Minutes - Finance Committee

Approved Minutes Finance Committee Meeting Monday June 19, 2017

9:30 AM Conference Room

 

Attendees:  Dan Drobnis, Sandy MacGregor, Finance Committee; Joseph Guiterrez, Treasurer; Mike McDowell, Board Alt. Liaison; Isabel Ugarte, General Manager (Items 4-7); Emily Spies, HOAMCO; Russell Winslow, ECIA member

 

  1. Public Comment--None

                       

  1. Adoption of Agenda—Chair added Item 11

 

  1. Approval of Minutes—As distributed

            May 15, 2017

           

  1. Cash Management Plan. Treasurer Guiterrez and Emily Spies from HOAMCO presented a plan to move cash from the relatively low-paying (0.17%) Alliance Bank ICS account to a 3-year CDARS ladder.  This is complicated by the fact that the idle cash sits in the Operating fund, and needs to be moved to the Reserve fund.  This can be most conveniently done by allowing short-term CDARS in the Reserve fund to mature, and the cash to then be moved to the Operating fund by January 2018.  This will allow the ICS funds to be moved to the Reserve fund, and the 3-year ladder initiated.  Emily requested a copy of the 30-year Reserves analysis to assure that sufficient money is available to fund yearly Reserve expenditures.

 

  1. General Manager’s Report. Isabel committed to ask the Board to reaffirm that the Finance Committee may receive the same report that is provided to the Board. This will help facilitate a full mutual understanding of issues bearing upon the Association’s finances.

Pool inspection and plan update—Not yet underway.

Hike/Bike Trail Maintenance for 2017—Apparently the issue of the County responsibility for replacement of substandard paving is still being confused with the ECIA’s responsibility for routine maintenance of  existing paving.  The GM has not issued an RFP for routine maintenance of paving scheduled for 2016 and 2017.  It is not clear if this can be done before bad weather.  The GM was advised to consult the files for the RFP used to secure bids in 2015.

Association Reserves contracted update—DJ of Association Reserves has received information he requested.  Completion of the 2017 update is expected in early July.

           

Board Training Agenda—The Board wishes to conduct its training in secret, contrary to the practice it approved in 2010 and applied in 2010-16 to allow observation and confirmation by the Finance Committee and other interested ECIA members.  The Board requested the Finance Committee to provide training on the Association’s finances separately.  The Treasurer was requested to obtain a tentative date at the Wednesday 6/21 Board Workshop.

Collection summary report from Javier—The Finance Committee wishes to have, at least on a quarterly basis, a summary of the accounts under collection and the results of such activities.

Review of GM Yearly calendar of activities—This will be part of the yearly Office Procedures Review.  See Item 8.

                       

  1. Board Liaison Report

            Legal activity—some activity regarding EAWSD concerns at the Stables.

 

  1. Financial Reports

            May 2017 Report—Reviewed, with some questions.  Budget comparison is now useful.

            Accounts Receivable Summary—None provided.

            Reconciliation of HOAMCO charges—Not provided for May.

 

  1. Discussion of annual Office Procedure Review

            Topics—as distributed.  GM should note topics requesting documentation and examples.

            Scheduling—Tentatively Wed. Aug. 2 at 9 PM.

 

  1. Replacement Reserve Review

            Four-year Maintenance Plan—Further discussion with FC Chair and GM 6/20 11 AM.

            30-year Financial Model—4-yr info will be used to update.

  1. Election of Finance Committee Officers—postponed because of absence of two members.

 

  1. Preliminary discussion of Assessment payment plans

 

  1. Annual Calendar Check

            June

                        Election of Finance Committee Officers

                        Replacement Reserve Final Review

                        Board Responsibilities and Financial Training Content

                        Office Procedures Review Content

            July

                        Perform Office Procedures Review

                        Board Responsibilities and Financial Training

                        Auditor/Tax Preparer Contract Review

 

  1. Next Meetings

            Monday July 17, 2017, 9:30 AM Regular Finance Committee meeting

  1. Adjourn

 

If you wish to receive e-mails on Finance Committee topics, including draft documents being reviewed, please let me know at drobnisd@comcast.net.  On the other hand, if you are tired of receiving them, please let me know also.