Hidden Valley Lake Finance Committee
July, 19, 2016
Members Present: John Reiniger, Bonnie Starks, Mary Anna Taylor, Jenifer Reuter, Kyle Packer and Linda Hartmann
Board Liaison: Bob Starks
Guests: Bruce Keller and Donna Yetzer
Approval of the May Finance Committee Minutes
Motion by: Jennifer Reuter
Second by: Bonnie Carter
Voting record: All in favor – Mary Anna Taylor Absentees
Review and Approval of the May 2016 Financial Reports
Motion by: Mary Anna Taylor
Second by: Linda Hartmann
Voting record: All in favor
Review and Approval of the June 2016 Financial Reports
- John Reiniger June 2016
Would you please prepare a 2016 EOY Cash Report giving us some idea of where we might be at year end? Right now it looks pretty good with us $30,199 ahead of budget year-to-date, I believe. Usually I do this at the end of September, I know we have some large payouts coming up; security vehicles at $60,000 which was not budgeted for, and Crystal Lake which I believe will probably be over budget.
On the escrow report, will we be completing the pickle ball court this year or next? Shows as 2017. I don’t see any mention of this in the report. In the last column on page one at the end of the page is shows 2016 budget pay out $30,000 and I wonder what this is? This includes the estimated costs for Crystal Lake in 2016. Is dredging necessary thru 2020? Not my decision need to ask Bruce. Finally the comment column show for Sports, etc. REQ 2016 tables/elliptical machine but it was deducted in the year 2017 that is the cost for the pickle ball court – I haven’t’ showed any funds disbursed for additional picnic tables or elliptical. These are to be additional and not purchased yet. –
What is a diamond bright put on the baby pool? I see it was not anticipated so it begs to ask was there a project request form prepared and should this be an asset rather than an expense? There was no deduction from the escrow for the expenditure. This was actually an expense that was budgeted for in repairs. It is a coating put on the baby pool, not a capital item.
How could street and parks have an air condition repair? This was building repair done for the Community Building as Streets and Parks handles all building repairs that are the appropriate code to track that expense. They had problems with their Might this be a general expense?
In Wages-streets and parks I noted it was down due to an employee on disability. What happened here and what is the current status of the injury? An employee had an off duty accident which resulted in some down time. He is back to work at this time.
A couple of items not on the exception report. Administrative deed fee income was up $1,025 (only $25 over our $1000 difference didn’t think that would impact much since this is a billed item instead of actual income, park maintenance and repairs down $3,355 Missed this one Repairs are down – why? No specific answer. And park building and repair and maintenance up $1,272. (It was on the master exception report) Anything special here?
- Linda Hartmann
page 23 – security vehicle transmission cost $1736 to John’s Transmission Service – I can’t find this on the 2nd qtr. security vehicle expense report. For some reason this didn’t come up when I pulled the report – don’t know what happened but it definitely was for a county car I will update.
pg 48 – how is the telephone charge on the Woodlands budget determined? Coded to wrong account should be fitness center. Journal entry to correct next month.
pg 53 – don’t see lunch attendees listed on the 6/6 Willies receipt. Isn’t this our policy? Will have to check with Bruce.
Escrow report – procedural question. We spent a lot of time working on a project request form to document tangible and intangible benefits for specific purchases. I have not seen a project request document for the police vehicles (or for other projects). I can see allowing exceptions for replacement items like the dump truck, but this is a major change in policy. While I am not disagreeing with the proposal, I feel that a comparison to the current practice should be presented in black and white (no pun intended). Question – when and who should prepare these request forms? What about the marina shelter? What about the fitness center equipment as this is a big % compared to that annual budget? Discussion at Finance Meeting.
Additional discussion included the following:
- John led discussion regarding having enough funds on the escrow report ($45,000) for the repair of Crystal Lake – Bruce stated that we would be using our maintenance department to do a portion of the work and that the dam engineer would supervise the work so he felt there was enough money to cover the cost.
- Mary Anna reiterated that the cost of picnic tables was extremely high. Bruce explained that the new tables are of better quality and are more resistant to deteriorating then the old heavy wood tables.
- Lengthy discussion of escrow report: Committee requests updates made to Escrow sheet. Bruce will get with Moe and make necessary changes to reflect current status of projects and costs that have been spent to date.
- Linda Hartmann led discussion regarding her request to ask that all purchases should follow the project procedures established by the Finance Committee. Several members and board members expressed their concern that these purchases were replacements, budgeted for and felt that these items did not follow the need to complete the project procedure document. Discussion continued with various viewpoints.
- Bruce discussed the reasons for the purchase of Security Vehicles and offered to provide details of the cost benefits to the committee if the felt they needed to be included in receiving that information. Cost of the vehicles is $20,000 each, three vehicles are being purchased and around $3000 a piece to update with Security equipment.
Motion by: Jen Reuter
Second by: Mary Anna Taylor
Voting record: All in Favor
Report from Bruce Keller
Report included in above
Report from Bob Starks
Nothing to report
Discussion regarding assessment increase reflected on when the increase should be implemented. Either January or July of 2017. Estimated cost to be around $24 per year for the next five years but would be reviewed each year to determine the need. Finance committee would like to see YTD totals on cash and expense and determined they could make their recommendation in the August meeting. Donna Yetzer explained that would give the Board enough time to provide information to residents regarding the increase. She would like to see information distributed and published in the months of September and October in preparation for the January increase.
Jennifer provided the golf financials to the finance committee. Currently $12000 more in income than last year.
Motion to Adjourn
Motion by: Jennifer Reuter
Second by: Bonnie Starks
Voting record: All in Favor
Meeting adjourned at 7:29 p.m.
NEXT MEETING TO BE HELD ON TUESDAY August 16th, 6:00