Budget & Finance August 2011

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

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

Non-Committee Attendees: Wendy Taylor (General Manager), Elaine Stoner (Asst. GM), Suzanne Allen (Armstrong Management), Paul Orlando (Armstrong Management), Jeffrey Salmon (Board of Directors), Kevin Ubelhart (Board of Directors), Ted Lange (Board of Directors), Nicole Pilkus (Board of Directors), David Smith (Board of Directors), Kevin Turner (Board of Directors) and Schalyn Sohn (resident).

3. Public Comment / Issues: None.

4.  No one electronically recorded the meeting.

5. The Committee reviewed the draft of the proposed 2012 budget with Armstrong Management.
a. Wes Elliot made a motion that, “The Budget and Finance Committee recommend the proposed 2012 budget be submitted to the Board of Directors for acceptance with the projected 2011 surplus and snow removal adjustment taken into consideration."  The motion was seconded by Robin Kinkead and passed “Unanimously”.

6.  The Committee reviewed the minutes from its July 20, 2011 meeting.
a.  Ty Kehrer made a motion that, “The Budget and Finance Committee accepts the minutes from the July 20, 2011 Budget and Finance Committee Meeting.”  The motion was seconded by Marion Donnelly and passed “Unanimously” with Wes Elliot abstaining.

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

8.  The Committee briefly discussed investment options and money management issues to include changing a reinvestment purchase of a certificate of deposit through Armstrong Management’s, to Virginia Commerce Bank (for $150k). 

9.  The Committee reviewed an emergency bid for the S. Riding Blvd. lake pump with general Replacement Reserve funds.
a.  Ty Kehrer made the motion that, “The Budget and Finance Committee recommend approval of SRP staff’s recommendation to replace the S. Riding Blvd. lake pump using Valley Drilling Corp. of VA for the bid amount of $15,503.84 with replacement reserve funds.”  The motion was seconded by Robin Kinkead and passed “Unanimously” with Scott Fisher abstaining.

10.  The Committee reviewed attendance of Schalyn Sohn and Andy Feinstein for committee member / voting eligibility and recommendation to the SRP Board of Directors.

11.  The meeting was adjourned at 9:20 p.m.

12. The next meeting of the Budget & Finance Committee is Wednesday, September 21, 2011 at 7:00 p.m. in Town Hall.