Finance Committee
Finance Committee
Mission Statement
The role of the Finance Committee is to:
- Coordinate proposed expenditures for the following year, including relevant committee recommendations.
- Taking into account monthly fees, reserve use and/or special assessments, provide recommendations to the Executive Board for funding of the proposed expenditures, including adjustment to the total expenditure, if necessary, in order to achieve a budget that the Board will recommend and the Unit Owners will ratify.
- Provide recommendations to the Executive Board for facilitating Unit Owner understanding and acceptance of the proposed budget.
- Monitor monthly financial reports during the fiscal year so as to alert the Executive Board and relevant committees to potential discrepancies between actual and budgeted expenditures.
- Evaluate long-term maintenance and capital improvement plans with respect to their impact on future budgets and potential special assessment needs and provide recommendations to the Executive Board.
- Evaluate deposit and investment options in order to maximize the value of operating and reserve accounts and provide recommendations to the Executive Board.
Membership
Chair
- Association Treasurer - Ken Payne
Members
- Eric Greenstein
- Bob Harlan
- Dave Zoller
Investment Policy
The Reserve and Operating Fund Policy addresses the methods, procedures and practices which must be exercised to provide for effective and judicious fiscal investment management of the Association's operating and reserve funds.
Reserves
At the Executive Board's request, Becht Engineering did a study of the reserves needed to fund the replacement of Association Common Elements prior to the end of their effective life spans.
A presentation about reserves was made at the Annual/Budget Meeting on June 30, 2009.
At the June 2020 Annual Meeting, a Capital Reserve Plan was presented that involved a proactive maintenance plan for all capital elements except unit roofs which would be replaced in 2031-32.
At the June 2023 Annual Meeting, a revised Capital Reserve Plan was presented that incorporates all identified capital elements, with projections for each of their timelines for replacement.
