HHCI BUDGET & FINANCE COMMITTEE

MEETING MINUTES

February 26, 2009

The meeting convened at 3:02 PM in Unit A102.  Present were George Field, Steve Verosko, Warren Miller, and Ed Plummer.

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

Judith Wright submitted her written resignation from the committee.

Warren Miller reported:

That he had attended the HH HOA Budget Committee meeting and noted the meeting was lengthy and he had to leave before the end.  He said that the committee had strange ideas about dealing with shortfalls and overages in budgeted items.  They were uncomfortable with the routine practice of just reporting budget items as being over or under budget.

The audit for 2008 not available yet, but he estimated approximately a $37694 overage for 2008, which equates to about ½ of $63158 that we drew from reserves.

As of December, we had $296k in CD & MM of the $310k in reserves.

Ed Plummer noted just this week we had to have Summit Roofing replace shingles, flashing and chimney vent caps that blew off in strong winds.  Further, we have two water leaks that need to be addressed.  The kitchen ceiling is stained in A302 as result of blown-off shingles, since replaced.  George Field believes that we can touch up the stain our selves at no expense.  The other leak involves the Barclay windows in unit A112.  Hopefully, re-caulking of window by Summit Roofing will solve problem.

The January financials were reviewed line by line.

The meeting adjourned at 4:16 PM.