Budget & Finance Committee Meeting April 27

1. Meeting was called to order by Chair at 7:01 p.m.

2. Committee Attendees: Scott Fisher (Chair), Ty Kehrer (Vice-Chair), Marion Donnelly, Wes Elliott, and Andy Feinstein.

Non-Committee Attendees: Wendy Taylor (General Manager), Suzanne Allen (Armstrong Management), and Jeff Salmon (SR BOD).

3. Public Comment / Issues:  none.

4. No one electronically recorded the meeting.

5. The Committee reviewed the minutes from its March 16, 2011 meeting.
a. Marion Donnelly made a motion that, “The Budget and Finance Committee accepts the minutes from the March 16, 2011 Budget and Finance Committee Meeting.”  The motion was seconded by Ty Kehrer and passed “Unanimously” with Wes Elliott and Andy Feinstein abstaining.

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

7. The Committee reviewed and discussed investments.
a. The Budget and Finance Committee made a recommendation that the Board establish a Capital Improvement certificate of deposit through Armstrong Management’s program, with NCB Bank (for $240k) using the capital improvement funds in the Smith Barney money market.

8. The Committee reviewed the 2010 Draft Audit completed by Goldklang & Group CPAs. 
a. Ty Kehrer made a motion that, “The Budget and Finance Committee recommend to the Board acceptance of the 2010 Draft Audit as presented by Goldklang & Group.”  The motion was seconded by Wes Elliott and passed “Unanimously”.

9. The Committee reviewed bid proposals for water heater replacement for Highlands Pool with Replacement Reserve funds. 
a. Andy Feinstein made the motion that, “The Budget and Finance Committee recommend approval of the water heater replacement for Highlands Pool using Wacker Plumbing for the bid amount of $8,640.00.”   The motion was seconded by Ty Kehrer and passed “Unanimously”.

10. The Committee reviewed a proposal for emergency tile & joint work on Highlands Hills Pool by Hadsell Sun & Shade with Replacement Reserve funds.
a. Andy Feinstein made the motion that, “The Budget and Finance Committee recommend approval for emergency repairs on Highlands Hills Pool using Hadsell Sun & Shade for the bid amount of $11,655.00 with replacement reserve funds.”  The motion was seconded by Ty Kehrer and passed “Unanimously”.

11. The meeting was adjourned at 8:27 p.m.

12.  The next meeting of the Budget and Finance Committee is Wednesday, May 18, 2011 at 7:00 p.m. at Town Hall.