Meeting was called to order by Betty Licitra at 7:00 PM at the Clubhouse Boardroom. Present were George Field, Bill Goetz, and Judy Wright. Also present were Warren Miller and Ed Plummer.
I) The minutes of April 18th were approved with one correction. There will be a B&F meetings every month on the third Wednesday at 7:30 PM and not 7:00 PM as stated in the minutes.
II) Bill Goetz provided the committee with a spreadsheet showing projections for the next few years.
III) April, 2007 Financial Statement Report was reviewed. B&F will ask SCS for further clarification of a check paid to Electronic Security Services on April 27th for $163.00.
IV) One CD maturing on May 26th at Acacia for $44,159 will be cashed out and put in the cash account for step one. Step two is to take $50,000 out of the cash account and get a one year CD for $25,000 and a six month CD for $25,000. Another CD maturing on June 22nd at Acacia for about $16,000 will be rolled over.
V) Warren Miller has requested copies of water and electric bills for the past year. These bill show not only costs but usage and will help in future projections.
VI) A recent roof inspection report shows that the roofs in both buildings require some repairs. To make them "weather worth" cost estimates are about $16,000. This is an item included in the negotiations with our lawyers and Lennar. The committee would recommend to the board that work be initiated using warrenty development funds and not wait for results from the negotiations.
VII) The Budget & Finance Committee would recommend to the Board that they start the process for the installation of two irrigation water meters and extending the sprinkler system to the rear of Building A, the expenses coming from the initial working capital fund and not exceeding $15,000.
VIII) The Committee will ask the other standing committees to submit their budgets for 2008 as SCS will start the baseline budget for 2008 at the end of June.
IX) The contract with Healthcare Housekeeping has been cancelled and a new one with J&B effective June 8th will be signed. The new janitorial service will be told that the condo will be responsible for supplying light bulbs.
The next Budget & Finance meeting is scheduled for June 20th at 7:30 PM at the Clubhouse.
The meeting adjourned 9:15 PM.
Respectfully submitted,
Betty Licitra
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