Finance Committee Minutes. October 17, 2018

Finance Committee

Meeting Minutes

October 17, 2018

 

Members Present:  Linda Hartmann, Jennifer Reuter, Mary Anna Taylor, Kyle Packer

Members Absent: Bonnie Starks

Board Liaison: absent

Guests:   Bruce Keller

Approval of the September Finance Committee Meeting Minutes  

Motion by: Mary Anna Taylor 

Second by:  Jennifer Reuter

Voting record: all in favor

Review and Approval of September Financial Reports 

Linda noted that the format of the Write Offs by Account report changed from listing amounts by year to amounts by income category. Moe will check with Chris on this. Bruce indicated that the YTD overage in account 7840 (Marina/Lake Maintenance/Repair) on the Exception Report was due to the dam slippage. CC charges to Cortland, WhenIwork, and Paddle.Net were identified as database upgrade work, scheduling software for the pool, and communication software expenditures.

   

Motion by:  Mary Anna Taylor

Second by:  Kyle Packer

Voting record:  All in favor

Report from Bruce Keller – Bruce reviewed the remaining major expenditures expected for fiscal 2018 including paving ($130,000), ditching (($25,000), dock upgrades ($200,000), and the marina shelter ($68,000)

Report from Bob Starks – no report  

Old Business:  The committee reviewed and approved the draft wording change that defines HVL POA members in good standing to include approval and execution of a payment plan to bring an account current.

 

Motion by: Linda Hartmann

Second by: Mary Anna Taylor

Voting Record: all in favor 

Bruce reviewed the PO preparation/approval policy for POA employees. POs are required for all purchases > $1 for Security, Maintenance, Woodlands, Parks, and the Pool. The Office staff are authorized to purchase supplies up to $600 without a PO. 

Jen Reuter reviewed the allocation report and noted that it does not include $75,000 for items purchased during the year and charged to the expense budget. Entries for these expenditures are adjusted by EOY adjustments, but appear as excess, potentially over-budget conditions during the year. We agreed that the adjustment process should remain since these amounts are reviewed in the annual audit; however, the committee asked that the amount of these expenses be added as an adjustment at the end of the income statement to more accurately reflect performance against budget throughout the year. 

Review of the 2019 draft budget – The committee reviewed the proposed budget and received clarifications on line items having significant increases or decreases from prior years. Thanks to Moe for color coding the changes due to the switch from accrual-based to cash-based budgeting. (*Moe addressed the recommended changes and resubmitted the 2019 budget via email to the committee on October 23.)

Motion to approve: Jennifer Reuter

Second by: Linda Hartmann

Voting Record: all in favor     

New Business:  Bruce forwarded a request from the Board of Directors that we review the anticipated budget shortfall beginning in 2021 and consider a strategy that allows the BOD to implement an as-needed annual dues increase based on the cost of living index. 

Motion to Adjourn

Motion by:  Mary Anna Taylor

Second by:  Jennifer Reuter

Voting record:  All in Favor 

Meeting adjourned at 6:00 p.m.

NEXT MEETING TO BE Wednesday December 19 at 5:00 pm *November meeting cancelled due to the Thanksgiving holiday 

Respectfully submitted,

Linda Hartmann

Keep In Touch

Sign up to receive the latest news and updates from Hidden Valley Lake.