DRAFT Minutes

Standing Committee on Finance Regular Meeting

9:00 am June 17, 2024

FOBR and Zoom

I. Call to Order

            Meeting was called to order @ 9:00 am in the FOBR

II. Roll Call

            SCF members present: Al Campbell, Jim Dahlhausen, Jan Danner, Jim Fitzsimons, David Fogt, Jack Pasquale, Evelyn Ternullo.  A quorum of the SCF was present.

            Non Voting members present: Linda Luecken, Linda Krout was absent, Randy Browning.

            Guests: Tim Davis.

            A quorum of the HOA board was not present.

III. Approval of Agenda:

            Motion to approve the agenda.  Jan Danner (m), David Fogt (s); mmc.

IV. Approval of minutes:

            Regular Meeting, May 20, 2024: Motion to approve the minutes. Evelyn Ternullo (m), David Fogt (s);  mmc.

V. May 31, 2024 Preliminary Month End Financials

            May 2024 preliminary month end financials were reviewed.  No unexplained or material variances were identified.

VI. Manager’s Report – Randy Browning

            See attached report.

VII. Accountant’s Report – Linda Krout

            Waiting on a few hurricane Ian repair invoices.

VIII. Old Business

1) Funds Liquidity and Cash Flow Considerations (continuing)

2) Reserve Study Repair and Replacement 30 Year Mgmnt Plan – update for 2025

            Our reservist is working on our reserve study.  We expect to see a draft version soon.

3) Investment Policy

                        There is a need to update the investment policy to allow buying CD’s from credit               unions.  Updated wording has been prepared and will be presented to the HOA board.

                        There may be a need to update the investment policy to specify the amount of           liquid funds LaCasa should hold to cover emergency expenses (like hurricane Ian). See new business item #1 and old business item #1.

IX. New Business

            1) Handling LaCasa owned property that will not be covered by insurance with our new             policy. Need to estimate the value of uninsured property and determine if we want to hold some money to cover uninsured property in case of a loss.  Linda Krout is will present an estimate of the value of our uninsured property at an upcoming meeting.

 X. PUBLIC INPUT

            none

XI. NEXT MEETING

            Regular and budget meeting July 15, 2024.  FOBR and Zoom; 9:00 AM;

            Regular and budget meeting August 19, 2024

            Budget workshop August 28, 2024

XII. ADJOURNMENT

            Meeting was adjourned at 9:26 am. Evelyn Ternullo(m), David Fogt(s) mmc.