Finance Committee Minutes: October 17, 2017

Hidden Valley Lake Finance Committee
Meeting Minutes
October 17, 2017

Members Present: Linda Hartmann, Jennifer Reuter, Mary Anna Taylor, Bonnie Starks, John Reiniger, Kyle Packer

Members Absent: none

Board Liaison: Bob Starks

Guests: Bruce Keller

Approval of the August Finance Committee Meeting Minutes

Motion by: Jennifer Reuter
Second by: Bonnie Starks
Voting record: all in favor

Review and Approval of the August Financial Reports

Motion by: Mary Anna Taylor
Second by: Bonnie Starks
Voting record: All in favor

Review and Approval of the September Financial Reports

Motion by: Jennifer Reuter
Second by: Bonnie Starks
Voting Record: all in favor

Report from Bruce Keller – Bruce reported that previous estimates to complete the Crystal Lake dam project will be significantly reduced by have the HVL Maintenance Department do the work under the supervision of our contract engineer rather than by hiring an outside firm to do the work. He also indicated that $40,000 has been allocated to replace all Port-a-let facilities at the beach with regular toilet facilities like those at Lake Melody.

Report from Bob Starks – Nothing to report

Old Business: The committee reviewed the latest version of the 2018 budget. Based on YTD/projected 2017 expenditures, changes to select accounts in the Fitness Center, Woodlands, and Streets departments were recommended. In order to have an approved budget available for presentation at the upcoming Board of Directors meeting, we agreed to individually review updates and submit approvals via email.

Addendum – Review and Approval of the 2018 HVL Budget – Moe Manion emailed the suggested changes to the 2018 budget on Wednesday, October 18, 2017. All committee members approved the revised budget as submitted.

New Business:

Review of cash flow statement
- The projected EOY cash availability is $31,000 less than expected. The difference is made up of zero expenditures for salt and sand that was offset by a prepayment of general insurance and the unexpected repairs to the culvert on Alpine.
- John called for a discussion of whether or not the cash reserve should be increased to reflect HVGC operations. Jen pointed out that while HVL is a non-profit corporation, the golf course is not and has independent abilities to raise and borrow funds to cover emergencies including borrowing with interest from HVL. After discussion, the cash reserve will remain as is.
Review of vehicle maintenance reports – costs are less than in 2016 since the new police vehicles are under warranty. Major expenditures were for preventive maintenance on the lake patrol boat and for new tires for the RAM truck.
Review of escrow funds
- Jen indicated that the floating docks are capital expenditures and, as such, should be added to the escrow plan.
- Since there have been changes to the scope and cost of the sluice gate bridge project originally to be funded by Girl Scout fund raising efforts, the expected cost of $19,000 should be included as a 2018 planned capital allocation.