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finance committee meeting minutes feb 18 2019

2/20/2019

Meeting Minutes

Meeting Attendees:
1. Dave Airel (Chair)
2. Tom Beery
3. Art Ebersberger
4. Bill Wood
5. Paul Zeitlin
Meeting was called to order at 7:00pm.
Art Ebersberger attended the meeting and joined the committee – welcome, Art!
Discussion on 3-year spending history
1. Tabled until next meeting due to delays in obtaining line item data from Sentry
2019 Budget Process
1. Discussion centered around developing a budget process that provides:
  1. Early start with Sentry
  2. Frequent check-ins with committee
  3. Detailed, timely recommendation to board
  4. Transparent presentation to homeowners
  5. Accelerated budget approval (at the meeting before the Annual Meeting)
2. Paul Zeitlin to create proposed budget process timeline for review at next meeting
Reserve Study
1. Discussion centered around current issues with our existing study
  1. Not funding to recommended levels
  2. Exclusions
  3. Other considerations for changing circumstances
2. The committee wants to make recommendations to the board this spring to update the study in 2020
  1. Tom Beery will outline a timeline and outline for review at our next meeting
Long-range planning
1. Discussion centered around the need to tie reserve funding, anticipated new capital projects and projected operational spending together in a 3-year plan that projects homeowner dues
2. The committee agreed this is a priority item; the discussion is tabled until we have historical data and a better feel for plans for the budget and reserve study
Committee annual objectives
1. The committee consented to the 2019 objectives previously reviewed (reworded here for clarity)
  1. Working with Sentry Management, lead the development of the 2020 budget and make recommendations to Board on 2020 budget; included in this objective are the creation and execution of a new budget analysis and creation process; target is to finalize and approve 2020 budget at the HOA meeting prior to the 2019 Annual Meeting (Treasurer)
  2. Analyze the 2017 Reserve Study and make recommendations to Board on the current study and updating it; due date May 1 2019 (Treasurer)
  3. Create a 3-5 year financial model projecting homeowner dues; due date fall 2019 (Treasurer)
    1. Include an initial prioritized list of potential capital projects including rough cost estimates
The meeting adjourned at 8:00pm.

finance committee 2019 objectives

2/20/2019

In addition to monitoring the HOA's spending and conformance to budget, the Finance Committee has established three objectives for 2019 for major projects to improve the HOA's financial health, and to improve transparency with homeowners:

Working with Sentry Management, lead the development of the 2020 budget and make recommendations to Board on 2020 budget; included in this objective are the creation and execution of a new budget analysis and creation process; target is to finalize and approve 2020 budget at the HOA meeting prior to the 2019 Annual Meeting
Analyze the 2017 Reserve Study and make recommendations to Board on the current study and updating it; due date May 1 2019
Create a 3-5 year financial model projecting homeowner dues; due date fall 2019 (include an initial prioritized list of potential capital projects including rough cost estimates)

GIBSON'S GRANT HOMEOWNER ASSOCIATION

finance committee

finance committee meeting minutes feb 18 2019

finance committee 2019 objectives

financial summary dec 2018

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