HHCI BUDGET & FINANCE COMMITTEE

MEETING MINUTES

July 22, 2009

The meeting convened at 2:01 PM in Unit A105.  Present were Warren Miller, George Field, Charles Unger, Kay Franklin, Steve Verosko and Ed Plummer.

Minutes of the June 25^th meeting  were approval with the following change: change date of next meeting to July 22^nd.

Warren Miller noted that the Budget & Finance Committee today and henceforth will meet on the fourth Wednesday of each month at 2 PM in Unit A105.

Warren Miller reported that, at the end of the last Board meeting, he discussed SCS schedule of accounts with Bob Elkes, who said it would not be a problem to add additional account classifications as needed.  He noted that several items, such as the cinderblock repair and garage vacuuming were classified incorrectly in the June Financials and that he had instructed SCS to re-classify them.

Warren Miller reported that he has reviewed the year-to-date financials and made projections to the end of the year and estimates that net results will be close to budget with little likely hood of a surplus such as we had last year.  Utility rates are the major factor.

The June Financials were reviewed in detail.

Ed Plummer noted that we presently have water leak issues in units A103, A111, A112, B112, and possibly A303.  He is waiting on a testing proposal from Consolidated Waterproofing and noted that the big question is what will be involved in addressing the leaks.  The leak in A111 involves a window that has some history raised the issue that the problem might have been identified earlier and handled by Lennar had the unit not been vacant for so long.  Ed Plummer noted that there were rumours that this unit was up for a distress sale and he suggested, and the committee concurred that SCS should be alerted that the window might be a financial issue for any buyer.  He will advise SCS of the matter.

In the matter of a possible roof leak into A303, it was found that the attic access door latch is broken.  Ed Plummer reported that he is seeking a bid for replacing the access door, which is fire-rated and likely to be relatively expensive.

George Field presented an ad from the Harbor Freight Tool Company offering a special price on an infrared thermometer, that could be useful in assessing heat loss and heater settings this fall. As the price was modest (less than $40 with shipping), Ed Plummer said he would take care of getting one.

The next meeting will be Wednesday, August 26^th

The meeting adjourned at 3:00 PM.

Respectfully submitted, Ed Plummer