October 17

October 17

Postby Minutes Poster » Tue Nov 28, 2017 8:21 pm

Budget & Finance Committee Meeting
Tuesday, October 17, 2017 – 2PM at RWA Meeting Center


ROLL CALL: Hank Killion (Chair), Russ Kulp, Sam Besase, Lois Burger, David McGrath and Wayne Legris – ALL PRESENT. Plus - RWA Manager, Scott Feldkamp
One guest: Patti Aho – new resident

1. Call to order
2. Approve minutes (committee reviewed/approved via emails)
3. Review monthly financials – Chairman provided an 11 page handout and he went over most line items with explanations for variances to monthly and yearly budget. Manager & Chairman advised that planned maintenance on equipment was deferred for several months and that is now back on track with several pieces of equipment being worked on at Everglades John Deere dealer. Also, a parachute payment for recently departed maintenance employee caused a temporary spike in outlays. It is noted that Estoppel fees are being collected at the higher amount ($250.00 vs $100.00) which was recently approved by the BOD based on the recommendation of this committee. Cash method of income and expenses versus accrual method causes some variances. CDARs interest is up to a whopping 1.08%.
4. Review current reserve status – all reserves are in good standing. It was noted that one John Deere tractor has 4 more payments and this committee is looking to make all 4 payments by the end of 2017 thus we will have no debt going into 2018.
5. Review final 2018 Draft Budget – the 2018 budget has been finalized by this committee and it is headed for BOD review later this week and subsequent final approval at BOD November 2017 meeting. Recommendation from this committee is that the RWA yearly assessment stay at $190.00. It is noted that COLA for 2017 is 2.0%.
6. Old Business - NONE
7. New Business – NONE – guest introduced herself, new resident Patti Aho with budget background and possibly interested in joining our committee.
8. Next Meeting: Tuesday, November 14, 2017-2pm at RWA Community Meeting Center.
9. Meeting adjourned at 2:55pm
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