HHCI BUDGET & FINANCE COMMITTEE

MEETING MINUTES

JANUARY 27, 2010

The meeting convened at 2:04 PM in lobby of Building A. Present were Warren Miller, George Field, Charles Unger, Kay Franklin and Ed Plummer.

The December financials were reviewed. There was a deficit of $2504 for the month. One CD matured and was rolled over. Warren anticipates being able to purchase another CD in February. Current plan is to invest in 2-year CD’s except where another period is necessary to achieve one or more CD’s maturing every month.

Warren noted that SCS charged us $30 for a returned check and it is not clear whether the owner who issued the check was billed $40. Per Administrative Resolution No. 6, effective 10/01/08, owners are supposed to be charged $40 to cover the returned-check fees imposed separately by the bank and SCS.

Warren noted that the Recommended Operating Fund Balance increases with the increase in monthly assessments and we need to fund the difference. We are now about $1000 short but the Contribution to Working Capital from recent sales should take care of it.

The financials were reviewed line by line.

It was noted that future engineering studies should include money for replacement of fire suppression equipment as many of the valves and gages must be reconditioned or replaced about every five years.

The next meeting will be February 24^th at 2 PM in the lobby of Building A.

The meeting adjourned at 3:35 PM.

Respectfully submitted, Ed Plummer