Finance Minutes June 2021

MINUTES
Standing Committee on Finance
Regular and Budget Meeting               Approved

Monday, June 21, 2021
9:00 AM
Rec Hall

I.          Call to Order

Meeting was called to order @ 9:00 am in the Front Office Board Room.

II.        Roll Call

SCF members present: Al Campbell, Jack Hagopian, Dianne Richardson, Linda Luecken, Jack Pasquale, Ron Long, Jim Dalhausen; Non-Voting members present: Jan Danner, Linda Krout, Randy Browning Guests: Tim Davis, Terry Holovachuk, Bucky Rogers, Linda Swab, Don Dawson, Dan Mahoney.

A quorum of the HOA Board was present. 

III.       Approval of Agenda

Motion to approve Agenda: Linda Luecken (m), Dianne Richardson (s); MMC.

IV.       Approval of minutes, Regular Meeting, May 17, 2021;

Motion to approve Minutes of Regular Meeting, May 17, 2021: Jack Hagopian (m), Dianne Richardson (s); MMC.

V.        May 31, 2021 Month End Financials

May month end financials were reviewed.  No material deviations were identified. 

VI.       Manager’s Report

See attached report.

VII.     Legacy sub-committee Report –

See attached report.

VIII.    OLD BUSINESS

1. 2021 Reserve Management Plan Update for FY 2022

Allocations for fountains and irrigation pumps were discussed.  One of the sound systems in the plan should be for the Rec Hall.  The sports treadmill (#5) should be added for 2036 for $4200.  Randy was asked to communicate these last changes to the reservist.  Randy pointed out that since we do updates on a yearly basis we have the ability to make changes to our reserve plan in a future update if we see a need to do so.

• Reserve and Major New Project(s) Deferral

Possible ways to defer or reduce reserve spending in the near term years was discussed.  A goal at July SCF meeting is to formalize a recommendation for the Board’s consideration.

• Procurement Policy

Keep under old business and continue to work on it.

• Contingency Policy

Keep under old business and continue to work on it.

• Project Bid Policy

Keep under old business and continue to work on it.

IX.       NEW BUSINESS

1)   FY 2022 Reserve Budget

Discussed in old business.  Will wait for update from the reservist and then make     a recommendation.

2)   FY 2022 Operating Budget

We walked thru a worksheet prepared by Park Accountant Linda Krout that had an outline of the 2022 operating budget with prior years actuals.  First look indicates a $139,000 shortfall although we are projecting some management fee income will reduce the shortfall some.  Work on developing the 2022 FY operating budget and recommendation will continue.

X.        PUBLIC INPUT

Terry Holovachuk asked about the blank line for Rec Hall renovation in the operating budget worksheet.  It was pointed out that there are several blank lines in the worksheet.

Dan Mahoney commented about the contingency line in the budget.  It was pointed out that the Board had previously decided to add the contingency line.

Bucky Rogers commented that he was still confused about the CAA budget.  Bucky did not think that we were budgeting CAA expense and income correctly.

Tim Davis commented that limiting fountain and kiln times of operation would result in petty savings and he does not think the shareowners want us to do this.

XI.       NEXT MEETING (S)

1)       July 19, 2021 FOBR 9:00 AM

2)       August 2, 2021 FOBR 9:00 AM

3)       August 16, 2021 FOBR 9:00 AM

XII.     ADJOURNMENT

Meeting adjourned at 11:23AM

/adc

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Park Manager Report

Recent

Lake Puesto Del Sol

• Electric should be finished by end of the month.
• Landscaping is done may be over run for extra sod. 
• Work was not in bid.
• Irrigation is done.

All other Reserve projects are complete.