Sealers and Paving for the Asphalt Seal Coating and Crack Sealing of common streets and alleys, for an amount not to exceed $36,000 to come from Reserves.”  The motion was seconded by Dale Urbanek and passed “Unanimously”.

10. The meeting was adjourned at 8:17 p.m.

11. The next meeting of the Budget and Finance Committee is Wednesday, October 27, 2010 at 7:00 p.m. at Town Hall.