Minutes - Finance Committee

MINUTES OF ECIA FINANCE COMMITTEE MEETING
Saturday, November 7, 2009 10:50am Railroad Room

 The meeting was called to order at 10:50 AM by Chair Dan Drobnis. Present were members Pat Bell, Gisela Knight, Bob Gaines, Todd Handy and Nolan Zisman, as well as GM Bill Donohue. Jean Stokes was absent. Bill Schwent, an Eldorado homeowner was also in attendance.
Item 1: The Agenda was amended to add “Installment Payments” under New Business. “Review of Financial Statements” was also added.
Item 2/3: There being no one for Public Forum, the minutes of the Oct 7, 2009 meeting were approved as submitted.
Item 4: General Manager’s Report: Bill reported that the tour conducted by Fred Raznick, Chair of the Facilities and Grounds Committee went well and those from the Board and Finance Committee who did the walk-around were more appreciative of all the ECIA amenities and the requirements for maintaining them. A question was raised about the timing and funding of the pool replacement. Since the expected remaining life of the pool is not known, this will be logged as a future Open Action Item.
Item 5: There was no Board Liaison report. However, based on prior Board and FC discussions, the need for a thorough review of possible user fees for various amenities was reaffirmed. This will be an agenda item for the January meeting.
Item 6: As part of the October Financial Statement Review, a question was raised by Todd regarding the disparity between budget and actual stable revenues. The budget figure was determined to be overstated; actual revenues will be closer to $11,000 than the $18,500 budgeted amount. A review of how stable cash flow was offered by Bill, as follows:
1. Bill keeps a record of annual expenses that are outlined in the financials.
2. At the beginning of the new year he bills the Stable Committee for all expenses except stable area and road maintenance incurred in the prior year.
Based on 10 month actual for 2009 and expected additional expenses for one more round of manure removal, Bill anticipates 2009 year-end expenses will approximate the estimated stable revenue budget for 2010…$18,500.
Bill reported 50 lot owners have not yet paid their 2009 assessments. Some of these will be collected by year-end so the 40 lot assumption used for next year’s budget as an allowance for uncollected assessments should be fairly reliable.
Gisela suggested the “Contingency, Capital and Reserves” schedule is an inappropriate place to report operating expense projects. She proposed including the Operating Expense projects in the monthly income statements in order to get a truer picture of operations and net operating income. Pat suggested that rather than listing each such project in the income statements, the total project amount be reported as one line item in the income statements and an addendum table be submitted itemizing the operating projects. Bill will work up a revised income statement for further discussion. Open Action Item.
At the request of the Finance Committee, Bill will provide a breakdown of wages into various work categories for review at the next meeting. It is perceived this will help determine appropriate cost bases in our user fee discussions next year.
Open Action Item.
Item 8: Under New Business Nolan expressed empathy for fixed income residents who may have trouble paying the $60 higher assessment next year because of the freeze on Social Security increases. He suggested consideration be given to offering installment payments with the added expenses covered by a surcharge (similar to the one recommended for credit card payments). Bill and Dan both feel installment processing would be an undue burden on staff. Bill then reported he already offers lot owners who have not paid in March the option of “working with the ECIA” to get their assessments paid. It was agreed that this “message” would be placed in the first reminder notice to those not paying by March 1.
Items /9/10:There being no further business, the meeting was adjourned at 11:55 AM. The next meeting will be Wednesday, Jan. 6, 2010 at 9:30AM .

MINUTES OF ECIA FINANCE COMMITTEE MEETING
Wednesday, October 7, 2009  9:30am ECIA Conference Room

The meeting was called to order at 9:30 AM by Chair Dan Drobnis. Present were members Pat Bell, Gisela Knight, Bob Gaines and Nolan Zisman as well as GM Bill Donohue, Liaison Ed Moreno and Board member Sandy MacGregor . Jean Stokes and Todd Handy were absent.
Item 1: The Agenda was amended to add a new Item 7: Review of Financial Statements.
Item 2/3: There being no one for Public Forum, the minutes of the Sept. 15, 2009, meeting were approved as amended (The paragraph on Late Payment Penalties in Item 7 was slightly modified).
Item 4: General Manager’s Report: Bill has developed a detail cost analysis of a possible new Eldorado Community Services operation. The estimated cost is approximately $118,000 (vs. an estimated annual cost of $100,000 for ASI). Primary reason for the cost differences is the addition of 100 miles per day and the cost of a new vehicle (small pick-up) in the first year. Bill plans to present his data to the Board, along with a narrative on the added benefits/costs of having our own operation. The increased expense, if incurred, would have the effect of reducing the amount of net operating revenues that could be used as Capital Reserves. Bill will also recommend we take a look at the offerings of one or two other outside services. Bill also discovered that the amount cited in the 2008 Annual Report for the R&R Reserve was incorrect (due to data transposition in typing). Dan will make sure the Budget Message includes the correct number (currently at $337,286).
Item 5: Sandy gave the Board Liaison Report. He mentioned that Security improvements are an important topic for the Board. The Finance Committee requests Board direction on whether to proceed with detailed estimates on each project identified in the Facilities and Grounds Identified Capital Projects dated 9/29/09, particularly those requested for 2010.
Item 6: The Final Draft of 2010 Operating Budget was reviewed.
Assessment Recommendations: $300 for cash, $315 for credit card.
Budget Message: The following recommendations were agreed to:
· The word “Operating” is to be deleted from the “Subject” header.
· Under 2010 Outlook, there should be a brief explanation on why 40 lots were used for the uncollected assessment allowance (e.g. “based on 2009 experiences…”)
· Under 2010 Operating Expenses, there should be a brief description of the benefits from increased summer employees
· There should be a paragraph added to discuss a “managed drawdown” of the unallocated fund balance to eliminate what is viewed as a “surplus”. This will require a rewording of the 2nd paragraph under 2011 Outlook that assumes…“no decision is made by the Board to tap a portion of the Unallocated Fund Balance”.
Item 7: The September Financial Statement Review. It appears that the Association will finish FY 2009 with a very slight surplus.
Item 8: The FC members were in accord that we recommend the final draft budget be placed in the members-only portion of the ECIA web site on Monday, Nov. 2. The benefits would include getting more members to use the web site and to allow people more information by which to attend and participate in informed discussions at the Nov 7 budget hearing.
Items /9/10:There being no new business, the meeting was adjourned at 10:45 AM. The next meetings will be Monday, Oct. 19 at 7PM (Board Budget Workshop); and Sat. Nov 7 at 10AM (Budget Hearing). The Committee will hold a brief meeting after the Budget Hearing in place of its regularly scheduled November meeting.

MINUTES OF ECIA FINANCE COMMITTEE MEETING
September 15, 2009 7:00pm ECIA Living Room

  The meeting was called to order at 7 PM by Chair Dan Drobnis. Present were members Pat Bell, Gisela Knight, Bob Gaines and Nolan Zisman, as well as GM Bill Donohue. Todd Handy, awaiting Board appointment to the FC, was also in attendance. John Parker and Fred Raznick were in attendance to request budget allocations for their committees (Conservation and F&G, respectively).
Item 1: The Agenda was adopted as distributed.
Item 2/3: There being no one for Public Forum, the minutes of the Sept 2, 2009 meeting were approved as amended.
Item 4: General Manager’s Report:
· Possible Security Changes: The Board approved proceeding with a detail scope and cost estimates for ECIA to establish a Community Services function. They also noted they may want to talk with other third party security service providers to determine the most cost-effective approach to providing whatever services are deemed “in-scope”.
· Extended Pool Season: Manpower could not be found to keep the pool open on weekends through the end of September. The 2010 budget will include the costs of expanding the season by adding 100 hours in September, as well as hiring one more pool person and two part-time summer help people. A resident’s request for additional budget for pool-related items was referred back to F&G for their analysis and recommendations.
Item 5: Bill gave the Board Liaison/Workshop Report. The Board wants the FC to ensure they recommend enough in the way of an assessment increase to reasonably cover expenses to be incurred over the next four years. In this regard Dan reported he reminded the Board at their Workshop meeting that we should only collect enough to cover what is really required so as not to accumulate an unreasonable level of net revenues.
Item 6: Budget Input from Other Committees:
· Conservation: John Parker requested an additional $4,000 to the $4,000 already allocated them in the operating budget for a project. He is proposing the ECIA team up with Earthwork to share the cost of establishing an intern position that would oversee the maintenance of the conservation area during 2010. This person would be responsible for soliciting community participation, improving signage and boundary marking. Earthwork would supervise this person. The FC unanimously approved creating an operating project in the 2010 budget to establish the internship at an amount not to exceed $4,000. John also mentioned one possible new capital project- - restoration of some hot springs.
· Facilities and Grounds: Fred Raznick was present to answer questions about the list of identified, high priority capital projects submitted to the FC and Board prior to the meeting. He suggested that if the Board or FC was concerned about the impact on finances of doing these projects, user fees might be a way of offsetting some of the costs of providing amenities. Dan expressed concern the Board may not be agreeable to approving all the projects in the presentation. He suggested establishing priorities across the three categories of projects. Fred suggested it might be worthwhile for the Board and FC to accompany F&G members in a walk-around of the community center grounds. This was well received by the FC. Bill or Dan will suggest this to the Board.
· Road: Nolan requested $2,000 for a community survey regarding paving of additional roads in Eldorado. The FC suggested the community and budgets would be better served by putting the survey on the ECIA web site and referring to it in various committee articles in Vistas. This approach would have little or no incremental cost. FC will not recommend including this request in the budget.
· Stables: The replacement of the Stables water system, referred to in their 5-year plan as a capital project, is really an R&R item which is not yet included in the R&R schedules. Bill will include this in the 2010 R&R schedule update.
Dan will remind the Board we have an unallocated reserve which could be used to finance the desired capital projects and/or help constrain the amount of assessment increase while meeting operating and capital budget requirements.
Item 7: 3rd Draft of 2010 Operating Budget: The new draft was briefly reviewed and no obvious inconsistencies found.
· Assessment Recommendations: Dan went around the room to determine member feedback on what the assessment level should be. The members unanimously endorsed a $300 per year assessment for each of the next two years. Bill will re-work the budget to reflect this amount and will show a transfer of net operating revenues to Capital Reserve.
· Late Payment Penalties: In accordance with written Board policy, the penalty is limited to 15% of the annual assessment. At $300 this works out to $45 per year, or $3.75 per month, up from the existing $3.00. Bill will reflect this in the next iteration of the budget.
· Assessment Payment Options: The FC voted 3-1-0 to recommend setting the assessment at $300 if paid by cash or check; the assessment would be $315 if paying by credit card, since the cost of a credit transaction is estimated at $15.
Items 8/9/10:There being no new business, the meeting was adjourned at 9:45. The next meeting will be Wed., Oct 7 at 9:30AM.

MINUTES OF ECIA FINANCE COMMITTEE MEETING
September 2, 2009 9:30am ECIA Board Room

The meeting was called to order at 9:30 AM by Chair Dan Drobnis. Present were members Pat Bell, Gisela Knight, Bob Gaines and Nolan Zisman, as well as GM Bill Donohue, Liaison Ed Moreno and Board member Sandy MacGregor . Jean Stokes was an excused absence. Todd Handy was in attendance for his 3rd meeting; he was unanimously nominated by the FC for full membership. SuAnne and Doug Armstrong were present to discuss the Stable Committee Capital Project Request.
Item 1: The Agenda was adopted as distributed.
Item 2/3: There was no one for Public Forum. The minutes of the August 3, 2009 meeting were approved as submitted.
Item 4: The August Financial Reports were reviewed. Bill advised that owners of 83 lots have yet to pay their assessments. Lien notices have been sent out. For some reason project expenses for web site development were reported in the Jan-Aug report but not in the Jan-Dec report. Bill will have Debby investigate.
Item 5a: General Manager’s Report:
· Unexpected Expense: The pressure tanks for the well pump have failed. They need to be replaced and some additional work is required to make the new ones work properly, last their full expected life, and make the well house safer. The estimated cost to perform this work is about $4,500. There is $1,700 in the R&R schedule in 2011 for replacing the pressure tanks which should be moved forward to 2009. The balance of $2,800 would come out of contingency. The FC voted 4-0-0 to recommend these actions to the Board.
· Possible Security Changes: There are concerns over the consistency and quality of service being provided by our existing vendor. Bill envisions establishing our own “Eldorado Community Services” staff which would perform all the duties of the existing vendor as well as additional services on an “as needed basis”. He believes the total cost of providing an equipped 3-person team (one full-time and two part-time) of people living in or adjacent to Eldorado, including car, uniforms, training, etc., with about double the existing “visibility”, would cost about the same as we are now paying the 3rd party service provider. Care will be taken to position the functions of the new ECIA staff so that residents understand that the ECIA does not provide security services for individual residences within the community. Bill will approach the Board with this concept and, if there is concurrence, will develop detail costs and service scope and job descriptions for subsequent analysis by the FC.
· Extended Pool Season: Most of the lifeguards have given notice. Bill is trying to secure staffing for about 8 hours per day on the weekends until the end of September. Even if this happens, projected pool expenses should come in close to budget. If it does happen, Bill will arrange for posting in the Hot News section of the web site and on the marquee(s).
Item 5b: As Ed had to leave early Sandy gave the Board Liaison Report. He mentioned the Board wants the FC to determine what assessment levels will be needed if we change them in 2010 and 2012 versus establishing the same charge to cover our needs from 2010 to 2013. He also indicated the Board decided to leave the Vistas program as is for 2010 (i.e., 12 issues, eight pages, two-color).
Item 6: Capital Project Request: Stable Committee
SuAnne and Doug Armstrong made a comprehensive and well received presentation of their proposal for additional fencing and an automatic main gate to completely secure the stable compound. The FC suggested there be two separate projects as follows:
1. Close existing gaps in perimeter fencing- - This would involve installing either T- or cedar posts with 4 strand barbless wire at a cost of between $3300 and $3800, not including tax, but including insertion of 3 new walk-through gates. One would be a pedestrian gate on Av.Eldorado; the other two would provide access to the horse paths without having to use the main gate. The FC voted 4-0-0 to recommend to the Board the early completion of this project at a budgeted amount not to exceed $4,100 (to include tax and a small contingency).
2. Continue to investigate installation of an electric gate at the main entrance- - the Armstrongs estimate as many as 200 open/close cycles per day for this point. Preliminary cost estimates run anywhere from $7,000 to $9,000, depending on the type and design of the gate. The FC recommended (4-0-0) remanding this project back to the Stable Committee for further analysis of alternatives and costs. The FC also recommends the Stable Committee adopt a policy of keeping the main gate closed at all times, except perhaps during the normal twice-per-day feeding periods.
Item 7a: 2nd Draft of 2010 Operation Budget: The new draft was briefly reviewed. The only anticipated operating expense not shown was $2,000 for F&G use for a survey and/or software to develop a digitized data base of our existing facilities and grounds which would permit alternative “what-if” scenario analyses. The assumed assessment fee was $280. After discussion of the unpaid assessments it was decided (4-0-0) to establish a new line revenue line item, associated with General Assessments, to set up an “Allowance for Uncollected Assessments”, the initial value of which would be the established assessment rate x 40 lots.
Item7b: Assessment Recommendations: Dan distributed a “back of the envelope” projection of expenses using the average annual increase in budgeted expenses from 2003 to 2009 as basis for projecting 2010 to 2013. For revenues he used budgeted amounts from 2003 to 2009 to determine historical margins. For the “two-year” scenario he used $280 for the 2010-11 and $300 for 2012-2013. For the “four-year” scenario he used $295 for each of the four years. The resulting calculations show an 2010-2013 cumulative margin of $137,100 for the “two-year” scenario and $156,200 for the “four-year” alternative. This produces an average annual margin of $ 34,300 and $ $39,000 respectively. A discussion of possible capital reserve requirements was then held. Nolan, as a member of the F&G Committee indicated that this group was working hard to develop a 5-year plan of capital projects and felt, based on what had been discussed thus far, there would be a need for a possible $50,000 per year for the next couple of years (key items being rebuilding the tennis courts and a landscaping strategy to protect existing trees and shrubs and beautify the community center grounds (the latter item could involve a combination of capital and operating dollars). Because of the additional “Allowance for Uncollected Assessments, the FC suggested to Sandy that the Board be advised the minimum assessment rate for 2010-11 be $285/year with the possibility of additional amounts justified for 2012-13.
Items 8/9/10:There being no other business, the meeting was adjourned at 11:45AM. The next two meetings will be Tuesday, Sept. 15 at 7PM and Wed., Oct 7 at 9:30AM.


DRAFT MINUTES OF ECIA FINANCE COMMITTEE MEETING
August 3, 2009   4:00pm  ECIA Board Room

The meeting was called to order at 4 pm by Chair Dan Drobnis. Present were members Pat Bell, Bob Gaines, and Gisela Knight, as well as GM Bill Donohue, Board Liaison Ed Moreno, Board member Sandy MacGregor, and Todd Handy. Nolan Zisman was excused to attend the Facilities and Grounds Committee (but returned near the end of the meeting) and Jean Stokes was absent without excuse.
1. Adoption of Agenda – Adopted as presented
2. Minutes of June 1, 2009 meeting - Approved
3. Financial reports – Late assessment payments are higher than normal. Bill has speeded up the late notices and lien process to avoid possible losses due to foreclosures.
4. Adopt process for Capital Projects – The 3rd draft was reviewed and approved.
5. General Manager's Report
Capital Project Requests:
Stable Committee-Capital Project Proposal for fencing (635ft.) - Dan will arrange for an estimate of the maintenance costs and prepare a report for the Board (no stable perimeter fencing is in the replacement reserve schedule, only the arena fencing). Bill will ask the EAWSD about sharing maintenance costs. The proposal is intended in part to reduce liability from straying horses. Dan will ask the Stable Committee: 1) can the SW gate be locked except when in use? 2) why so many gates? and 3) should the main gate be configured to remain closed except when in use?
Conservation Committee-Capital Project Proposal for fencing (4161ft.) - The Conservation Committee should ask the Board whether it wants the FC to review the project for possible funding.
Facilities and Grounds-Capital Project Proposal for lighting (foyer,LR) – The FC agrees that lighting is not furniture, so the project would need Board approval as a Capital project. Dan will prepare a funding proposal for FC.
Possible Security Changes – Bill is preparing a proposal for the September Board meeting to replace the security contractor with an in-house security program.
6. Board Liaison Report – Sandy reported that the Vistas cost options will be discussed at the next Board work session.
7. Review 1st draft of ECIA 2010 Operating Budget – FC instructed Bill to prepare a revised budget that: 1) raises the annual assessment to $280, 2) has a zero Appropriated Fund Balance, 3) has a Capital Reserve Fund Transfer of $30,000, and 4) sets the amount in the Contingency Fund to balance income and expenses.
8. New Business – No new business.
9. Public Input – No public input.
10. Next Meeting: FC agreed to change the regular meeting to 9:30 on the first Wednesday of each month. The next meeting will be on Wednesday, September 2.

(No July 2009 Meeting)

 MINUTES OF ECIA FINANCE COMMITTEE MEETING
 June 1, 2009 4:00pm, ECIA Board Room
--The meeting was called to order at 4:03 PM by Chair Dan Drobnis. Present were members Bob Gaines, Gisela Knight, Jean Stokes and Nolan Zisman, as well as GM Bill Donohue and Kirsten Jasna as Board Liaison. Pat Bell was excused. Todd Handy attended, having expressed an interest in joining FC.
--The agenda was adopted as distributed. The minutes of the May 4, 2009, meeting were approved with amendments, striking the word “not” in item 4a, and under 4b, fifth bullet, replacing the words “thought that Azul was a higher priority account” by “discussed Azul because of”.
--May Financial Reports: Bill responded to questions about the lag in assessment collection and budget overrun in pool repairs and maintenance.FC members agreed that the process of reminder notices for unpaid assessments should be speeded up. The issue of monthly or semi-annual payment of assessments was discussed but held over. Recording monthly payments would put a severe strain on office operations. Dan’s question re. the Balance Sheet item “Allowance for doubtful Accounts” will be further explored by Bill with the ECIA accountant.
--General Manager’s Report: (1) Bill has explored the matter of credit card payment of assessments and so far believes that Intuit Solutions set up through Quickbook would be the best choice. Charges to be considered in ECIA budgets would be a basic $19 per month, plus 1.6% per charge made.
Dan suggested that a discount of $10 for non-charge payments might induce timely payment of assessments. This may be allowable if both options are clearly stated. (2) The Kiddie Pool Heater had worked in testing but died on pool opening day. It was due for replacement in 2010. The FC voted to recommend to the Board that replacement at about $2,500 be moved to 2009.
(3) The FC reviewed the Capital Project List with Fund History. The list at the bottom should be headed “... approved by Board for 2009” i.e. the current year. Bill will also follow Nolan’s suggestion that the balance left in the capital reserve after current year expenditures will be shown.
--Eldorado 2010 Calendar Costs:  Seven ads in the 2009 calendar have not been paid for, and four were never sold. A quick survey by the Information Committee throws doubt on ad revenues for the 2010 calendar, suggesting a potential shortfall of $3,000 to $4,000. FC members, while fully recognizing the communications value of the calendar, came to two conclusions: A decision by the Board is needed on whether to pay the possible difference from the budget contingency, bearing in mind that the budget is tight (Kirsten Jasna and Bill Donohue will take this matter to the Board), and if there is going to be a 2010 calendar, a strict policy for ad payment has to be set in advance.
--The Process for Considering Capital Expenditures was amended (add “for inclusion in the annual capital plan cycle” at end of #2) and approved.
--No public input. Next meeting July 6, 2009. Meeting adjourned at 5:35 PM.

 

 

MINUTES FOR ECIA FINANCE COMMITTEE MEETING
May 4, 2009  4:00pm

The meeting was called to order at 4:02 PM by Chair Dan Drobnis.  Present were members Pat Bell, Jean Stokes, Bob Gaines, and Nolan Zisman, as well as GM Bill Donohue, and Liaison Ed Moreno. Gisela Knight was excused. Dan reported that both Dee Cooper and Allen McQuiston have resigned from the Committee.

Item 1:  The Agenda was adopted as distributed.

Item 2:   The minutes of the April 6, 2009 meeting were approved as distributed.  

Item 3: The April Financial Reports were reviewed.  There was discussion about the relatively high rate of non-payment of assessments. Bill indicated the current late fee is $3.00 per month. Nolan suggested this should be much higher to provide incent to property owners to pay on time.  This topic will be reopened as part of the discussion of assessment increases, later this year.

Item 4a:   In his Board Liaison Report, Ed mentioned it does appear the proposed change in the covenants will not be approved. To date fewer than 400 ballots have been returned.

Item 4b: General Manager’s Report:

·         Collection of Assessments via Credit Card. Bob suggested allowing payment via Pay Pal. Bill will determine the transactional costs of processing credit card payments. It was also suggested we’ll need to include these costs when determining the new assessment fee level. Also suggested were offering discounts for cash or early payment.

·         New Insurance Policy: Bill reported we have a new policy the premium of which is about  $20,000 lower than a renewal of last year’s.  The policy also offers a 3 year guaranteed premium on everything but workers’ comp., as well as better coverage for officers, staff, and committee members.  Ed suggested Bill take a look at the opportunity to reduce costs of other professional services we use.

·         Early Replacement of Well Pump: The old pump failed and could not be repaired. This item, scheduled for 2011, has been ordered. Expected cost to acquire and install will be about $2600. With FC support, Bill will request adjusting the R&R schedule accordingly—approved 4-0-0.

·         Pool Chair Lift (Capital Project): The FC had approved recommending this acquisition. Bill is waiting for BOD approval.

·         Av. Azul Hike/Bike Path:Bill reported that a discussion with a member of the County Open Space and Trail Division indicated the county has some unallocated money for the next fiscal year that might go toward this bike path. When Nolan mentioned that F&G had the issue of additional hike/bike paths on its amenity log, The FC Committee members discussed Azul because of several spots where motorists cannot see pedestrians due to the hilly nature of that road. The estimated cost of a mile of paved bike path is between $85,000 and $100,000.  Dan reminded the group that even if another entity provides initial funding for the project, ECIA will still be responsible for annual maintenance and replacement and that budgets would need to reflect the same.

Item 5: A draft of a proposed Process for Considering Capital Projects was discussed. The document was generally well received with two suggested changes: 1) Requests involving non-stable-related amenities will be directed to the Facilities and Grounds Committee for their review and recommendations; and, 2) The GM (not FC) will maintain a current list of  proposed projects, estimated costs, and relative priorities and submit this to the FC for their monthly meetings.

Item 6: No New Business.

Item7: There was no one in attendance for a Public Forum.

Item 8: There being no other business, the meeting was adjourned at 5:40. The next meeting will be Monday, June 1, at 4PM.



MINUTES OF ECIA FINANCE COMMITTEE MEETING
April 6, 2009, 4PM ECIA Board Room
--The meeting was called to order at 4:03 PM by Chair Dan Drobnis.  Present were members Pat Bell, Bob Gaines, Gisela Knight, and Alan McQuiston, as well as Treasurer/Liaison Ed Moreno and GM Bill Donohue.   Nolan Zisman was excused.  Dee Cooper has resigned.

--The Agenda was adopted as distributed.

--The Minutes of the March 2, 2009 meeting were approved as distributed.

--The General Manager reported that the Ave. Azul Hike/Bike path is before the Board.  Estimated cost is $85,000.  Thewater leak has been found in the boiler room and corrected.  The F&G Committee has reviewed and approved the rehab plan for the playground.  Almost $35,000 is budgeted in the R&R budget and will hopefully suffice to cover the cost.  Bill D. has two bids for renewal of insurance which he will review.  Chair Drobnis asked that the details of the bids be distributed to FC Committee members.

--The report on the ECIA Board/Chairs Goals meeting of March 21 submitted by Gisela was discussed and amplified on by Ed Moreno.  The FC reviewed the FC suggestions for changes to the Draft ECIA Committee Roles and Responsibilities drafted by Gisela.  They were approved unanimously and will be given to the Board by Bill.  The suggested changes are attached at the bottom of these minutes.

--The FC held a detailed discussion on capital project planning.  Members recognize a need for improving procedures, from the point of submission of proposals through coordinating review by committees to final decision by the Board.  Very important, and not now in existence, are (1) a multi-year capital plan incorporating and ranking of proposals of residents, committees and the Board, with funding requirements, and (2) communication with Association members to receive their input, either support or objections.

Dan will draft a paper for consideration at the May meeting.

--The Financial Statements were reviewed.  Stable income was explained by Bill.   Suggestions were made how to assure keeping account balances within federal insurance limits at this time of year when most of our funds are coming in all at once.  The FC will investigate the possibility of assessment payment by credit card and/or automatic debit to members’ checking accounts.  Bill pointed out that on p.7 in the 2008 Annual Report, in the Capital Projects table, three columns were erroneously shifted during the production of the report.  The misprint will be noted in the VISTAS.  A corrected page will be available at the Annual Meeting.

-- There was no new business nor any public input.  The meeting was adjourned at 5:25PM.  The next meeting will be on Monday, May 4, at 4PM.

ATTACHMENT:

FC suggestions for changes to the Draft ECIA Committee Roles and Responsibilities

--Under 'Role of the ECIA Board' add a paragraph that more completely describes the role of the Board:
'The role of the committees is advisory. To make the best use of committee knowledge and experience, the Board shall obtain and consider the advice of committees on matters within their purview to help in decision-making.'
Reason: Present language deals only with directives from the Board to the committees and neglects to mention input from the committees to the Board.
--Under 'Role of Committees' , on page 3 under 'Committee Guidelines' revise paragraph 2 as follows:
'No person serving on the ECIA Board shall also serve on a committee except as ex-officio Liaison, and no person shall chair more than one committee at any time. Committees are encouraged to seek broad representation from among
the members of the Association.'
Reason: Present language discourages volunteers from serving on more than one committee. The FC, for example, has two of its members also giving highly valuable service on one or two other committees. At a time when it is hard to get volunteers, the risk of discouraging and almost excluding additional service is greater than someone's domineering presence in the governing of our Association. In any case, the qualifier 'in general' is unlikely to discourage such persons, but might discourage valuable contributions from others.

 

 

MINUTES FOR ECIA FINANCE COMMITTEE MEETING

March 2, 2009, 4PM ECIA Board Room
The meeting was called to order at 4:02 PM by Chair Dan Drobnis.  Present were members Pat Bell, Bob Gaines, Gisela Knight, and Nolan Zisman, as well as GM Bill Donohue, Treasurer Ed Moreno,  Board member Pat Lavengood and representatives of accounting firm Zlotnick, Laws & Sandoval.  The absences of members Alan McQuisten and Jean Stokes were excused.

Item 1:  The Agenda was adopted as distributed.

Item 2:   The minutes of the Feb. 11, 2009 meeting were approved as distributed.  Corrections made by Dan Drobnis were incorporated. 4-0-0

Item 3: The Auditor’s final report for 2008 was presented by Asa Laws.  Some suggested changes included moving Soccer Field Fencing (page 15) from Capital expenses to Replacement expenses, and changing the designation Operating Contingency (page 5) to Operating Fund Balance.

Item 4:  Request for Financing Options on Avenida Azul Hike/Bike Path:  Bill presented a plan devised by Board member SuAnne Armstrong to gain right-of-way for a path along Azul, with two Association members agreeing to grant an additional few feet of easement.  This would reduce the crossings of Azul needed to one.  The Committee pointed out at least three options for financing:

a.                  Use of  the Operating Fund balance, together with the Capital Fund, to provide up to $120K (mistakenly calculated at $170K, but later corrected).

b.                  Use of a special assessment.

c.                  Use of a special assessment district for the Azul area.

The Committee suggested that all future road projects incorporate provisions for hike/bike access, either along a separate path or marked lane on the road.

Item 5: General Manager’s Report: Bill issued a reminder for the Board/Chairs meeting Saturday March 21 (Gisela will attend for the Finance Committee), mentioned the planned Energy Forum on May 1 at the Elementary School, and discussed a problem with water usage billings for the community center area—leak or bad readings?

Item 6: Suggestions for the Draft Long-Range Plan included an orientation packet for each new committee member.  Gisela will include this suggestion for all committees for the Board/Chairs workshop.  The plan was adopted with this addition 4-0-0

Item7: Committee Roles and Responsibilities:  It was suggested that the Board responsibilities should be expanded to seeking advice, where possible, from each committee on matters within its responsibility and expertise, and reporting back on action taken on that advice.  Gisela will bring this to the Board/Chairs workshop

Item 8: Financial Reports:  Brief discussion, no substantive issues.

Item 9:  No New Business

Item 10:  No members of the public for the open forum

There being no other business, the meeting was adjourned at 5:55. The next meeting will be Monday, April 6, at 4PM.


MINUTES OF ECIA FINANCE COMMITTEE MEETING

 

February 11, 2009 9:30AM
The meeting was called to orderat 9:31 AM by Chair Dan Drobnis.  

Present were members Bob Gaines, Alan McQuiston, Jean Stokes, and 

Nolan Zisman, as well as GM Bill Donohue and Treasurer Ed Moreno. 

Gisela Knight, Pat Bell, and Dee Cooper were absent; Pat’s and 

Gisela’s were excused.  Fred Raznick and Jean Crawford attended, 

representing the Facilities and Grounds Committee.

Item 1:  No one appeared for the Public Forum.

Item 2:   The Minutes of the Jan. 14 meeting were approved as amended. The amendment was to add “(1=most favorable)” prior to the last sentence in Item 7: Capital Project Requests.

Item 3: Facilities and Grounds Committee Request: F&G Committee Chair Fred Raznick reported that F&G had never looked at the annex building or the play areas prior to their Feb 3 meeting, so were not prepared to comment on the relative merit of those projects from a cost-benefit standpoint at the time the FC reviewed them on Jan 14.  The F&G position is that the Foyer/Lighting projects should take precedence over the annex remodel for the following reasons:

             1. The Living Room/Foyer/lighting projects are interconnected. Furniture for the Foyer, the budget for which has already been approved, can’t be selected until it is known if the Foyer remodel can proceed or not.

             2. If approved, and based on design and furnishing ideas approved in concept by F&G, the lighting in the Foyer would have to be upgraded and outlets relocated.

             3. The Foyer and Living Room lighting are on the same grid. Based on several complaints that the lighting in the Living Room is too dim, F&G feels that it would be more cost-effective to upgrade that entire circuit.

             4. The proposals for the Foyer and lighting upgrades are nearly complete. F&G is desirous of showing two more projects complete

             5. The annex as currently designed can provide two more small meeting spaces without any capital outlay. F&G feels given limited capital funds currently available, and the estimated cost of the Foyer/lighting proposals about equal to the estimated cost of the annex remodel, it would be better to wait on the annex project until there is some feedback from users on any shortcomings of the annex in terms of meeting the need for additional meeting space.

After considerable discussion, the following conclusions were reached:

             1. The timing problems represent procedural “glitches”. F&G should have the prior opportunity of reviewing and providing opinions on various capital projects.

             2. It was suggested we gather more objective data on those instances where meetings cannot be booked at all, or where the requestors date and time cannot be accommodated and alternative scheduling is required.

             3.  We should all be taking our time and work together to ensure that recommendations are based upon good information and well thought out before going forward.       

Alan raised the question to Ed as to whether the Board should be advising the ECIA committees  as to whether there should be scope limits on what groups we should be trying to accommodate in providing use of ECIA amenities and under what circumstances.

Item 4a:  In the General Manager’s Report Bill indicated he had priced out five of the replacement reserve projects and three were estimated under budget. They include the pool pump ($1000 less); pool tarp ($1700 less); the ADA chair lift ($2,000 less) and the pump room rehab (over $9000 less). If we were to acquire a black and white copier that would come in about $2000 under budget but Bill recommended we acquire a color copier to provide more flexibility and eliminate outside color copy expenses. The best alternative will be about $9000 including tax, or about $1000 over budget. It was moved and unanimously approved that the Finance Committee recommend to the Board an increase in the copier R&R budget to $9000 (from $8000) to allow the acquisition of a color copier and related copy material expenses.  

Item 4b:  For the Board LiaisonReportTreasurer Ed Moreno reminded the FC that committee long-range plans are due by early March and will be reviewed with the committee chairs at a special session on March 21. The Board appointed a three-person sub-committee, including Ed Moreno, to conduct a review of the ECIA By-Laws.  It was suggested that the Articles of Incorporation and the By-Laws be added to the ECIA web-site for easier access by property owners. Ed will take this suggestion back to the Board.

Item 5:  The January 2009 Financial Reportswere reviewed with minimal discussion.

Item 6:  The FC 5-year planwas then discussed.  Nolan suggested adding to the items reviewed by Dan a” periodic review of FC processes, procedures and scope.” Dan will incorporate this suggestion into his submission to the Board.

There being no other business, the meeting was adjourned at 11:20. The next meetingwill be Monday, March 2, at 4PM.

 

                    

MINUTES OF ECIA FINANCE COMMITTEE MEETING

January 14, 2009 9:30AM 
The meeting was called to orderat 9:31 AM by Chair Dan Drobnis.  Present were members

Gisela Knight, Pat Bell, Bob Gaines, Alan McQuiston, Jean Stokes, and Nolan Zisman,  as well as GM Bill Donohue and Treasurer Ed Moreno .   

A revised agenda was distributed.

Item 1:  No one appeared for the Public Forum.

Item 2:   The Minutes of the Nov. 8  meeting were approved as distributed

Item 3:  The General Manager’s Report was deferred to Item 7.

Item 4:  Board LiasonTreasurer Ed Moreno reported that the proposed Capital Project Requests had been reviewed by the Facilities and Grounds Committee and Board, and been forwarded for more detailed review to the Finance Committee.

Item 5:  The schedule for Meetings for 2009 was discussed.  It was voted that, beginning with the March meeting, we meet the first Monday of the month at 4 PM, to make attendance and/or membership more convenient for those who are employed (6-0-0).  The Public Forum will be scheduled last to further facilitate input.

Item 6:  The final Financial Report for 2008was discussed.  After the budgeted transfer of $45,000 from Operating funds to the Reserve Replacement Fund, the year will finish with a small surplus of about $5,000, subject to final audit and conversion from cash to accrual basis.

Item 7:  Capital Project Requests.  Each project request was reviewed.  Only about $20,000 remains in the Capital Reserve after 2008 expenditures and transfer of the small 2008 Operating surplus.  Any additional funds would need to be transferred from the uncommitted Fund Balance.  Since we anticipate an  increase in assessments for 2010, Association members may be sensitive to any expenditures perceived as non-essential.  Accordingly, the details and need for each project were discussed, and then prioritized by each committee member and the results then tabulated with the lowest sum indicating highest priority.  The final decision on each project will be made by the Board.

Landscape Drawings for Play/Rec Area:  Will target eventual ADA compliance for walks, may use some temporary walks for a while.  Rough estimate $10-15K.  Bill will get bids, hopefully lower.  Rank 5+2+1+2+1+2+2 = 15

Annex Remodel:  Best way for badly needed meeting space increase; shape similar to Board Room; would lose $3K annual revenue from rental to EAWSD; could be available after July; rough estimate $10K. Rank 2+2+1+3+2+1+4 = 15

ADAPool Chair Lift:  Existing handicapped stairs hazardous and need replacement; ongoing ADA issue; may eventually be required; makes pool accessible for a portion of community; rough estimate $6K.  RANK 1+3+4+1+3+3+3 = 18

Remodel Foyer:  Remove existing post (may house some utilities); replace with heavier beam to open up more meeting space; would require new furniture (budgeted in replacement reserve); rough estimate $4K.  Rank 3+5+5+4+4+5+1 = 27

Lighting Improvements:  New lighting to go with replacement furniture; would make space more useable for meetings; requires some electrical work and new fixtures; bids about $6K fixtures only ?  Rank 4+4+3+5+5+4+5 = 30

DogParkAddition:  Added area for small dogs, gate and fencing; bid for $5.5K.  Rank 6+6+6+6+6+6+6 = 42

Paint Exterior Trim:  Move to Replacement Reserve budget.

 


THERE WAS NO MEETING IN DECEMBER 2008

 

MINUTES OF ECIA FINANCE COMMITTEE MEETING

November 8, 2008 10:00AM  (Saturday)

--The meeting was called to order at 10:15 AM by Chair Dan Drobnis.  Also present were members Gisela Knight, Pat Bell, Dee Cooper, Bob Gaines, Alan McQuiston,  Nolan Zisman,  as well as GM Bill Donohue.  Jean Stokes was an excused absentee.  No one appeared for the Public Forum.

 

--The Minutes of the Oct. 8 meeting were approved with the correction of “Bob Miller” to “Tom Miller.”  The October Financial Statements were reviewed and accepted.  Bill indicated he expected

 

 the 2008 financials to end on budget.

 

--Old Business: Bill reported the long-delayed work on laying new base course on 7.5 miles of dirt  roads, financed by 2007 and 2007  legislative appropriations was scheduled to begin on Monday, Nov. 10.

--New Business:  Bill made the Finance Committee aware of the “issue” being reviewed by the Facilities and Grounds Committee regarding serving of alcohol at Community Center functions. 

Current regulations require a license and a certified bartender at any event open to the general public. Bill also mentioned that committee is working on a 5-year plan for the Eldorado community, one component of which could be a larger meeting/event facility than the Railroad building. Pat suggested that before ECIA tries to be “all things to all people”, the County might be approached about building a community-wide recreation complex, including such a facility. Nolan also suggested the County could be approached about keeping the Senior Center open in the evening to accommodate additional meetings.

 --Gisela brought up the “issue” of there being a difference between the FC’s use of “Operating Fund Balance” vs. the auditor’s use of the term “Operating Contingency”.  She, along with several other committee members believes “Operating Fund Balance” is a more accurate label for this line item (as we use the term “contingency” for it’s more appropriate application).  Bill will ask the auditor to consider adopting “Operating Fund Balance” in future audit reports.

 

--Alan asked about the possibility of there being a special assessment to cover road improvements (permitted In the By-Laws).  Nolan explained the Road Committee was working on a community-wide educational  Campaign regarding paving of additional roads and that self-assessment on all Eldorado property owners was not a likely scenario until several other alternatives had been tried.

 --The meeting was adjourned at 11:05 am. The next meeting date is Wed., Jan. 14, 2009 at 9:30 AM.

 

MINUTES OF ECIA FINANCE COMMITTEE MEETING

October 8, 2008, 9:30 AM

--The meeting was called to order at 9:35 AM by Vice Chair Gisela Knight.  Also present were members Pat Bell, Dee Cooper, Bob Gaines, Alan McQuiston and Jean Stokes, as well as GM Bill Donohue and Board Liaison Ed Moreno. Dan Drobnis and Nolan Zisman were excused.  No one appeared for the Public Forum.

--The Minutes of the Sept.16 meeting were approved with correction of the date of the earlier Sept. meeting to read Sept.9. Financial Statements were reviewed and accepted.

--The modified Table of annual transfers from Operating to Replacement Fund, with 7.5% increases starting in 2010, was agreed to.  This led to discussion of the Budget Message, as several FC members expressed concern about attaching this table (#2) to the Message for public distribution.  Since ECIA members may not be familiar with the functioning details of the R&R Schedule and the increasing need for funding, there might be confusion and misunderstanding. It was decided that the table would be explained to the Board at the joint meeting on Oct. 20, but would be replaced for the public by an expanded explanation in the text of the message.  Gisela will draft and distribute a revised version.  Continuing the review of the Budget Message, a few dollar amounts were revised based on updated financial data, and the paragraph on investments was shortened, with Jean suggesting simplified phrasing. (Note: Right after adjournment, with four FC members still present, Bob Gaines suggested that we were using inconsistent terminology, e.g. the term UFR, and it was agreed to change back to terms used in the past.) The 2009 Operating Budget itself was reviewed and approved with only minor adjustments based on updated financial data.  Motion was made and seconded to submit the revised Budget Message to the Board, together with the proposed 2009 Operating Budget at $791,925 and the proposed R&R Budget at $156,466, recommending adoption of the two budgets.  Motion passed unanimously.

--Liaison Ed Moreno stated that the Board has adopted a Purchasing Policy, which Bill will distribute to FC members.  He further reported that there are now two vacancies on the Board with the resignations of Tom Miller and Malcolm McFarland.  Three applicants have expressed an interest in serving, and will be interviewed.

--GM Bill Donohue reported a delay in road base coursing and four barns for sale at the Stables.  He answered questions on payment of assessments and foreclosures, and discussed noise and drinking problems at parties, in light of which the Facilities & Grounds Committee will review the rental policies.

--New Business:  Members expressed sadness at the untimely death of Security Guard Charles Chipman, known to all of us and much appreciated for his fine service.  A Memorial Service is scheduled for Sunday, Oct.12, at 3 PM.  Discussions are being held about a memorial plaque, marker, bench or similar tribute, and a tentative discussion ensued about contributions by the ECIA (as well as individuals). 

--Next meeting date: Monday, Oct. 20, at 7:00 PM---Joint meeting of the Board and Finance Committee on the budget.  Venue: Conference Room.


MINUTES OF ECIA FINANCE COMMITTEE
September 16, 2008, 7pm Depot Building

--The meeting was called to orderby Chair, Dan Drobnis, at 7:05 PM. Also in attendancewere members Bob Gaines, Alan McQuiston, Dee Cooper, Gisela Knight and Nolan Zisman. Bill Donohue attended, representing the ECIA Staff. Pat Bell and Jean Stokes were excused absentees. SuAnne Armstrong also attended, representing the ECIA Board, as did a guest for the Public Forum, Fred Raznick.

--During the Public ForumFred presented a request for $2000 operating budget for ¡§tools¡¨ to progress development of the Community Center Master Plan in 2009. This was unanimously approved by the Finance Committee (FC) with a new operating expense line item, ¡§Facilities and Grounds Committee¡¨ in the Buildings And Grounds  grouping.  When asked about the timing of the $5,000 authorized for the Community Center survey, Fred and Bill both indicated this would probably be a 2009 expense. The FC also approved creating a new 2009 project, ¡§Community Center Survey¡¨, rather than keeping it as a contingency expenditure.  The minutes of the Sept. 9,2008, meetingwere approved as submitted.  

--In the 2009 Operating Budget discussion Su Anne reported the Board had agreed with the FC recommendation that there would be no additional assessment in 2009, but next year would be used to plan for an assessment increase in 2010 and to communicate assessment increase needs to the lot owners. Unappropriated funds will be used to balance the 2009 budget.  Hope Kiah¡¦s web site replacement proposal was unanimously approved. Bill had already reflected the related costs in his latest budget submission in anticipation the proposal would be approved. He also increased wages by $2,000 from the previous submittal, and trash removal expenses by $500. The Covenant Compliance budget will be increased to $8,000 to cover anticipated higher costs in 2009.

--There being no New Businessthe next meetingis scheduled for Wed., Oct. 8 at 9:30AM to review and recommend to the Board the final draft of the 2009 Operating Budget. There will also be a joint Board/FC Budget Workshop on Monday, Oct. 20 at 7PM.   The meeting was adjournedat 8:20 PM.

 

MINUTES OF ECIA FINANCE COMMITTEE

September 9, 2008, 9:30 AM

--The meeting was called to order by Chair Dan Drobnis at 9:30 AM. Also 

present were members Dee Cooper, Jean Stokes, and Gisela Knight, 

as well as GM Bill Donohue.  Absent were Pat Bell, Allen McQuiston and 

Nolan Zisman, all excused, and Bob Gaines.  Hope Kiah was present 

representing the Information Committee.

--The Minutes of August 13 were approved as submitted.

--Hope Kiah presented additional information regarding the website proposal.  The Information Committee has endorsed the proposal.  Hope stressed the following features that would mean improvements over the present website:  Secure site at multiple levels; public and private areas; all current features continued but easier to use; additional features such as amenities, reservation of amenities, status of matters e.g. those before the Architectural Committee, possibility of on-line payments, etc.  She passed around a sheet showing all those possible features.  Start-up cost is estimated at $2,415 and would be budgeted as a Project in the 2009 budget.  Recurring annual cost is estimated at $4,579 compared to the present $1,420 cost.  The present site has an average of 132 hits a day and about 800 bulletin board registrations. Discussion indicated that committee members are generally in favor of the proposal, but in view of the fact that four members were absent, decision was deferred to the special meeting next Tuesday eve to give more time for study and participation of absent members.  Meanwhile the Website and Projects lines in the draft budget will be revised to show the higher expenditures.

--The August financials were accepted after a few clarifications.

--The General Manager reported the resignation of ECIA Board member McFarlane.

--The committee reviewed the second draft of the 2009 proposed budget.  It was agreed to increase the Legal line item under Covenant Compliance to $8,000. This had been the amount in previous budgets but had proved too high until expensive arbitration occurred this year.  The Website and Projects lines will be adjusted as mentioned above. These changes will necessitate a change in the fund balance appropriation in the Revenues section.

--The Finance Committee as well as the ECIA Board are aware of the need to increase assessments in the near future.  The earliest legally possible opportunity is next year for the 2010 budget.  The idea of a plan based on a fixed percentage  increase, similar to the plan for the Replacement Reserve, was discarded.  While the latter is based on a definite 25-year replacement cost plan, such plan cannot be drawn up for the operating budget, where cost increases or savings can occur for a great number of reasons.  The Committee agreed that the community should be made aware that assessment increases will have to be made in the near future, based not only on inflation but also due to the need to set aside higher amounts for the Repair and Replacement Reserve, due to the addition of some new amenities.  Dan will prepare an article for the Vistas to warn of higher assessment based on inflation. --There was no other business.  The next meeting will be Tuesday, Sept.  16, at 7 PM.

Meeting adjourned at 10:55 AM.     

 

MINUTES OF ECIA FINANCE COMMITTEE

August 13, 2008

--The meeting was called to order by Chair, Dan Drobnis, at 9:30AM.  Present were members Bob Gaines, Pat Bell, Nolan Zisman and Gisela Knight.  GM Bill Donohue and Board liaison Ed Moreno also attended.  Absent were Alan McQuiston, Jean Stokes,and Dee Cooper, all excused.

--There was no one present for the Public Forum.  Dan stated that he had

asked Hope Kiah to present a website change proposal in September rather

than at this meeting, after submitting it to the Information Committee for their input.  The minutes of July 9 were approved as submitted.

--The July financials were reviewed.  Various spending items and the staggering of CDs were discussed.  The committee resumed the discussion of July 9 on the annual transfers from operating to the Replacement Reserve.  Motion was made and seconded to base the transfers on the 7% increase schedule submitted by Pat. The motion was approved unanimously. Members believe that this method will serve better in justifying the increases. 

--The Committee reviewed the first draft for the 2009 Operating Budget.  On the revenue side, the question of increases in rental fees based on inflation was raised, without immediate resolution.  On the expenditure side, questions regarding Security, Wilderness operations, Hike/ Bike trails maintenance, and Stable operations were among those brought up.  The line item for natural gas (Buildings and Grounds operations) was considered in need of a higher increase. The draft contains no transfer to the Capital Reserve, which is very low.  Whatever operating surplus materializes at year-end will be recommended to the Board for use in the Capital Fund.  The Replacement Reserve Budget will be adjusted for the decreased transfer (see 3rd para above) and the cost for a new copy machine, originally scheduled for 2008, will have to be added for 2009.

--Bill confirmed that he is continuing Bob Pritchard¡¦s approach of training staff members to be able to fill in in other jobs; e.g. Debby has taken training in Homeowners Association Management and has just been certified.  But he said that an additional management-type person would be extremely helpful (someone to meet the role/duties that he himself had under Pritchard).  Pool management needs to be improved. The Committee felt this was worth consideration and the addition of an ¡§Activities Manager¡¨ should be further discussed.

--Door replacement at the RR Station has become necessary after the floor replacement.  We have a bid of $2,290 for a double door opening outward.

Motion was made, seconded, and unanimously approved to recommend to the Board to allocate funds not to exceed $2,500 for this purpose from the operating contingency (which will leave only about $500 in the contingency for the remainder of 2008).

--The date of the next meeting was moved to Tuesday September 9, 2008, to ensure Bill¡¦s presence for the budget discussion.  The meeting was adjourned at 11:20.

 

MINUTES OF ECIA FINANCE COMMITTEE

JULY 9, 2008

--The meeting was called to orderby Chair, Dan Drobnis, at 9:32AM. Also in attendancewere members Bob Gaines, Alan McQuiston, Jean Stokes, Dee Cooper, Pat Bell and Nolan Zisman. Bill Donohue and Ed Moreno attended, representing the ECIA Staff and Board. Gisela Knight was an excused absentee.

--There being no one from the outside, the Public Forumwas not held. The minutes of June 11, 2008, meetingwere approved as submitted. The Junefinancialswere reviewed and accepted without discussion.

--The General Manager's reportwas presented by Bill. He advised the operating budget for 2009 should be roughly the same as 2008, but with anticipated higher expenses for water since the issue of getting accurate, predictable bills from the water utility was still not resolved. Bill was able to verify in Article 5 of the covenants that assessments can be increased only once every two years. The next time this can occur is 2010. In the meanwhile, Dan will do further research to determine if there are any restrictions as to the amount of increase in assessments. Bill reported the Board has authorized an expenditure of up to $5,000 for an improvement location study of the ECIA community center infrastructure. The RFP will be finalized at the next F&G Committee meeting for Bill to send to potential bidders. The ECIA also approved the proposed 2009 Budget Calendar.  Bill will have a draft 2009 Operating Budget for FC review at the August 13 meeting.

--Ed presented the Board Liaison report. Regarding the current RV arbitration matter, the Board established an expense upper limit of $12,000. Tom Miller contacted David McPherson of the Eldorado Community Church to advise the matter of the proposed multi-purpose buildingwas being tabled until ECIA studies have been completed and a rationale for either proceeding or denying the project had been determined. The Facilities and Grounds Committee is to continue with its requirements gathering and cost estimating efforts, then refer it to the Finance Committee to determine the feasibility and means of financing this project.

--The FC, faced with the task of determining the extent and means of increasing assessments to cover future costs, next discussed the Replacement Reserve Schedule. Besides actual constant dollar costs of the various assets there is the need to include future inflation. The Schedule now assumes a 3% annual increase. There was a question as to whether the target end-of-year reserve was adopted at $250,000 or $300,000. Pat will research past meeting minutes to see if this is indicated. Dan distributed a spreadsheet that calculated the amount of funds needing to be added to the Replacement Reserve each year to achieve the target level. The FC recommended Bill use $60,000 for 2009. Ed reminded the group that the Board is looking for tracking data on how much of the planned repair/replacement schedule is actually spent and the extent to which the timing of actual expenses matches the planned timing. They are also interested in knowing the cost of various amenities on a per lot basis. Pat suggested a column be added to the Schedule the next time it is reviewed. Alan suggested the Board consider adopting a policy and communicate it to the lot owners that, due to ongoing inflation, the community could expect assessments to increase by up to x % every two years with the actual amount announced a few months prior to the assessment year.

--There being no Other Businessthe next meetingis scheduled for Aug. 13; the meeting was adjournedat 10:45.

 

MINUTES OF ECIA FINANCE COMMITTEE

June 11, 2008

--The meeting was called to order by Chair, Dan Drobnis, at 9:32AM. Also in attendance were members Gisela Knight, Bob Gaines, Alan McQuiston, Jean Stokes, Dee Cooper, Pat Bell and Nolan Zisman. Bill Donohue and Ed Moreno attended, representing the ECIA Staff and Board.

--There being no one from the outside, the Public Forum was not held. The minutes of May 14, 2008 meeting were approved as submitted. The May financials were reviewed and accepted without discussion.

--The General Manager's report was presented by Bill. He indicated the repairs to the stable area had been completed and there was about $300 left over from the budget allocation. The Stable Committee would like to expend those funds to repair the arena surface. Bill will take their request to the June Board meeting.

--Regarding the RV arbitration expense matter, Bill reported that it looks like the ECIA attorney costs will be $12,000. He wrote a letter to the resident in question indicating the changes made still did not meet covenant requirements. There was no response. The next step will be to make a formal request of the arbitrator for a ruling that will require the RV owner to meet the ECIA¡¦s requirements. The FC recommendation to cover the attorney costs out of contingency will be addressed by the ECIA Board at its July meeting, as will the suggested draft policy resolution regarding this type of situation in the future.

--The proposed, new multi-purpose building was discussed next.  Nolan reported the Facilities and Grounds Committee had begun discussions and had reviewed the final report presented to the ECIA Board in 2006 where the user requirements were presented. Upon the direction of the Board the F&G Committee is prepared to quickly validate those needs and identify suggested additional amenities to be included in that facility.

--Nolan also handed out documents that described the Master Planning process that committee plans to follow. As part of that work, F&G is requesting seed money to have an Improvement Location Report prepared that would accurately map the 28 acres that make up the ECIA Community Center facilities.  From these maps, proposed new amenities, including the potential multi-purpose facility, could be more rationally planned and the underlying data base would include in one place all known information about the existing amenities. The Finance Committee unanimously agreed to propose to the Board a budget not to exceed $3,000 for this work. If approved these funds would come from Contingency.  The Finance Committee also urges F&G to review existing County Land Use and 285 Corridor planning documents for any information contained therein that can be used in the Master planning process. 

--Bill then briefly reviewed the Replacement Reserve Schedule for the 2008 budget. He has added several line items and now believes it to be very complete. Gisela reminded Bill the final Fund at the end of any particular year in the planning horizon needs to be $300,000. This will significantly increase the suggested reserves contribution per year. The Finance Committee is faced with the task of determining the extent and means of increasing assessments to cover future costs.

--Ed had no Board Liaison report since the last Finance Committee meeting. Because of the large agenda that has built up since the last Board meeting, the requested presentation on the workings of the FC will be deferred until at least the July meeting.

--The draft 2009 Operating Budget Calendar was unanimously approved to go to the Board with only correction of two dates- - Wed., Oct. 8 and Thurs., Nov. 20.

--There being no Other Business the next meeting was scheduled for July 9, and the meeting was adjourned at 10:48.


MINUTES OF ECIA FINANCE COMMITTEE

May 14, 2008

--The meeting was called to order by Chair, Dan Drobnis, at 9:35AM. Also in attendance were members Gisela Knight, Bob Gaines, Alan McQuiston, Jean Stokes, and Nolan Zisman. Dee Cooper and Pat Bellhad excused absences.  Bill Donohue and Malcolm McFarland attended, representing the ECIA Staff andBoard. Guests included Fred Raznick, Bruce Blossman and David McPherson.

--The minutes of the Mar. 12 meeting were approved as submitted.

--David McPherson made a presentation regarding a new multi-purpose building. The Eldorado Community Church is prepared at this time to gift approximately $104,000 to the ECIA toward the construction of a new multi-purpose building that could potentially be located in the driveway infield near the water tower and windmill. The purpose is to consolidate their Sunday services from two now (and possibly three in the future) and to free up their use of multiple spaces in the community center. All they require is an insulated, heated ¡§shell¡¨ with dimensions of 49 ft. x 29 ft. (1421 sq. ft.)  With building codes requiring 7 sq. ft. per occupant, this will allow them to accommodate slightly more than 200 persons which is their ideal target. The building would be owned and maintained by the ECIA. Any additional improvements, such as bathrooms, storage space, a food staging room, special lighting, solar heating, etc. would be the responsibility of the ECIA. The only additional requirement of the Church would be first priority for use of the building on Sunday mornings.

--At this point, they spent $1500 for an architect to render some concept drawings and rough cost estimates. The estimate provided them was $80.27/sq ft. Several committee members expressed concern that this number is substantially below perceived, current construction costs for this type of facility. Because the ECC has already spent some monies on architect expenses, the committee agreed to recommend to the ECIA Board that ECIA absorb additional expenses for more detailed drawings; the following proposal was unanimously approved:    The ECIA Board should favorably consider accepting the proposed donation; adding  additional requirements as deemed reasonable and useful; and, in the spirit of partnership with ECC, assume the next incremental expenses of obtaining more detailed drawings that can be used to make more informed decisions regarding the feasibility of the project, the outlay for which would not exceed $5,000.   

--Fred Raznick commented that the Facilities and Grounds Committee had already begun its own discussions of the project and would like David McPherson to make a similar presentation to that committee at its June 3 meeting. David agreed to do so. F&G will begin the process of identifying improvements it could recommend to the ECIA Board that reflects the needs of key user groups.

--The April, 2008, financial statements were then reviewed. Bill was reminded of the FC¡¦s request for an updated statement of the Balance Sheet. He will have for next meeting. The statements were accepted.

--In his GM report Bill indicated he will be pursuing repair of the broken fence bordering the soccer field along Av. Monte Alto. He indicated he would like to see the entire fence along that stretch of property replaced but that the replacement schedule has that programmed in 2014. It was agreed that only the repairs will be done at this time. The committee suggested including some screening material between the posts to prevent soccer balls (and children chasing them) from going out onto Av. Monte Alto. The subject of the RV arbitration case expenses was discussed next. Bill indicated that the lot owner in question has not come up with an acceptable solution to shielding his RV. Bill feels we should recommend the Board make an enforceable policy of assessing fines in all future cases where compliance has not been realized after reasonable efforts to gain such. The committee concluded that this would have to be pursued on a case-by-case basis.

--The road account reconciliation was then discussed.  A discrepency between money held in the road fund bank account and the accountant¡¦s total of road funds apparently was the result of interest accumulated in one place and credited another.  Bill will talk to the auditor to assure that all road funds have been spent and accounted for.

--Discussions then moved to the draft resolution, dated 5/8/08, which the Committee unanimously approved being forwarded to the Board, with the additional recommendation that the legal fees in the existing case be covered from the contingency fund. Dan will add this to the resolution. Alan suggested an article for Vistas indicating the Board is willing to pursue to successful conclusion unresolved violations of the ECIA Covenants. Malcolm will take this suggestion to the Board.

--In Ed Moreno¡¦s (our new Board liaison) absence Malcolm offered some comments for the Board liaison report. He requested an FC presentation to the new Board on the Budgeting and Financial Management process. Dan will coordinate this.

--Under ¡§other business¡¨ Malcolm raised a question as to whether auto-pay of assessments had ever been considered - - the advantage being less clerical processing and faster depositing of revenues. Bill will discuss this with one or two of our banks to determine the feasibility and benefits. Alan suggested offering our lot owners the option of paying their assessment on-line via the ECIA web site. Bill will take this into consideration.

--There being no other business, the meeting was adjourned at 11:50 AM.  The next meeting will be June 11 at 9:30AM.


(NO MEETING APRIL 2008)

MINUTES OF ECIA FINANCE COMMITTEE

March 12, 2008 9:30am

--The meeting was called to order by Chair, Dan Drobnis, at 9:35AM. Also in attendance were members Gisela Knight, Bob Gaines, Pat Bell, Ed Moreno, Alan McQuiston, Jean Stokes, Nolan Zisman, and Debby Padilla.  Dee Cooper was absent without excuse. Bill Donohue and Sandy MacGregor were also not in attendance.

--The minutes of the Feb 13 meeting were approved as submitted. The Jan. 2008 financial statements were reviewed. Debby explained the reason for the budget overrun on ¡§Dumpster¡¨ was a change in WM billing; the overrun for ¡§Water¡¨ was due to the replacement of the meter and the fact that the old meter under-reported actual usage.  When asked if the budget would need to be revised accordingly, Debby suggested waiting to see what consumption will be in the summer months.

--In Bill¡¦s absence, the GM report was tabled until the next meeting. Dan noted reference in the 2007 Annual Report to a 2008 expense to replace a section of the perimeter fencing. Bill will be asked to comment on this at the next FC meeting. Despite Bill¡¦s absence, there was considerable discussion regarding the budget overrun for ¡§Legal¡¨ expenses, due to legal fees incurred in a recent RV arbitration case. To date (starting in 2007) we¡¦ve spent $7165 with the final invoice, covering the attorney¡¦s time at the arbitration hearing, due by the end of March.  The discussions culminated in the suggestion that the FC formally express concern about the amount of the expense, and the budget implications for any other such large covenant enforcement expenses which may be incurred in the future. Dan will prepare a draft resolution to the ECIA Board expressing these concerns for review at the next FC meeting. In Sandy MacGregor¡¦s absence, there was no Board Liaison report.

--Under ¡§other business¡¨ Debby reported that the Board will be asked by the Emergency Preparedness Committee (represented by Frank Schober) to cover the cost of a preparedness brochure to be mailed to Eldorado property owners if the ERA/Eldorado Fire and Rescue decide not to incur the expense. The estimated cost is $376 for printing and about $50 in additional postage to include the brochure with the mailing of the 2007 Annual Report. A motion was made by Gisela, seconded and approved, to recommend to the Board to 1) include an article on the content of the brochure in a future issue of Vistas; and, 2) to assume the incremental postage expense and post the brochure to the ECIA web site--if the brochure is printed (and paid for) by the Emergency Preparedness Committee.

--There being no other business, the meeting was adjourned at 10:30 AM.  The next meeting will be May 14 at 9:30AM.

 

MINUTES OF ECIA FINANCE COMMITTEE

February 13, 2008 9:30am

--The meeting was called to order by Chair, Dan Drobnis, at 9:35AM. Also in attendance were members Gisela Knight, Bob Gaines, Pat Bell, and Nolan Zisman, and Bill Donohue, ECIA GM.  Those excused absentees were Ed Moreno, Alan McQuiston and Dee Cooper. Jean Stokes was absent without excuse.

--The minutes of the Jan. 9 meetingwere amended and approved. Nolan will correct and send to Pat for posting on the web. The Jan. 2008 financial statementswere reviewed and accepted.  In relation to the financial statements, Gisela reminded the meeting that the operating contingency budget and actual should be an ¡§above the line¡¨ operating line item. If large contingency expenditures materialize, then it will be up to the Finance Committee to recommend to the Board to transfer the expended amount from contingency to the relevant operating line item budget and actuals as a budget revision. This process was unanimously approved by the Finance Committee.

--In his GM report, Bill indicated that there was a large unexpected expense having to do with legal fees associated with an RV arbitration case. To date (starting in 2007) we¡¦ve spent $5734.50 with another estimated $3300 to be billed in 2008.  The plan will be to take the final 2008 figures to the Board as a requested budget revision to Covenant Compliance-Legal. The auditor review of 2007 data is scheduled for Friday, Feb 15 at 10AM. Dan will send an invitation to Finance Committee members. Bill reported there may be a record-keeping discrepancy related to the special assessment reserve account which will be part of the Feb 15 audit agenda. In Sandy MacGregor¡¦s absence, there was no Board Liaison report.

--Under ¡§other business¡¨ Nolan reported on the status of the ¡§getting started¡¨ efforts of the new Facilities and Grounds Committee. Focal areas have been established, priority-setting criteria identified and an initial list of priorities established. It is the intent of the F&G Committee to review all capital projects before they go to the Finance Committee to ensure they are consistent with Committee visions and priorities and provide the Finance Committee with complete enough information to allow informed decisions by the FC. 

--There being no other business, the meeting was adjourned at 10:35AM.  The next meeting will be March 12 at 9:30AM.


MINUTES OF ECIA FINANCE COMMITTEE

January 9, 2008 9:30am
--Meeting was called to order by Chair, Dan Drobnis, at 9:30 AM. Other Committee members in attendance included committee members Ed Moreno, Bob Gaines, Gisela Knight, Dee Cooper, Pat Bell, Jean Stokes, and Nolan Zisman. Alan McQuiston was an unexcused absence.  Bill Donohue and Sandy MacGregor represented the ECIA Board. SuAnn and Doug Armstrong were also in attendance to represent the Stable Committee. The minutes of the November 3, 2007 meeting were approved as submitted. There were no representatives for Public Forum.

--The December, 2007, financials were then reviewed.  Bill was reminded to show the contingency withholding and the budgeted to Repair/Replacement Reserves in the Operating Expense statement. These actions will be reviewed with the Auditor as part of the 2007 review.    

--For the General Manager¡¦s report Bill indicated the WAMU CD will be rolled over for another 6 months. He also plans to take $95,000 out of the Los Alamos Nat¡¦l Bank ¡§safety¡¨ account and purchase a CD, gaining a couple of points of interest. As 2008 dues are collected, this account will be built back up to its existing level by the time needed (mid-year). Bill also reported that the Facilities and Grounds Committee held its first meeting on Jan. 8 and agreed they will work closely with the Finance Committee. In the case of capital expenditure related items, they will be a prior review point before a request goes to the Finance Committee. This is to ensure the request is consistent with the long-range plan and or vision for the facilities, grounds and other amenities.

--Sandy had nothing for the Board Liason report.

--The Stable Committee Capital Requests were then discussed. The Armstrongs answered several questions regarding the existing stable facilities and the use of the roads in the stable area by EAWUD. A motion to recommend to the ECIA Board a budget not to exceed $10,000 for requested new base course and repairs for the main stable area road was unanimously approved. This recommendation will include a request to the Water District to cover a portion of the expense in proportion to their usage of the roads in the stable area, about 25%. Jean expressed concern that the work be progressed in stages so at the end of each phase, there was a confidence that drainage issues would not jeopardize the expected useful life of the new road surface.

--The Committee also approved, by a vote of 6 ¡V 0 -1, recommending to the ECIA Board a budget not to exceed $6,500 to replace the Round Pen and Lower Arena panels. This was with a caveat to the Stable Committee that recent efforts to promote the stables as a general community asset be continued or even increased. The Armstrongs indicated this was their plan.

--There being no other business, the meeting was adjourned at 10:53 AM. The next meeting will be Feb. 13.

 

(NO MEETING WAS HELD IN DECEMBER 2007)

 

MINUTES OF ECIA FINANCE COMMITTEE
November 4, 2007 10:20am

--Meeting was called to order by Dan Drobnis, Chair, at 10:20AM. Also in attendance were Gisela Knight, Ed Moreno, Nolan Zisman, Board Liason Sandy MacGregor, and GM Bill Donohue. Pat Bell and Jean Stokes were excused.  Dee Cooper, Alan McQuiston and Bob Gaines were also absent.The minutes of the October 10 meeting were approved as submitted.  The Oct 31 financial statements were reviewed and accepted.

--Bill mentioned that he felt confident his projected $55,000 surplus would be realized.  He also announced the pending creation of a new ECIA committee¡XFacilities and Grounds. He is soliciting volunteers and indicated they should start meeting after the first of the year.

--Nolan expressed concern, regarding the capital budget request of the Stable Committee, that ¡§apples and oranges¡¨ were being included in the same request. Specifically, he feels like the road and large arena repair request is more of a maintenance/repair type of activity, while the small, round pen request is for an enlargement, not just maintenance. Dan and Sandy both mentioned that this discussion can be deferred until such time as the ECIA Board requests the Finance Committee to make formal recommendations on the subject. They also suggested that all stable facilities owned by ECIA be included in the replacement reserve schedules.

--There being no further business, the meeting was adjourned at 11:00 AM.


MINUTES OF ECIA FINANCE COMMITTEE
October 10, 2007 9:30am

--The meeting was called to order by Chair Dan Drobnis at 9:32 am.  Attending were members Gisela Knight, Ed Moreno, Pat Bell, Jean Stokes, and Dee Cooper.  Also present were General Manager Bill Donohue and Treasurer Sandy MacGregor.  Alan McQuiston, Nolan Zisman, and Bob Gaines were excused.  No other members of the ECIA were present.

--Minutes of September 12, 2007 were amended to include Gisela Knight as present, and approved.

--General Manager Bill Donohue reported on the Patio Capital Project.  It has overrun the approved budget because of about 1300 sf of additional brick area, problems with the old ranch pool area, additional roof area added to the cistern water harvest area, and improved drainage to prevent flooding of the Railroad Room.  The following motions were approved:

„h         Recommend that the Board move $10K from 2007 Operating Contingency to pay for correction of unforeseeable Patio Project problems in the area of the original ranch house pool:  Knight motion and Stokes second, 5-0-0.

„h         Recommend that the Board increase Patio Project capital fund allocation from $210K to $224K to provide for additional brick area, cistern roof harvest area, and Railroad Room drainage improvements: Stokes motion and Moreno second, 5-0-0.

--GM Donohue estimates the underrun for the 2007 Operating Budget will be about $55K.  Draft 2008 Operating Budget provides for $759,988 in expenditures, with a transfer of $21,253 from previous years¡¦ Appropriated Operating Fund Balance.  Motion to recommend to the Board a total Operating Budget of $759,988, with a preliminary recommendation to transfer to the Capital Fund the 2007 Operating Budget surplus estimated at $55K (Knight, Moreno) passed 5-0-0.

--The committee recommends to the Board a Repair and Replacement Budget for 2008 of $45,835, with $45,000 transferred from the 2008 Operating Budget and $835 from the Repair and Replacement Fund Balance (Moreno, Bell):  5-0-0.

--The meeting was adjourned at 10:12 am.


MINUTES OF ECIA FINANCE COMMITTEE

Sept 12, 2007 9:30am

--The meeting wascalled to order by Chair, Dan Drobnis, at 9:30AM Also in attendance were Pat Bell, Dee Cooper, Bob Gaines, Gisela Knight, Nolan Zisman, Allen McQuiston, Jean Stokes, Ed Moreno, ECIA GM Bill Donohue, and Board  liaison Sandy MacGregor. There being no one for the Public Forum, minutes of the August 8 meeting were approved as submitted.

--The AugustFinancial Statements were reviewed.  On the balance sheet it was pointed out that the Equity figures are fixed by the accountant once each year and, therefore, do not give an accurate picture as the year ensues. It was suggested that actual reserve and income data be shown during the year. Bill will follow up. Under Fixed Assets there was discussion about the inconsistency in labeling between ¡§Amenities¡¨ and ¡§Accum Depr-Fixed Assets¡¨. The latter number actually applies to the Amenities. This will be noted going forward. On the Contingency/Replacement Budget Schedule, Bill will arrange to distribute quarterly a statement showing actual vs. budget for each capital project over the life of the project- - not just the current year experience.

--In his GM report, Bill feels the patio project will probably come in at the original budget plus the cost of removing the wet soil from the former swimming pool.  Bill is still waiting for the bids to replace the water lines; they are still having trouble tracing the existing line to the rental house. Work has already started on the demonstration project for capture and reuse of rainwater around the ranch house and should be completed in the next couple of weeks. It was requested that Bill determine the additional cost of extending this work to the depot building as a pre-cursor to solving the run-off problem between the parking lot and the depot and to replacing the wood floor in the depot building.

--There was nothing to report in the Board Liaison report.

--Bruce Blossman, representing the ERA, submitted three capital project requests. $600 was recommended by the FC for two horseshoe pits. Bill will report back as to the best location for these. The requested purchase of audio equipment was rejected by the FC; it was agreed that users should rent this equipment on their own, as needed. The FC also agreed the depot floor should be replaced in 2008, rather than the planned 2009. Before this can be done, the water runoff problem outside the depot building needs to be resolved. The stable committee¡¦s request package was briefly discussed. It was agreed existing operating budgets for 2008 would suffice for their operating expenses. There being no representative from the Stable Committee at the meeting the review of their capital requests was tabled.

--The Sept 11 draft of the 2008 Budget was reviewed. It was agreed the interest revenues be reduced to $15,000 account fewer funds invested and the anticipation of lower interest rates. As projects get approved by the FC, they will be added to the last page.

--There being no other business, the meeting was adjourned at 11:25 AM. The next meetings will be Sept. 18 at 7PM, Oct 10 at 9:30, and Oct 22 at 7PM.

 

 

MINUTES OF ECIA FINANCE COMMITTEE

August 8, 2007 9:30am

--The meeting wascalled to order by acting Chair, Gisela Knight, at 9:30AM Also in attendance were Pat Bell, Dee Cooper,  Bob Gaines, Nolan Zisman, Allen McQuiston,  ECIA GM Bill Donohue, and Board  liaison Sandy MacGregor. Excused absentees were Jean Stokes, Ed Moreno, and Dan Drobnis. There being no one for the Public Forum, minutes of the July 11 meeting were approved as submitted.

--The JulyFinancial Statements were reviewed. The only significant variance item, Newsletter, was over budget only because of the timing of billing from the vendors. This should end the year on budget.

--In reviewing the preliminary 2008 budget, the following were suggested:

          1. Increase the Community Center Rentals budget by $1500, to $9000. Then determine what type of rate increases will be needed to meet this target. Rationale is increased utility costs and the newly landscaped patio area. Bill will take this suggestion forward.

          2. There are a few cases where the 2008 projections are not consistent with the 2007 year-to-date actuals. Gisela will review these with Bill.

          3. Change the comment for State and Federal Taxes to ¡§over budget in 2007¡¨.

          4. Because the preliminary net revenue figure is projected to be short of the sum total of operational expenditures, transfer to the Replacement Reserve, Contingency Fund and possibly Projects, the difference will have to be covered by transfer from the Fund Balance. A line should be added below 'Total Revenues', labeled 'Appropriated Fund Balance', and then those two lines added for a higher total on the revenue side.

          5. Bill to put $45,000 into the Replacement Reserve budget and $20,000 into the Contingency Fund budget. 

The FC will take a harder look at the 2007 projections to see if 2008 expense numbers can be reduced.

--In his GM report, Bill felt the patio project will be far enough along to be useable for the Ice Cream Social on Aug. 26.. The recently completed basketball court has received many positive comments. There was a recent break in the main water line serving the ranch house. It was determined the pipes are fairly well eroded and need to be replaced. Bill has put out a request for bids; he ¡¥guesstimates¡¦ the cost could run $12,000 to $15,000.

--The Capital Projects Schedule format was accepted. There was some concern raised that  the Capital Reserve Fund is getting low. This will be the topic for a future meeting.

--There was nothing to report in the Board Liaison report.. There being no other business, the meeting was adjourned at 10:35 AM. The next meeting will be Sept. 12.

 

Minutes of ECIA Finance Committee

July 11, 2007  9:30am

The meeting was called to order at 9:30 a.m. by Dan Drobnis, Chair.  Present were members  Gisela Knight, Nolan Zisman, Pat Bell, Allan McQuiston and Bob Gaines; ECIA  GM Bill Donohue was also present. Ed Moreno, Jean Stokes, and Dee Cooper had excused absences.  

1. Hope Kiah attended the public forum to discuss the budget for the 2008 Eldorado calendar. She was proposing an advertising rate of $125. It was determined that charging a rate of $200 would completely offset the anticipated costs and that this charge would not impede selling all spaces. The FC (based on unanimous approval) will recommend to the Board establishing such a charge.

2. The minutesof the June 13, 2007, meeting were approved as submitted.

3. In reviewing the June financial statementsDan pointed out that it was difficult to monitor the capital projects¡¦ histories from looking at the Contingency, Capital and Reserve Statement. Bill indicated that he could show the history of each approved capital project  back to 2000 including actual vs. authorized expenditures, and completed vs in progess indicator. This will be presented at the next FC meeting.

4. For his GM report, Bill advised that due to the unanticipated need to remove wet soil from the former pool, there was a cost overrun for that portion of the landscaping project in the amount of $10,000. In spite of this, the project is currently on budget and on schedule.   Bill reported the basketball court had been completed in June but there were some issues with the surface. The contractor is making repairs (at no cost to ECIA) and the should be done before the end of the month.

     Bill then discussed the need to expend around $3,200 in contingency money to acquire 20 new and badly needed pool deck chairs. He also plans to establish a budget and replacement reserve line item for these chairs in the future. It was suggested and Bill agreed to post a sign at the pool regarding the large investment in this furniture and that care should be taken in their use. Bill also reported the lightning strike of July 3 destroyed the computer used to control pool entry. He plans to discontinue this system and acquire a new system which will generate photo ID¡¦s that can be displayed by authorized pool users. This system will run about $3,600 and paid for with the $3000 already budgeted and $600 from the contingency fund. This motion was unanimously passed.

     Based on suggestions from the FC at the last meeting, Bill assembled and will present to the Board this month a document reflecting the needs of the community for a multi-purpose ¡§events center¡¨. 

5. There was no Board Liasonreport due to Sandy¡¦s absence.

6. A draft calendar for the 2008 Operating Budget Schedule was reviewed. The only changes were showing the Oct. 10 session at 9:30 AM instead of PM, and deleting the parenthetical reference to the Goals Meeting.

7. There was no other business.

8. The meeting adjourned about 10:30 a.m. The next meetingis scheduled for Aug. 6;  Gisela will chair.

 

MINUTES OF ECIA FINANCE COMMITTEE

June 13, 2007   9:30am

--The meeting was called to order at 9:30 a.m. by Chair Dan Drobnis.  Present were members Pat Bell, Dee Cooper, Gisela Knight, Allan McQuiston, Jean Stokes, and Nolan Zisman, as well as General Manager Bill Donohue.  Members Bob Gaines and Ed Moreno were excused.

--No one was present for the public forum. 

--The minutes of the May 9, 2007 meeting, and the May 31 financial statements were approved as submitted.

--Bill Donohue reported on bike path repairs (bill to be paid from Road Fund), the patio reconstruction project (excavation somewhat delayed), the basket ball court expansion (start of work is imminent), and the pool operation.

--Bill also conveyed a decision by the Board of Directors to take the pavilion off the capital project planning list at this time, freeing up $55,000.  Some functions envisioned for the pavilion will now be accommodated by the kiosk stage at the patio.  However, the Board is still interested in a multi-purpose facility.  It will require pulling together information from different sources.

--A new draft for the letter to the Board projecting use of the Operating Fund balance was discussed.  Dan Drobnis asked the Manager to bring the Capital Reserve Projects list up to date.  He will then use adjusted Capital Reserve amounts to update the draft letter.  With that provision, the text was approved unanimously on motion by Gisela Knight and second by Nolan Zisman , and will be submitted to the Board.

--Under other business, and following up on his remarks at the March meeting, Nolan reported on discussions held by the Road Committee regarding ongoing funding of road repairs.  State/County funding will be inadequate in the long run.  The Road Committee projects a need for an annual assessment of $85 per lot.  The question is how much owners will be willing to pay for decent roads.  The Road Committee will put together a plan for both the Finance and Road committees to review together.

--The meeting was adjourned at 10:25 a.m.


MINUTES OF ECIA FINANCE COMMITTEE

May 9, 2007   9:30am

The meeting was called to orderat 9:30 a.m. by Dan Drobnis, Chair.  Present were members  Gisela Knight, Dee Cooper, Nolan Zisman, Pat Bell, Jean Stokes, and Bob Gaines; General Manager Bill Donohue and Board Liason Sandy Macgregor were also present. Ed Moreno and Allan McQuiston had excused absences.

1. No members of the public were in attendance for the public forum.

2. The minutesof the March 14, 2007, meeting were approved, as amended.

3. Bill answered a couple of clarification questions about the 4 month financial statements. Dan pointed out that the 2006 Annual Report Operating Funds statement shows the net increase in fund balance ($ 79,624) being designated for operating contingency.  Subsequent to sending the Report to the printer, the ECIA Board approved designating these funds to the Capital Reserve. 

4. For his Capital Project Update, Bill reported that due to material cost inflation and design changes, the expected bid price for re-landscaping the patio area had risen from $152,000 to about $206,000.  Rather than change the design or eliminate any of the proposed amenities, the Finance Committee (FC) unanimously approved a proposal to recommend to the Board an increase in the budget to $210,000, and to separately recommend an oversight and advisory ad hoc committee be appointed by them to assist Bill in implementing the project.  The FC agreed that one representative from the user community (Nolan volunteered), one from the Finance Committee (Dan volunteered), and one from the adjacent neighbors (Ed was suggested) should staff this group. This will be included in the recommendation.  Bill reported the basketball court was under construction, should be done by the end of the month, and was on budget.

     Bill then discussed the need to expend around $3,000 in contingency repair and replacement moneyto replace a broken water valve at the community center.  The FC unanimously agreed to recommend this to the Board.  Bill feels the cost to repair the vandalism in the pool area can be covered out of available budget funds.

     He also reported that the two special CDs and the Jefferson Bank CD would be converted to cash upon maturity in order to cover anticipated operating and replacement/repair expenses.

5. Sandy had nothing to report as Board Liason.

6. The proposed Letter to the BoardRegardingthe management of Operating Fund Balances was discussed at some length and several changes/clarifications, additions and deletions were proposed. Dan will put together another draft for FC review.

7. There was no other business.

The meeting adjourned about 11:00 a.m.

 

There was no Finance Committee Meeting in April 2007

 

MINUTES OF ECIA FINANCE COMMITTEE
March 14, 2007

The meeting was called to order at 9:30 a.m. by Dan Drobnis, Chair.  Present were members Gisela Knight, Allen McQuiston, Nolan Zisman, Pat Bell, Jean Stokes, and Ed Moreno; and General Manager Bill Donohue.

1. No members of the public were in attendance for the public forum.

2. The minutes of the February 14, 2007 meeting were approved, as amended.

3. Auditor Asa Laws presented the auditor¡¦s annual report to the committee. Mr. Laws indicated that the auditor¡¦s main concern ¡V about the clarity of allocations within the Replacement Reserve Schedule ¡V had mostly been resolved by the ECIA in 2006. He recommended an additional policy revision for 2007, that the EICA Board clearly identify the source of funding for capital projects. Such expenditures are typically funded from capital funds or from the operating contingency.

Mr. Laws said that the ECIA paid more in income taxes for 2006, which was the result of higher interest rates that generated more income from the association¡¦s reserve accounts. He indicated there are not obvious ways available for the ECIA to shelter its income from taxes, but that every year the Board can elect one of two methods of calculating the tax, whichever is most favorable. Mr. Laws said that the ECIA¡¦s financial records are well-managed. The committee voted unanimously to commend Bill and Debby on their fine work.

     Following the discussion of Agenda Item 6, the committee discussed a motion on whether the $79,624 in surplus fund balances reported in the audit should be transferred to the capital reserve fund to cover additional costs of the patio renovation. In recent years, the surplus funds have been allocated to the operating contingency reserve. The committee added a provision recognizing that the ECIA Board is considering the development of a long-term plan, which could result in requests for additional transfers in the future, and approved the motion unanimously.

4. The committee reviewed the financial statements for 2007 through February. Mr. Donohue said that reminders have been sent to 500 residents who had not yet paid their assessments.

5. The revised Replacement Reserve Schedule was presented, reviewed, and approved unanimously.

6. Mr. Donohue reported on the patio renovation project. The committee discussed the bidding process for the work. Mr. Donohue said Carr Construction has been selected general contractor and will be seeking bids for subcontractors. The committee asked for clarity on the board¡¦s policy on bidding and whether Mr. Donohue should seek input from the Board or the Finance Committee. Mr. Drobnis said there is no policy that he is aware of, but Mr. Donohue was asked to see if he could locate a policy in the ECIA records.

7. The Board liaison was not in attendance. Mr. Drobnis indicated that the Board discussed but did not take action on the proposal to expand and improve the basketball court at its recent meeting.

8. Mr. Zisman said that the state legislature has allocated some funds based on  a formal request by ECIA for funding for repairs and new base course on Eldorado¡¦s older dirt roads, but that the amount will not cover the actual need. He said it may require a special assessment, an improvement district or other finance sources to perform all of the needed work.

9. Mr. Drobnis said he will not be available for the April 11 meeting. The committee discussed whether to have a meeting at all. Vice-Chair Knight said she will review the situation and let the committee members know if the meeting is canceled.

The meeting adjourned about 11:30 a.m.

 

MINUTES OF ECIA FINANCE COMMITTEE

February 14, 2007

Call to Order: The meeting was called to order at 9:35AM by Chairman Dan Drobnis. In attendance were Gisela Knight, Ed Moreno, Allen McQuiston, Pat Bell, Bob Gaines, Bill Donohue and Nolan Zisman. Not in attendance were Dee Cooper and Jean Stokes  (excused absences); Sandy MacGregor, our Board liason, was also absent.

1. Public Forum:  Eddie Marshall, an Eldorado resident (466-0276, edge66@qwest.net) presented a capital project request for a full sized basketball court. This would be of standard high school dimensions, occupying the area between the vollyball court and tennis courts. The court would be enclosed by a fence and windscreen (on 3 sides) with a surface similar in color to the tennis courts. Estimated cost would approximate $40,000.  When questioned about maintenance cost, it was ¡§guesstimated¡¨ that the surface would need to be repainted every 2 years; wind screens replaced at a similar interval; and nets replaced every six months. The advantages are a safer playing area than existing basketball facilities, a more attractive amenity and an additional place for our community¡¦s young people to gravitate toward, especially in the summer.

The Finance Committee (FC) thought this would be a positive amenity for Eldorado and suggested Mr. Marshall take his proposal to the next Board working session on Mar. 12. It was suggested he bring some other supporters with him to that meeting and be prepared to address the issue of how usage time would be managed when more than one group wished to use the facility at the same time.

2. Minutes of Jan. 10 meeting: approved as amended. Pat will post to web site.

3. Financial Statements:  Gisela pointed out that the amount shown on Line 7450 on the Contingency/Replacement Budget should be $55K, not the $40K shown. Bill is aware and will have Debby make the correction. Pat asked about the large amount in the 1st Nat¡¦l Bank checking account. Bill indicated it was larger than usual because some checks had not yet cleared.  He assured the FC that whenever there was sufficient funds in excess of $97K to help cover anticipated expenses, another CD would be purchased. He did indicate the interest rates we get on our checking accounts are competitive with CD¡¦s.

4. Update on Replacement Reserve Schedule: Gisela reminded the FC that we had previously agreed the reserve balance at the end of the cycle should be approximately $250K. She suggested using a cash flow reporting method to ¡§manage¡¨ this process. She had determined that if we   augment our current $40K per year to the transfer reserve by $5K per year starting in 2008, then bump it up by a similar amount every third year, we¡¦d get to the $250K reserve level at the end of 2031. It was proposed that Bill prepare this analysis, changing the last line of the Reserve Schedule to ¡§See Cash Flow Analysis¡¨ and review it with the Board at their March 12 working session. This was unanimously approved.

5. Capital Project Update:  Dan passed out an outline of content for future Capital Project Proposals. He suggested that the initial proposal contain the line items under the ¡§Summary¡¨ section. If the Board endorsed the proposal, then the sponsor could complete the ¡§Detail¡¨ section for review by the FC and recommendations back to the Board.  The FC concurred with using this Outline. Dan will use it to help Mr. Marshall document the request for funding for a basketball court and present it to the Board¡¦s March 12 working session.  Bill indicated the Board had approved implementingthe Landscaping Project Parts 1 and 2 as a single project; he is waiting for detail estimates from the Carr contracting firm.

6. GM¡¦s Report:  Bill indicated that due to an oversight, we had run out of Bike Path/Greenbelt maps without a budget to print more. The FC approved a $3,400 expenditure from Contingency to reprint these maps (which will show the corrections found since last printing). During last fall¡¦s budgeting process, he was assuming that he could get wood chips to cover the dog park surface at no charge (other than some minor trucking costs) from the County Transfer Station.

He has subsequently determined this source to be unusable. He estimates the cost for the needed 250 yards of chips to be approximately $6K. The FC unanimously approved recommending this to the Board as a needed capital expense.  For future replacement, Bill will determine the feasibility of doing our own chipping of recycled Christmas trees and Eldorado resident trimmings as well as getting them from tree trimming services.  Bill also indicated that he and the Board were in the very early stages of initiating a formal Long Range Plan process for the community.

7. Board Liason Report: There was no report as Sandy was absent.

8. Other Business:  None.

9. Next Meeting:  Scheduled for March 14.

Adjournment:  Meeting was adjourned at 11:10AM.

 

 

MINUTES OF ECIA FINANCE COMMITTEE

January 10, 2007
The meeting was called to order at 9:30 AM by Dan Drobnis, Chair.  Present were members Gisela Knight, Robert Gaines, Allen McQuiston, Nolan Zisman, Pat Bell, Jean Stokes, and Ed Moreno; also Treasurer Sandy McGregor and General Manager Bill Donohue.  No members of the public were present

1.  Public Forum:  No one requested to speak at the public forum.

2.  The minutes of the November 4, 2006 meeting were approved as submitted.

3.  There were no questions regarding the Jan-Dec 2006 Income and Expenditures and report.  It appears that there will be a surplus for 2006 of about $90K.  The final determination will be made when the auditor¡¦s report is complete in March 2007; at that time the Committee will make a recommendation to the Board regarding the disposition of the 2006 surplus.

4.  The Draft 2007 Replacement Reserve Schedule was discussed.  GM Bill Donohue proposed moving all Hike/Bike Path expenses into the yearly maintenance budget.  After some discussion, the Committee formally requested Bill to restore estimated repaving costs to the Replacement Reserve Schedule (5-0-2) and present the revised Replacement Reserve Schedule next month.  The Committee also informally suggested maintaining the Reserve at about $250K, and adjusting the proposed yearly contribution schedule to maintain this level.

5.  GM Bill Donohue presented a draft plan for replacement and upgrade of the patio area within the Community Center.  Plans included improved landscaping to enhance and preserve large trees, replacement of the flagstone area, gutters/downspouts/underground storage to capture rain and snow water for irrigation, and two ramadas to provide shade and space for gatherings,  music and other events.  The Committee commented on the plan, and offered two sets of recommendations to the Board:

a)              A formal recommendation to the Board to combine the proposed phases 1 and 2 (central patio and west expansion) into one, to realize economies in construction and achieve the desired public space sooner.  Money for both phases already exists in the Capital Projects fund; roughly $150K would be needed.  Additional funds are potentially available from the 2006 budget surplus.  The Committee recommended to the Board to proceed with final design and development of construction cost estimates. (Passed unanimously.)

b)              The Committee consensus was that several thoughts should be pursued as the design is finalized:

¡P                  The patio surface should be decorated concrete or other attractive,  safe, low maintenance and handicapped-friendly material

¡P                  Sound control, either permanent walls or temporary acoustic shielding, should be incorporated in the design to direct any music or other sounds back into the courtyard and away from neighbors, along with plantings to absorb sounds to the south and west.

¡P                  Handicapped accessibility and parking should be part of the overall design.

¡P                  Xeric landscaping should be incorporated, and a knowledgeable consultant should be considered for maintenance of the patio and other ECIA grounds.

¡P                  Expansion of the Phase 2 area to the west should be considered to allow for incorporation of larger music groups and more public seating/viewing

6.  GM Report:  Bill Donohue reported on a meeting he and Nolan Zisman participated in with State Representative Peter Wirth regarding community funding priorities in the next state legislative session.  They requested $1.5M for the county to repair the worst of Eldorado¡¦s dirt roads, which have been deteriorating for over 20 years.  This would cover regrading and base course renewal, but not paving.  The ECIA has contributed over $500K itself over the course of the years.  Rep. Wirth indicated he would support this request.

The Dog Park enclosure is complete, and a manual gate is in place.  Bill is waiting for resolution of some problems with the pool access system before installing an electronic gate and committing to the pool access system for control.  Waste pickup bags are out and picnic benches are on order.

7.  Board Liason Report:  Treasurer Sandy MacGregor reported on a project presented to the Board for correction of erosion near Community Preserve Trailhead 2, and maintenance and preservation of wetlands within the Preserve.  An organization called Earthworks is requesting a $5K engineering study to support a grant request for about $50K, which would also help present drainage into Galisteo Creek.  A $4K bequest to the ECIA for the Community Reserve is available to defray the cost of the study.  The Committee voted to recommend using the bequest for this study, and to add $1K from 2007 Operating Contingency (Unanimous).

8.  There was no other business before the Committee.

          9.  The next Committee meeting will be at the regularly scheduled date and time of 9:30 AM Wednesday February 14, 2007.

 

NO MEETING WAS HELD IN DECEMBER 2006
 

MINUTES OF ECIA FINANCE COMMITTEE
November 4, 2006

The meeting was called to order at 10:15 am by Gisela Knight, Chair. Present were members Dan Drobnis, Robert Gaines, Allen McQuiston and Nolan Zisman, also
ECIA Board members Jeanne Klein and SuAnne Armstrong and General Manager Bill Donohue. Pat Bell, Dee Cooper and Ed Moreno were excused.
1. Public Forum: Jeanne Klein suggested that it may be time to renew attempts to improve the look of some ECIA facilities by painting, refinishing floors, cleaning, furniture replacement etc. Funds left in the payroll expense line due to various staff changes and vacancies could pay for contractors to be hired for some of the needed work, e.g. floor refinishing. Bill Donohue will look into this.
Allen McQuiston suggested that for revenue enhancement VISTAS could carry a listing of Eldorado businesses, professional services, craftsmen, etc. Dan Drobnis will take this suggestion to the Information Committee for consideration.
2. The minutes of the October 11, 2006 meeting were approved as submitted.
3. The October financial statements were accepted as submitted.
4. The committee discussed the Neighborhood Watch Committee proposal for service by Crime Stoppers re. graffiti. Motion made by Nolan Zisman, seconded by Allen McQuiston, to recommend to the ECIA Board the allocation of $500 from the contingency account for this service, conditioned on obtaining a satisfactory contract with Crime Stoppers.
5. General Manager Bill Donohue reported that the realignment of brokered CDs at Edward Jones is progressing satisfactorily as CDs mature.
There was no other business. The next meeting will be held on January 10, 2007, under Dan’s chairmanship. Meeting adjourned at 10:55 am.

MINUTES OF ECIA FINANCE COMMITTEE
October 11, 2006

Meeting was called to order at 9:30 AM by Chair, Gisela Knight. All members were in attendance excepting Dee Cooper, who was excused.
1. Public Forum: not held; no members of the public attended.
2. Minutes of Sept 13 meeting. Amended the attendee list to indicate Jean Stokes was excused. Accepted as amended. Minutes of Sept 19 meeting. Amended to indicate Jean Stokes was excused, Ed Moreno did not attend. Accepted as amended.
3. Financial Statements: The Finance Committee (FC) approved a motion to break out contingency reserve expenses as is done with capital reserve (i.e., major items plus an “all other” for minor amounts). This will help interested parties understand how contingencies are applied to unexpected new line item expenses or other applications. Bill will do this on next month’s Income and Expenses Contingency/Replacement Budget vs Actual report.
4-1. 2007 Operating and Reserves Budget: After review and minor revisions a budget of $738,410 for Operations and Reserves was approved by the FC. (Minor revisions included raising 2007 interest income to $20,000; 2007 stable revenues to $13,000; Projected 2006 pool repairs and maintenance expense was revised to $6900; 2006 projected contingency fund was changed to $11,107 to reflect the amount approved for expenditure by the Board. 2007 contingency was increased to $26,635 to reflect current expectations.) 4-2. Repairs and Replacement Budget: The $55,000 staff recommendation was endorsed by the FC for recommendation to the ECIA Board.
4-3 Replacement Reserve Schedule: progress in bringing this schedule up to date was noted; however, Bill needs to move into the future the replacement of assets that were originally expected to be replaced in 2006 but still have useful service lives. Gisela will continue to work with him to improve the schedule. Bill was also reminded to date each draft of each budget and reserve schedule document.
5. 2007 Finance Committee meeting dates: Dates noted in Gisela’s Oct. 4 memo were adopted.
6. New FC Chair and Vice-Chair: Dan Drobnis was unanimously approved for nomination to the ECIA Board as the new FC Chair, with Gisela to serve as vice-Chair (new position). Sandy will take these to the Board for confirmation.
7. Report of GM; nothing to report.
8. Report of FC liason; nothing to report.
9. Other business: Question arose as to whether anyone on staff was performing bank account reconciliations each month. Bill reported that this was assigned to Debbie who will do and send to Sandy (for reporting to the Board) each month.
There being no further business, the meeting was adjourned at 10:50AM.


MINUTES OF ECIA FINANCE COMMITTEE
September 19, 2006

The meeting was called to order at 7:10 pm. Present were members Pat Bell, Dan Drobnis, Allen McQuiston, Ed Moreno, and Nolan Zisman, chair Gisela Knight, and General Manager Bill Donohue. Bob Gaines, Dee Cooper, and Jean Stokes were excused.
--This special evening meeting was called to discuss 2007 budget requests from committees.
--Bruce Blossman, representing the ad hoc Pavilion Committee, inquired about the status of drawing up specs for bids. Bill explained that construction drawings needed for the bids have yet to be received. As a capital project, the pavilion will be discussed early in 2007 rather than in this operations budgeting round.
--Dina Sassone and SuAnne Armstrong were present to explain three Stable Committee requests for increases in the operations budget: (1) Increase from $120 to $750 in electricity costs due to new lights and outlets, (2) increase from $1,500 to $3,000 in annual road maintenance due to ongoing drainage problems, and (3) increase from $500 to $1,300 in repairs and maintenance, mostly arena maintenance. --(1) The FC decided to recommend that the cost of electricity be shared by the ECIA for general lighting and by stable owners for individual use of power. Based on the number of lights and their wattage, Dan estimated the ECIA share at $400 per year; amounts billed above that should be reimbursed by the stable owners.
-- (2) and (3) Dina and Bill agreed to meet on site to discuss maintenance issues. Bill stated that the unused amount budgeted for 2006 plus an unchanged amount of $1,500 to be budgeted for 2007 may well cover maintenance needs. The FC will wait for Bill’s recommendations before finalizing the Stable Committee appropriation for 2007 at its Oct. ii meeting.
--This concluded consideration of budget requests from committees. The FC again briefly reviewed the 2007 budget draft. Gisela pointed out that a correction needs to be made in the Replacement Reserve Fund transfer line of the operations budget: the 2006 projected expense should be $40,000, i.e. the full budgeted transfer amount. Bill and Gisela will draw up a newly introduced Repairs and Replacements budget for 2007, following the auditor’s recommendation.
The FC will recommend a generous contingency of at least $20,000, bringing the budget to $55,000, with the needed revenue to be appropriated from the reserve fund balance.
--The meeting was adjourned at 8:25 pm.

MINUTES OF ECIA FINANCE COMMITTEE
September 13, 2006, 9:30AM

Call To Order: Meeting was called to order at 9:30AM by Chair Gisela Knight. Other committee members in attendance were Pat Bell, Dan Drobnis, Allen McQuiston, Ed Moreno, and Nolan Zisman. Also attending were Sandy MacGregor, Bill Donahue, guests Marilyn Walker and Mary Uhl. Excused were Dee Cooper, Jean Stokes and Bob Gaines.
1. Public Forum: Ms. Walker and Uhl explained the background for the requests for funding for the Neighborhood Watch Committee. The items for which funding is requested are to get block captains and other Eldorado residents enrolled. The requests would raise their budget from $500 to $2100. The Finance Committee (FC) unanimously approved granting the budget funds requested and remanding the appropriate use thereof to dialog between the Neighborhood Watch Committee and ECIA Board. The Stable Committee’s request documentation was discussed. Sandy reminded the FC members that it was ECIA Board policy to cover only stable infrastructure. Bill was requested to distribute copies of the Stable Master Plan to FC members as input to their analysis and deliberations after the Stable Committee’s presentation on Tues., Sept 19.
2. Minutes of the August 8 meeting were approved as amended (Ed will change the reference regarding the pavilion plans from “individuals” to “one individual”.)
3. Financial statements were reviewed. Gisela asked Bill if there were any other pool expenses not yet reported. He indicated there may be one item. While Item 6011 (Postage/Rentals) shows a small amount of budget expended, Bill indicated there would be another large expenses with a forthcoming mailing. It was recognized that 2007 State and Federal Taxes were not really a large increment; rather than 2006 was understated due to an administrative oversight and changes in tax rates and basis. 2 of the CD’s maturing in Sept. will be rolled over. The statements were accepted as submitted.
4. There was a brief review of the updated draft operating budget for 2007. Bill identified changes from the prior draft. Gisela recommended he put in $40K for replacement reserve transfer. The draft budget seems in line with prior budgets and generated a comfort level with the FC. Allen raised a general question about the possibility of expanding the Vistas and selling ads, the revenues from which would be used to offset production/mailing costs. All agreed this was a good concept and that the results of the ad sales campaign for the December Calendar insert could be considered an indicator for this concept. Dan will take the idea to the Information Committee for further consideration.
There being nothing further on any of the agenda items, Gisela set the next meeting for Sept 19 at 7PM. The meeting adjourned at 11:07AM.

MINUTES OF ECIA FINANCE COMMITTEE
August 9, 2006

Chair Gisela Knight called the meeting to order at 9:30 am at the Eldorado Community Center. Other committee members in attendance were Jean Stokes, Dan Drobnis, Ed Moreno, Allen McQuiston and Nolan Zisman. Dee Cooper and Pat Bell were absent and excused. Also attending were pending member Bob Gaines, ECIA General Manager Bill Donohue, and board member and committee liaison Sandy MacGregor.
1. Public Forum – no members of the public were in attendance.
2. Minutes of the July 12 meeting – the minutes were approved without objection.
3. Financial statements. The financial statements for July were reviewed. Bill Donohue reported that an as-yet unknown amount of money will be used from the special road fund to renovate the older hike-bike trails that have deteriorated for lack of a base course. Bill also reported he is investigating an unusually high water usage at the community stables, including inappropriate usage, undiscovered leaks or other causes.
4. December events calendar. The $204 additional cost of inserting the December calendar of events in the planned 2007 calendar, was approved. Jean Stokes voted no.
5. Draft Operations Budget for 2007. The draft budget was reviewed. There are no significant changes from the 2006 budget. No action was taken. The committee will review a revised draft at its September 13 meeting. Discussions and questions covered Revenues, payroll, community relations, the security contract, maintenance of the soccer field.
6. Draft Repair and Replacements Budget. The schedule of planned replacements was reviewed. No action was taken. The committee requested that the R&R budget be made available to the community.
7. General Manager’s report. Bill and Sandy MacGregor reported on the Dog Park meeting, at which there was general support, some concerns about among nearby residents and requests for consideration by parents to revitalize the field for soccer.
8. Board liaison report – no additional report.
9. New business. Members asked about the status of the pavilion. Sandy said nothing had happened since the board asked for cost estimates based on a new configuration. Nolan Zisman reported that an individual is seeking cost information for a pre-fabricated building.
10. Next meeting – 9:30 a.m., Wednesday, September 13, 2006, at the Eldorado Community Center.

MINUTES OF ECIA FINANCE COMMITTEE
July 12, 2006

The meeting was called to order at 9:30am by Gisela Knight, Chair, in the Eldorado Community Center. Other committee members in attendance were Jean Stokes, Pat Bell, Dan Drobnis, and Ed Moreno. Dee Cooper and Allen McQuiston were absent and excused. Pending members Bob Gaines & Nolan Zisman, ECIA staff member Bill Donohue, board liaison Sandy MacGregor, and guest Frank Schober were also in attendance.
Public Forum:
--Frank Schober presented a volunteer appreciation project being worked on as part of the plans for the December holiday party. A motion was made and carried to go ahead with option "B" at a cost of $671.18, with Jean Stokes voting in the negative. The money would be allocated from the operating contingency account.
--Frank also presented a proposal from the Information Committee to publish a Calendar in lieu of the December Vistas. A motion to approve this project, going with an Albuquerque publisher, at an incremental cost of $3,010 was approved unanimously, with the money coming from operating contingency this year and in future years from the Community Relations portion of the operating budget.
Minutes of May 10, 2006 Meeting:
--The minutes were approved after the following changes: A clairfication that the expenditures for the defibrillator will be from operating contingency this year but in the future iwll be part of the operating budget. In the discussion under Financials, "Latest Month" was changed to "year to Date" and in the next to the last sentence in that section, "this statement" was changed to "the latest month's statement". Nolan Zisam will update the draft and send it to Pat Bell for posting on the ECIA FC web site.
Financial Statements:
--The financials were approved as submitted. Bill will report back after investigating the budget overage of state and federal taxes.
Review of Broker's Statement and Bank Accounts:
--The remaining money in the Edward Jones account will be moved out this Thursday.
Discussion of Budgeting Calendar and Procedures:
--The budgeting calendar was approved as proposed.
General Manager's Reports:
--Bill will have a draft 2007 budget available for the next finance committee meeting. The defibrillator has been purchased and installed and all staff have been trained.
New Business:
--Bill answered a question about where replacement signage for the preserve and green belts was budgeted, by saying it was covered in the operating budget under Repairs and Maintenance.
Date of Next Meeting:
--Wednesday August 9 at 9:30am at the Eldorado Community Center.
There being no further business, the meeting was adjourned at 10:50 am.

(NO MEETING WAS HELD IN JUNE 2006)

MINUTES OF ECIA FINANCE COMMITTEE
MAY 10, 2006

Call To Order:
Meeting was called to order at 9:30AM by Gisela Knight, Chair. Other committee members in attendance were Jean Stokes, Pat Bell, Dan Drobnis, Allen McQuiston, and Bill Donohue. Excused were Ed Moreno and Dee Cooper. Newcomers Nolan Zisman and Bob Gaines also attended.
Public Forum/Minutes of April 12 meeting:
There being no outside guests for the public forum, the minutes of the April 12, 2006, meeting were reviewed and accepted without revision.
Financials:
For the benefit of the newcomers Gisela quickly reviewed the various financials included in the committee pre-meeting packet. Gisela considers the Jan-Dec Income and Expense Statement very important because we can, by inference from the % of budget spent to date (compared to % of year elapsed), determine how we are doing against the year’s budget. Three variances were discussed:
7200 ECIA Sponsored Events: Bill pointed out the fact that most of the alloted budget was spent on Earth Day. With other future ECIA events, expenses for this line item may exceed budget.
6080 Annual Meeting: This, of course is a one-time event, so actuals came in under budget.
6270 State and Federal Taxes: Variance was due to fact that basis for payment was changed after budget had been set.
Dan indicated the Treasurer needs the “Year-to-Date” Income and Expenses Budget. Gisela questioned the need/value of the current month Income and Expenses statement. Bill indicated he was used to managing with this statement and would like to continue it for a while. The Balance Sheet Statement is also considered important.
General Manager’s Report:
Cash Mgt Actions-Bill reported that $75,000 was deposited in the Bank of Albuquerque. $96,000 for the Bank of Los Alamos account is being accumulated and should be deposited in a few days. The proceeds from the three CD’s that matured in April were applied to 30, 60 and 90-day CD’s, all of which will pay over 5%.
Defibrilator- the unit has been ordered and will be placed in the downstairs staff office. Bill will investigate the feasibility (no impact on liability) of having the unit at the pool while it is open. Training for 8 persons (staff, lifeguards and security guard) will begin soon. We also acquired an annual medical program from the supplier, Z-Med, which provides medical oversight of the unit. There will be an annual fee of $150 for this oversight service. The current year's fee and the cost of purchasing the defibrillator will be paid from 2006 contingency.
Dog Park - there is a kickoff meeting scheduled for May 23 to form a standing committee (similar to the Stable Committee). It is expected that guidelines, responsibilities, etc. will be defined by that group. Jean Stokes has drafted up a suggested survey and has given it to Jeanne Klein for review and feedback.
Project Expenditures-the new boiler is to be installed soon and the roof on the pool house is scheduled for replacement. Both of these were budgeted for this year.
New Business:
Jean Stokes proposed there should be two readings of any proposal involving a significant financial outlay. Her thinking was prompted by Ed Moreno abstaining from a vote last meeting due to insufficient information and/or not enough time to come to a decision. After some discussion, the committee agreed that we should continue to try to move on items as they come up but should be willing to table any proposal (other than an emergency outlay) if any of the members express the feeling of insufficient time and or information.
Date of Next Meeting:
It was decided to cancel the June meeting and hold the next meeting on July 12. A June meeting could be called if the need arises.
There being no further business, the meeting was adjourned at 10:25 AM.

MINUTES OF ECIA FINANCE COMMITTEE MEETING
April 12, 2006

Gisela Knight called the meeting to order at 9:30 a.m. A quorum was present and the agenda was approved. Present: Chair Gisela Knight, board liaison Dan Drobnis, members, Allen McQuiston, Jean Stokes, Ed Moreno, Pat Bell, Acting General Manager Bill Donohue, office manager Debbie Padilla.
1. Public Forum.
No members of the public were present for the public forum.
2. Minutes of March 8, 2006 meeting.
The minutes were accepted without objection.
3. Financial statements
The financial statements were discussed and accepted without objection.
4. Investment Policy
The committee approved the proposed investment policy with the following changes:
· In the listing of permitted instruments, replace the two instances of “FDIC” with “Federally.”
· In the final paragraph, replace “$100,000 FDIC” with “federal.”
· In the final paragraph, replace the second reference to “$100,000” with “the federal insurance amount.”
The motion to approve was made by Jean Stokes and seconded by Pat Bell, and approved unanimously.
5. Cash Management Policy / Maturing CDs
The committee approved a proposed cash management policy based on a schedule of redeeming mature certificates of deposit. Gisela Knight and Bill Donohue both produced variations. The following provisions were accepted:
· To open a new performance money market account at the Bank of Albuquerque for approximately $96,000 (federal insurance limit minus expected interest earnings).
· To open a new approximately $96,000 certificate of deposit at Edward Jones from existing cash balances.
· To transfer remaining balances in Edward Jones checking account into First National Bank account for operating expenses and payroll.
The motion to approve was made by Jean Stokes and seconded by Allan McQuiston, and approved unanimously.
The committee also approved the following action with respect to four CDs managed by Edward Jones that are maturing in April:
· To turn over maturing funds into new approximately $96,000 CDs for staggered terms of approximately three, six and nine months.
· To open a new linked account (deposit and savings) at Los ALamos National Bank with proceeds from the fourth maturing Edward Jones CD, in the amount of approximately $96,000.
· To transfer all balances over $100,000 in the Edward Jones account to First National Bank (repeat of third bullet, above)
The motion to approve was made by Gisela Knight and seconded by Pat Bell, and approved unanimously.
6. Defibrillator Purchase
The committee approved the purchase of a defibrillator from Zee Medical for use at the Community Center, for the list price of $1,995 plus taxes and fees. The cost includes training eight individuals. The committee also approved a program to offer first aid, cardiopulmonary resuscitation (CPR) and defibrillator training to community members through the Red Cross. For more detail, please refer to the April 13, 2006, memorandum from Chair Gisela Knight to the ECIA Board of Directors referring to the Defibrillator.
The motion to approve was made by Gisela Knight and seconded by Pat Bell, and was approved unanimously.
7. Dog Park
The committee approved the use of up to $25,000 for a dog park, with the following comments:
1. The FC is comforable with the concept of a dog park to be located at the site of the former second soccer field. The field has not been used because of the drought, and it appears that soccer is continuing satisfactorily with one field. The FC points out that the $50,000 earmarked in the capital plan for field restoration would be freed up.
2. The FC believe that the Board would be well advised to conduct a community-wide survey, to be published in the VISTAS, to establish dog owner and general resident interest, opposition, fears about noise etc. Jean Stokes has volunteered to help with a survey similar to the recent one for the pavilion.
3. The FC recommends controlled access by card reader.
4. Dog owners must be made responsible for clean-up. There should be monitoring for an initial period of time, and if clean-up is not satisfactory, a user fee should be considered to offset the staff time spent on maintenance.
5. If the Board decides to go ahead, the FC recommends using the plan drawn up by Facilities Manager Bill Donohue. The plan could be implemented in stages, with the final cost not to exceed $25,000. Bill stated that in the final stage in-house staff could be used to keep the cost within that limit, e.g. in erecting a shade cover.
6. No material impact on the insurance premium is expected, according to our agent.
7. The Board may wish to create a dog park committee similar to the Stable Advisory Committee. This would help in maintaining communication with the users.
The motion was approved with one abstention and all others voting in favor.
8. New business - None
The meeting was adjourned at 11:30 a.m. The next meeting will be on May 10, at 9:30 a.m.

MINUTES OF ECIA FINANCE COMMITTEE MEETING
March 8, 2006

The meeting was called to order at 9 AM. Present were chair Gisela Knight, members Pat Bell, Allen McQuiston and Ed Moreno, Board Liaison Dan Drobnis, and staff members Bill Donohue and Debby Padilla. Dee Cooper was excused.
--Asa Laws of ECIA auditors Zlotnick, Laws & Sandoval was present for the auditor’s exit conference. The discussion draft of the 2005 audit was reviewed. Mr. Laws commended Debby Padilla for her accuracy in keeping the ECIA books. He explained the income tax situation. As has been the case for several years, the ECIA will again use regular corporate tax law rather than non-profit law, since deeding of roads to the County continues to permit offset against income. He stated that an update of the 20-year Repair and Replacement schedule is urgently needed, and suggested that separate accounts be created for the Special Assessment Fund. Discussion was held about controls and segregation of duties as well as bank statement reconciliation, the latter in light of a check deposit that had been lost in the mail. A second person (other than Debby) will sign off on bank statement reconciliations. The chair thanked Asa Laws for his work.
--No one appeared for the public forum.
--Minutes of the February 8 meeting were approved as submitted. Financial statements were reviewed and accepted.
--The FC discussed how to use the 2005 operating surplus of $41,056. Motion was made and seconded to recommend to the Board designation of the full amount to the Operating Fund Balance for maximum flexibility in the use of these funds. Motion approved unanimously.
--The Committee reviewed the draft 2005 Annual Report of the FC which will go to the ECIA membership.
--A detailed review and discussion was held regarding the draft investment policy. In view of some uncertainty about federal insurance of non-CD funds held by our broker, the matter was held over for investigation until the next meeting. Ed Moreno suggested to establish cash management guidelines. The FC will follow through after the investment policy is finalized.
--Pat Bell and Ed Moreno reported briefly on the meeting with Hope Kiah on website expansion.
--There were no other reports. Next meeting date is April 12, 2006.

MINUTES OF ECIA FINANCE COMMITTEE MEETING
February 8, 2006

The meeting was called to order at 9:35 AM. Present were chair Gisela Knight, members Allen McQuiston, Patricia Bell, and Ed Moreno, Facilities Manager Bill Donohue and Administrative Assistant Debby Padilla. Excused were Jean Stokes and Dee Cooper.
No one appeared for the public forum.
The minutes of January 11, 2006, were approved as submitted. It was suggested that when the Board approves capital expenditures without input from the Finance Committee, it might be advisable to add that fact as a matter of record in the minutes of the Board meeting.
The committee reviewed the January 2006 financial statements. Debby Padilla will reclassify the portion of Website expenditures (line item 6843) spent on website expansion as Project expenditures, as appropriate. Gisela pointed out that under the cash basis of reporting, January General legal fee expenditure (line item 6240) seems extraordinarily high when compared to the budget appropriation. She expects, however, that the audit report, using the accrual method, will show most of this expenditure as having been incurred in 2005. Debby will make sure that the auditor is aware of the need for this adjustment. It will result in a slight decrease in fund balance. The FC accepted the financial statements as submitted.
The next agenda item, “Reinvestment of maturing CDs and investment of idle funds,” was discussed at length. The FC’s goal is to maximize return while safeguarding principal and maintaining liquidity as needed. Pat Bell inquired whether the ECIA has an investment policy. Neither staff members nor the chair are aware of a written policy, but under operational practice funds have been invested only in CDs and money market funds. Gisela Knight will inquire from resident Russell Mooney, who several years ago helped to set up the ECIA account with Edward Jones, whether an investment policy was established. With a new general manager expected to be hired soon, policy guidelines will be of help.
After careful consideration, especially of cash flow and cash needs throughout the year, motion was made by Ed Moreno, seconded by Allen McQuiston, to ask staff to take out CDs as follows:
1. From idle operating funds, amounting to $307,336 (with assessment payments still rolling in) buy two $97,000 CDs, one with a term of three months, the other nine months.
2. From the Special (Road) Assessment fund, buy one CD amounting to $97,000 with a term of six months.
3. Renew three $97,000 CDs maturing on February 24, two of them for six months and the third for nine months.
The motion was approved unanimously. (Note: Four more $97,000 CDs are maturing on April 28.)
The auditor has been asked to attend the next FC meeting, scheduled for March 8, for purposes of the exit conference.
The meeting was adjourned at 10:30 AM.

2005 Highlights
The ECIA ended 2005 in sound financial condition. Overall expenditures were held within budget, with savings in several areas. Operating fund balance increased by $41,056. This amount will be designated for Operating Contingency and/or Capital Reserve by the Board upon recommendation by the Finance Committee. At year-end, the Replacement Reserve Fund balance amounted to $286,192. The Capital Reserve Fund balance was $285,979. The Special Assessment (Road) Fund stood at $101,180. The committee compiled the 2006 operating budget, which is balanced at $729,410, an increase of less than 1% over the 2005 budget. In the absence of the General Manager early in 2005, the Committee was asked to temporarily assume the responsibility for CD investment decisions.