ROTONDA WEST ASSOCIATION, INC.
Budget & Finance Committee
Minutes - April 26, 2007

Present: Claudette Romano (Co-Chair), Hank Artz, Lois Burger, John Carroll, and Bud Nill.

Absent: Bruce Miller (Chair) and Fred Warner

Other Members/Visitors Present: George and Donna Krabbe, Margie Carroll, John Eisele, Derek Gilbert, Joseph Romano, Nick Gizzi, and Norene Kugler, Ass’t. Manager.

The meeting was called to order by Claudette Romano (co-chair) at 2 PM. 

The Minutes from the March 29, 2007 Budget/Finance Committee Meeting were approved as presented. 

Co-Chair Romano read from page 2 of her handout that on Tuesday, April 24, 2007, RWA’s Money Market and Checking Accounts were Zeroed out from First Community Bank.  The total amount of both accounts - $71,016.76 was placed in RWA’s Money Market Account at Englewood Bank.

The one year (1) CDARS will mature on May 3, 2007.  Starting balance was $61,945.53.  RWA will be receiving a check for $64,724.00.

The Committee discussed and decided to purchase two (2); $60,000 CD’s coming out of the Money Market Account to come due in December, 2007.  The CDARS maturing on May 3 will have its Interest deposited in RWA account and the remainder; $60,000 will be invested in a CD which will come due in November, 2007.  The other CDAR maturing at the end of May will also have its interest deposited in RWA account and the remainder, $50,000 to be invested in a 90-day CD.

Discussion ensued pertaining to keeping Reserve dollars and Operating dollars, which are invested, separate.  Referring to page 3 of handout, Chair Romano indicated that Reserve dollars should be approximately $209,279.   These funds could be invested longer than six (6) or nine (9) months.  All Committees will be asked to not only come up with dollar amounts for a project, but also a time line for projects to be completed. 

Also discussed was obtaining a Line of Credit from Englewood Bank.  This would be used ONLY in case of Emergency - storm damage.  Lois Burger indicated that RWA could have an Equity Line of Credit which would be backed by our CD’s.

Another issue discussed was “Overdraft Protection.”  Paperwork was obtained from Englewood Bank and signatures of Treasurer, Bruce Miller and Claudette Romano were needed. 

Guidelines for what qualifies as a “Reserve Project” need to be discussed.   Only long range projects should be funded in Reserves. 

Director George Krabbe indicated that the five (5) Silk Oak Trees that are around the Community Center need to be trimmed or removed.  These trees are dead and are infested with carpenter ants, termites, and a sign from a Pigmy Rattler were found.  Derek Gilbert from Eisele Inc. also mentioned that these trees are part of the Poison Ivy family.  A severe trim would cost $100/tree.  

A motion was made by John Carroll and seconded by Bud Nill to severely trim the five (5) Silk Oak trees overhanging the Community Center Bldg. at a cost of $100/tree.  Motion passed unanimously.

There being nothing further, the meeting was adjourned at 3:50 PM with the next meeting to be held May 31 at 2 PM.

Respectfully submitted,
Claudette Romano, Co-Chair