FINANCE COMMITTEE MINUTES December 17, 2018

Transcription

1 FINANCE COMMITTEE MINUTES December 17, 2018 The meeting of the Finance Committee was held on Monday, December 17, 2018 and was called to order at 9:00 a.m. by Chair Winkler, in the Administration Conference Room, followed by the Pledge of Allegiance. ROLL CALL Present: Ms. R. Winkler, Chair Mr. B. Lukoff, Vice Chair Ms. S. Hopewell Ms. K. Rapp Ms. L. Stone, Ex-Officio Absent: Mr. P. Friedman Staff and Guests: Mr. R. Ankeny, Executive Director Ms. C. Miller, Director of Finance Aaron Hensley, Interim Purchasing Manager Mr. V. Rocha, Security Services Director Mrs. C. Mancilla, Recording Secretary Four Shareholder/Members Chair Winkler greeted and welcomed everyone to the Finance Committee meeting and introduced Foundation members, guests and staff. CHAIR S ANNOUNCEMENTS Chair Winkler welcomed the Committee members, guests and staff, including GRF President Linda Stone; Executive Director Randy Ankeny; Director of Finance Carolyn Miller; Interim Purchasing Manager Aaron Hensley, Security Services Director Victor Rocha and Recording Secretary Corina Mancilla. APPROVAL OF MINUTES STAFF REPORTS The minutes of the November 19, 2018, regular meeting were approved, as presented. Interim Purchasing Manager The Interim Purchasing Manager provided the monthly report, as presented in the agenda packet.

2 FINANCE COMMITTEE MINUTES 12/17/18 Page 2 of 5 Finance Director The Finance Director provided her monthly financial reports, as presented in the agenda packet. Executive Director The Executive Director provided information and updates throughout the meeting. CORRESPONDENCE The Committee reviewed the acknowledgment letters that were sent regarding the Finance meeting on November 19, FINANCIALS The Finance Director reviewed the Financials for the month of November. After a brief discussion, Ms. Hopewell MOTIONED, seconded by Ms. Rapp and carried unanimously by the Committee members present UNFINISHED BUSINESS TO accept for audit and forward to the GRF Board, the financial statements for the month of November 2018, as presented by the Director of Finance. Approve Exclusive Use of Trust Property Leases After a brief discussion, Ms. Rapp MOTIONED, seconded by Ms. Hopewell and carried NEW BUSINESS Investments Ladder TO recommend the GRF Board approve the 1 st addendum to the leases for the exclusive use of Trust Property, for a six month period ending June 30, 2019, the: Friends of the Library Genealogy Club Golden Age Foundation Historical Society Radio Club Theater Club Video Producers Club After a brief discussion, Mr. Lukoff MOTIONED, seconded by Ms. Rapp and carried

3 FINANCE COMMITTEE MINUTES 12/17/18 Page 3 of 5 TO recommend the GRF Board authorize the transfer of $1,300,000 of reserve funds from First Foundation Bank to US Bank for the purposes of maximizing insured funds and to invest with US Bancorp. After a brief discussion, Ms. Hopewell MOTIONED, seconded by Ms. Rapp and carried TO recommend the GRF Board authorize the purchase of four (4) CDs at $245,000 each with maturity dates of January and July 2020 and January, and July 2021 at the prevailing interest rates at the time of purchase, for a total of approx. $980,000 of reserve funds. Capital Funding Request Medical Building, Landscape Improvements After a brief discussion, Ms. Rapp MOTIONED, seconded by Ms. Hopewell and carried TO recommend the GRF Board allocate Capital funding, to replace landscaping around the Medical building for a total cost not to exceed $10,429, per the revised proposal, from Anguiano Lawn Care dated November 19, Capital Funding Request Concrete and Building Improvements (Medical Building and Building Five) After a brief discussion, Mr. Lukoff MOTIONED, seconded by Ms. Hopewell and carried TO recommend the GRF Board allocate Capital funding, to make improvements around the Medical building and building five, including concrete replacement and roof installation (cover open awnings), based on recommendations of the Architectural, Design and Review Committee, adding a contingency of $2,000, for a total cost not to exceed $22,756. Chair Winkler called in for a fifteen-minute break at 10:30 a.m. Cost Center Code Modification After a brief discussion, Ms. Hopewell MOTIONED, seconded by Ms. Rapp and carried TO accept the new cost center structure going from two digits to three digits, as presented.

4 FINANCE COMMITTEE MINUTES 12/17/18 Page 4 of 5 Investing Capital Funds After a brief discussion, Ms. Winkler MOTIONED, seconded by Ms. Rapp and carried TO direct staff, to draft policy consistent with Policy , for Capital funds, to include, but not be limited to: General definition of Capital funds Banking and investment of Capital funds Capital fund expenditures Protection of HOA Funds, 2019 New Civil Codes The Committee discussed the Protection of HOA Funds, 2019 New Civil Codes agenda item, no action was taken. Allen s Alleys Temporary Suspension of Parking Leases After a brief discussion, Ms. Rapp MOTIONED, seconded by Mr. Lukoff and carried TO cancel all agreements for parking upon Trust property, identified as Allen s Alley, until such time as wall sections J or K are completed, to allow for parking again in Allen s Alley. Further, it is noted, this action will reduce budgeted revenue by $6,000. After a brief discussion, Ms. Rapp MOTIONED, seconded by Mr. Lukoff and carried TO authorize a $100 remittance to all registered users of Allen s Alley, provided that the account is fully paid, for loss of use in the Month of December. PRESIDENT S COMMENTS President L. Stone commented on the items pertaining to the Committee s area of purview throughout the meeting. SHAREHOLDER/MEMBER COMMENTS One shareholder/member spoke on the proceedings of the Committee meeting. COMMITTEE MEMBERS COMMENTS Four Committee members spoke on the proceedings of the Committee meeting.

5 FINANCE COMMITTEE MINUTES 12/17/18 Page 5 of 5 ADJOURNMENT Chair Winkler adjourned the meeting at 11:25 a.m. Ronde Winkler, Chair FINANCE COMMITTEE cm