|
Members:
Chair Person, Jan O’Leary (Board Treasurer); Judi Slajer, Board Secretary; Larry Kibbee, Board Vice President, Carolyn Patterson, Board Member, Judy Colby, Peter Harradine and Manager Judy Grosvenor, ex officio member
The business of the Finance Committee during the past year is outlined as follows:
- Agreed to response points to the Auditor’s Management Letter Recommendations for the period ending June 30, 2007.
- Recommended to and approved by the Board that those members paying off their back rent receive a payoff discount on the interest they owe based on the calendar quarter in which their payment is made, and that the discount would be retroactive to June 21, 2008.
- Recommended to and accepted by the Board several changes to the Rules and Regulations, Chapter 60, Financial Management as follows:
- Changing the petty cash limits.
- Adding a sub-section setting policy with regard to the cash in the cash register.
- Changing authorized check signers for committees’ revolving accounts.
- Changing the budget authorization for capital funds to be at the project level.
- Exempting routine services such as utilities and services where vendors are very limited from the requirement of written quotes.
- Changing the formal bidding process.
- Changing the notification to add ’regular mail’ on accounts 91 days delinquent in addition to by certified mail.
- Adding a provision to allow the Manager file a lien immediately upon notification that a foreclosure is pending.
- Moving the denial of privileges due to non-payment of assessments and charges to its own section in the Rules and Regulations – Part I.
- Reviewed the Draft FY 2007-2008 Audited Financial Statements from Williams and Nulle, CPA, and recommended to the Board they be acknowledged.
- Reviewed the Proposed FY 2009-2010 Operating and Capital Improvements Budget and recommended changes to the Manager and Board.
- Recommended to and accepted by the Board a Back Rent Early Payoff Plan, including the plan to return funds to their original sources upon receipt of the cash from those members paying over time.
- Recommended to and accepted by the Board that the water rates be adjusted for May and June 2009 by $10 per month and that the amount owing be paid to the Town of La Conner before the end of the current fiscal year.
Respectfully submitted:
Jan O’Leary
Committee Chair |
