Minutes - Finance Committee

Draft Minutes Finance Committee Meeting Monday 7/17/17

9:30 AM Conference Room

Attendees:  Dan Drobnis, Chair; Sal Monaco, Sandy MacGregor, Marty Zieg, Members; Joseph Guiterrez, Treasurer and Liaison; Michael McDowell, Board Member; Isabel Ugarte, ECIA GM.

  1. Public Comment: no public comments.

                       

  1. Adoption of Agenda: adopted as provided.

 

  1. Approval of Minutes

            June 19, 2017 Minutes were approved.

 

  1. Future Committee Meeting Scheduling—Monday before Third Wednesday.

            This new meeting date was established with concurrence from Board members.

 

  1. General Manager’s Report

            Pool inspection and plan update – complete inspection is scheduled for this month.  This should help sequence all needed maintenance and repair work; some maintenance may be done by ECIA staff.

            Hike/Bike Trail Maintenance for 2017 – bids expected July 19; Board will vote on execution of contract by selected vendor.

            Association Reserves contracted update – report has not yet been received; overdue; GM will follow up.

            Board Finance Training Schedule – Board will discuss this at their Wednesday meeting.  FC Chair asked that FC members be allowed to attend as well as other interested committee members/residents.

                                   

  1. Board Liaison Report

            Legal activity – no new activity to report; discussed EAWSD letter indicating potential sources of well water pollution in Eldorado.

            Board Guidance

                        Availability of Monthly GM Report – GM reported that her reprts would be made public/posted after approval by Board; FC requested advance DRAFT copy of GM’s monthly report with any sensitive material redacted on Friday before FC meetings; Mike McDowell said this would be referred to Board.

                       

  1. Financial Reports

            June 2017 Report – several typical issues noted (incorrect coding of account codes; missing account for capital expenses, etc.)  General feeling is that reports have improved, but still work to be done; recommendation was to reduce number of accounting codes for next year’s budget prep.

            Accounts Receivable Summary – still no detail after 90 days makes this of marginal use to FC and Board.

            Reconciliation of HOAMCO charges – liaison is satisfied that he is receiving sufficient detail on HOAMCO invoices,

            Collection summary report – No report available; over 50 new liens were filed; not clear what process was used/who signed liens.  Liaison will inquire.

 

  1. Discussion of annual Office Procedure

            Awaiting Board Task Group – will provide brief summary of process if needed

 

  1. 2018 Budget Preparation

GM suggested that she and Board Treasurer present FC approved draft budget to Board at annual workshop; FC members should be present at meeting.  FC agreed.          

Replacement Reserve Final Update

            30-year Replacement Reserve--Workshop? – Liaison believes this is essential training needed by Board members and will so advise Board; no final decision on date.

  1. Election of Finance Committee Officers

 

                        Election of Finance Committee Officers (delayed from June meeting) – Sal Monaco was elected as FC Chair effective for the August meeting.  Dan will continue as a member and take minutes.

                       

August

                        Review Operating Budget Schedule from GM for Board Approval

 

  1. Next Meetings

            Monday August 14, 2017, 9:30 AM Regular Finance Committee meeting

  1. Adjourn – meeting was adjourned at 12:30PM.