HHCI BUDGET & FINANCE COMMITTEE

MEETING MINUTES

August 26, 2009

The meeting convened at 2:00 PM in Unit A105. Present were Warren Miller, George Field, Charles Unger, Steve Verosko and Ed Plummer.

Minutes of the July 22^nd meeting were approved as distributed.

Following a sighting of a rat near the Building B trash room, Ed Plummer reported that he had obtained a contract proposal from Triple S Pest Management Services. It amounts to a $670 setup fee plus $90 per month maintenance for a one year contract term. It was agreed that it was necessary to engage pest control and Ed will put an item in the next newsletter to remind residents that food should not be put out for wildlife as it attracts rodents.

Warren Miller reported that a new 18-month CD for $26,000 at 2.35% was purchased in August. He anticipates purchasing another CD by December, at which point our reserves will be fully funded by CD’s with the money market and checking account balances representing operating funds.

Warren reported that by his projection our water expense will be about 10% over budget by the end of the year and electric will be close to budget. He said that he is making the initial run at the 2010 budget based on a 3% inflation of expenses.

The July financials were reviewed.

Ed Plummer and George Field reported that Consolidated Waterproofing extensively tested 4 units for water leaks and verified the leaks in 3. We are awaiting their recommendations for corrective action. It was determined that the leaks in A112 were do in large part to the small windows in the Barclay model having been installed upside down; that is the weep holes are at the top of the window instead of the bottom. If the windows have to be taken out and/or replaced, the expense could be significant.

The next meeting will be Wednesday, September 23^rd.

The meeting adjourned at 3:18 PM.

Respectfully submitted, Ed Plummer