HHCI BUDGET & FINANCE COMMITTEE MEETING

August 27, 2008 2 PM

The meeting convened at 2:05 PM in Unit A102. Present were George Field, Judith Wright, Warren Miller and Ed Plummer.

Upon motion of Judith Wright, with second by George Field, the minutes of the previous meeting were approved as circulated.

It was decided to change the meeting schedule to the 4^th Wednesday of the month so that Warren Miller might attend HOA Budget meetings.

Warren reported on the HOA Budget meeting, which he left after 2½ hours. They had not yet gotten to their investments, discussion of which Warren was hoping would be beneficial in our condo investment planning.

Warren discussed the recent take over by the FDIC of some of the banks the condo uses. We did not lose any money as our accounts were all FDIC insured. It was noted that in seeking the highest CD rates, we are in fact seeking weaker banks, as they offer the higher rates to attract capital. The primary concern for HHCI is that we have no more than $100,000 in any one bank.

Warren Miller reviewed the latest financials and felt we were in pretty good shape. He reported that SCS has negotiated a higher trash rebate from HOA, on the order of about $356/month more.

Ed reported that SCS says CMC Maintenance is available for a variety of tasks on the basis of $62.50/hr. They can, for example, service our trash chute system.

The meeting adjourned at 3:57 PM.

Respectfully submitted by Ed Plummer