ECIA Liaison

Ed Moreno

Names of Members

Pat Bell, Dee Cooper, Bob Gaines, Gisela Knight, Allen McQuiston, Jean Stokes, Nolan Zisman

Meeting Time & Place

2nd Wednesday, 9:30 am, Community Center Conference Room

Mission

The Finance Committee serves the community by providing the ECIA Board with financial planning and oversight. With Board direction, the committee compiles annual budgets, assesses capital projects, makes forecasts, monitors expenditures and investments, reports status, and develops policies and procedures.

See Financial Reports  

The Finance Committee's Next Meeting  Agendas for ECIA Finance Committee meetings are posted on this site several days prior to the meeting.  Approved meeting minutes are posted after committee review and approval during the following month.  Draft minutes are posted as available.  Contact the Committee Chair if you need additional information.    

DRAFT AGENDA FOR ECIA FINANCE COMMITTEE MEETING

Wednesday 9:30 AM, October 8

1. Public Forum

2. Minutes of September 16, 2008 Meeting

3. 2009 Operating Budget Discussion

4. General Manager's Report

5. New Business

6. Next Meetings:

--Monday 7 PM Oct. 20 Joint Budget Workshop with Board

                     

DRAFT MINUTES OF ECIA FINANCE COMMITTEE
September 16, 2008, 7pm Depot Building

--The meeting was called to order by Chair, Dan Drobnis, at 7:05 PM. Also in attendance were members Bob Gaines, Alan McQuiston, Dee Cooper, Gisela Knight and Nolan Zisman. Bill Donohue attended, representing the ECIA Staff. Pat Bell and Jean Stokes were excused absentees. SuAnne Armstrong also attended, representing the ECIA Board, as did a guest for the Public Forum, Fred Raznick.

--During the Public Forum Fred presented a request for $2000 operating budget for “tools” to progress development of the Community Center Master Plan in 2009. This was unanimously approved by the Finance Committee (FC) with a new operating expense line item, “Facilities and Grounds Committee” in the Buildings And Grounds  grouping.  When asked about the timing of the $5,000 authorized for the Community Center survey, Fred and Bill both indicated this would probably be a 2009 expense. The FC also approved creating a new 2009 project, “Community Center Survey”, rather than keeping it as a contingency expenditure.  The minutes of the Sept. 9, 2008, meeting were approved as submitted.  

--In the 2009 Operating Budget discussion Su Anne reported the Board had agreed with the FC recommendation that there would be no additional assessment in 2009, but next year would be used to plan for an assessment increase in 2010 and to communicate assessment increase needs to the lot owners. Unappropriated funds will be used to balance the 2009 budget.  Hope Kiah’s web site replacement proposal was unanimously approved. Bill had already reflected the related costs in his latest budget submission in anticipation the proposal would be approved. He also increased wages by $2,000 from the previous submittal, and trash removal expenses by $500. The Covenant Compliance budget will be increased to $8,000 to cover anticipated higher costs in 2009.

--There being no New Business the next meeting is scheduled for Wed., Oct. 8 at 9:30AM to review and recommend to the Board the final draft of the 2009 Operating Budget. There will also be a joint Board/FC Budget Workshop on Monday, Oct. 20 at 7PM.   The meeting was adjourned at 8:20 PM.

 

MINUTES OF ECIA FINANCE COMMITTEE

September 9, 2008, 9:30 AM

--The meeting was called to order by Chair Dan Drobnis at 9:30 AM. Also present were members Dee Cooper, Jean Stokes, and Gisela Knight, as well as GM Bill Donohue.  Absent were Pat Bell, Allen McQuiston and Nolan Zisman, all excused, and Bob Gaines.  Hope Kiah was present representing the Information Committee.

--The Minutes of August 13 were approved as submitted.

--Hope Kiah presented additional information regarding the website proposal.  The Information Committee has endorsed the proposal.  Hope stressed the following features that would mean improvements over the present website:  Secure site at multiple levels; public and private areas; all current features continued but easier to use; additional features such as amenities, reservation of amenities, status of matters e.g. those before the Architectural Committee, possibility of on-line payments, etc.  She passed around a sheet showing all those possible features.  Start-up cost is estimated at $2,415 and would be budgeted as a Project in the 2009 budget.  Recurring annual cost is estimated at $4,579 compared to the present $1,420 cost.  The present site has an average of 132 hits a day and about 800 bulletin board registrations. Discussion indicated that committee members are generally in favor of the proposal, but in view of the fact that four members were absent, decision was deferred to the special meeting next Tuesday eve to give more time for study and participation of absent members.  Meanwhile the Website and Projects lines in the draft budget will be revised to show the higher expenditures.

--The August financials were accepted after a few clarifications.

--The General Manager reported the resignation of ECIA Board member McFarlane.

--The committee reviewed the second draft of the 2009 proposed budget.  It was agreed to increase the Legal line item under Covenant Compliance to $8,000. This had been the amount in previous budgets but had proved too high until expensive arbitration occurred this year.  The Website and Projects lines will be adjusted as mentioned above. These changes will necessitate a change in the fund balance appropriation in the Revenues section.

--The Finance Committee as well as the ECIA Board are aware of the need to increase assessments in the near future.  The earliest legally possible opportunity is next year for the 2010 budget.  The idea of a plan based on a fixed percentage  increase, similar to the plan for the Replacement Reserve, was discarded.  While the latter is based on a definite 25-year replacement cost plan, such plan cannot be drawn up for the operating budget, where cost increases or savings can occur for a great number of reasons.  The Committee agreed that the community should be made aware that assessment increases will have to be made in the near future, based not only on inflation but also due to the need to set aside higher amounts for the Repair and Replacement Reserve, due to the addition of some new amenities.  Dan will prepare an article for the Vistas to warn of higher assessment based on inflation. --There was no other business.  The next meeting will be Tuesday, Sept.  16, at 7 PM.

Meeting adjourned at 10:55 AM.     

   

 

MINUTES OF ECIA FINANCE COMMITTEE

August 13, 2008

--The meeting was called to order by Chair, Dan Drobnis, at 9:30AM.  Present were members Bob Gaines, Pat Bell, Nolan Zisman and Gisela Knight.  GM Bill Donohue and Board liaison Ed Moreno also attended.  Absent were Alan McQuiston, Jean Stokes,and Dee Cooper, all excused.

--There was no one present for the Public Forum.  Dan stated that he had

asked Hope Kiah to present a website change proposal in September rather

than at this meeting, after submitting it to the Information Committee for their input.  The minutes of July 9 were approved as submitted.

--The July financials were reviewed.  Various spending items and the staggering of CDs were discussed.  The committee resumed the discussion of July 9 on the annual transfers from operating to the Replacement Reserve.  Motion was made and seconded to base the transfers on the 7% increase schedule submitted by Pat. The motion was approved unanimously. Members believe that this method will serve better in justifying the increases. 

--The Committee reviewed the first draft for the 2009 Operating Budget.  On the revenue side, the question of increases in rental fees based on inflation was raised, without immediate resolution.  On the expenditure side, questions regarding Security, Wilderness operations, Hike/ Bike trails maintenance, and Stable operations were among those brought up.  The line item for natural gas (Buildings and Grounds operations) was considered in need of a higher increase. The draft contains no transfer to the Capital Reserve, which is very low.  Whatever operating surplus materializes at year-end will be recommended to the Board for use in the Capital Fund.  The Replacement Reserve Budget will be adjusted for the decreased transfer (see 3rd para above) and the cost for a new copy machine, originally scheduled for 2008, will have to be added for 2009.

--Bill confirmed that he is continuing Bob Pritchard’s approach of training staff members to be able to fill in in other jobs; e.g. Debby has taken training in Homeowners Association Management and has just been certified.  But he said that an additional management-type person would be extremely helpful (someone to meet the role/duties that he himself had under Pritchard).  Pool management needs to be improved. The Committee felt this was worth consideration and the addition of an “Activities Manager” should be further discussed.

--Door replacement at the RR Station has become necessary after the floor replacement.  We have a bid of $2,290 for a double door opening outward.

Motion was made, seconded, and unanimously approved to recommend to the Board to allocate funds not to exceed $2,500 for this purpose from the operating contingency (which will leave only about $500 in the contingency for the remainder of 2008).

--The date of the next meeting was moved to Tuesday September 9, 2008, to ensure Bill’s presence for the budget discussion.  The meeting was adjourned at 11:20.

 

--

MINUTES OF ECIA FINANCE COMMITTEE

JULY 9, 2008

--The meeting was called to order by Chair, Dan Drobnis, at 9:32AM. Also in attendance were members Bob Gaines, Alan McQuiston, Jean Stokes, Dee Cooper, Pat Bell and Nolan Zisman. Bill Donohue and Ed Moreno attended, representing the ECIA Staff and Board. Gisela Knight was an excused absentee.

--There being no one from the outside, the Public Forum was not held. The minutes of June 11, 2008, meeting were approved as submitted. The June financials were reviewed and accepted without discussion.

--The General Manager's report was presented by Bill. He advised the operating budget for 2009 should be roughly the same as 2008, but with anticipated higher expenses for water since the issue of getting accurate, predictable bills from the water utility was still not resolved. Bill was able to verify in Article 5 of the covenants that assessments can be increased only once every two years. The next time this can occur is 2010. In the meanwhile, Dan will do further research to determine if there are any restrictions as to the amount of increase in assessments. Bill reported the Board has authorized an expenditure of up to $5,000 for an improvement location study of the ECIA community center infrastructure. The RFP will be finalized at the next F&G Committee meeting for Bill to send to potential bidders. The ECIA also approved the proposed 2009 Budget Calendar.  Bill will have a draft 2009 Operating Budget for FC review at the August 13 meeting.

--Ed presented the Board Liaison report. Regarding the current RV arbitration matter, the Board established an expense upper limit of $12,000. Tom Miller contacted David McPherson of the Eldorado Community Church to advise the matter of the proposed multi-purpose building was being tabled until ECIA studies have been completed and a rationale for either proceeding or denying the project had been determined. The Facilities and Grounds Committee is to continue with its requirements gathering and cost estimating efforts, then refer it to the Finance Committee to determine the feasibility and means of financing this project.

--The FC, faced with the task of determining the extent and means of increasing assessments to cover future costs, next discussed the Replacement Reserve Schedule. Besides actual constant dollar costs of the various assets there is the need to include future inflation. The Schedule now assumes a 3% annual increase. There was a question as to whether the target end-of-year reserve was adopted at $250,000 or $300,000. Pat will research past meeting minutes to see if this is indicated. Dan distributed a spreadsheet that calculated the amount of funds needing to be added to the Replacement Reserve each year to achieve the target level. The FC recommended Bill use $60,000 for 2009. Ed reminded the group that the Board is looking for tracking data on how much of the planned repair/replacement schedule is actually spent and the extent to which the timing of actual expenses matches the planned timing. They are also interested in knowing the cost of various amenities on a per lot basis. Pat suggested a column be added to the Schedule the next time it is reviewed. Alan suggested the Board consider adopting a policy and communicate it to the lot owners that, due to ongoing inflation, the community could expect assessments to increase by up to x % every two years with the actual amount announced a few months prior to the assessment year.

--There being no Other Business the next meeting is scheduled for Aug. 13; the meeting was adjourned at 10:45.

 

MINUTES OF ECIA FINANCE COMMITTEE

June 11, 2008

--The meeting was called to order by Chair, Dan Drobnis, at 9:32AM. Also in attendance were members Gisela Knight, Bob Gaines, Alan McQuiston, Jean Stokes, Dee Cooper, Pat Bell and Nolan Zisman. Bill Donohue and Ed Moreno attended, representing the ECIA Staff and Board.

--There being no one from the outside, the Public Forum was not held. The minutes of May 14, 2008 meeting were approved as submitted. The May financials were reviewed and accepted without discussion.

--The General Manager's report was presented by Bill. He indicated the repairs to the stable area had been completed and there was about $300 left over from the budget allocation. The Stable Committee would like to expend those funds to repair the arena surface. Bill will take their request to the June Board meeting.

--Regarding the RV arbitration expense matter, Bill reported that it looks like the ECIA attorney costs will be $12,000. He wrote a letter to the resident in question indicating the changes made still did not meet covenant requirements. There was no response. The next step will be to make a formal request of the arbitrator for a ruling that will require the RV owner to meet the ECIA’s requirements. The FC recommendation to cover the attorney costs out of contingency will be addressed by the ECIA Board at its July meeting, as will the suggested draft policy resolution regarding this type of situation in the future.

--The proposed, new multi-purpose building was discussed next.  Nolan reported the Facilities and Grounds Committee had begun discussions and had reviewed the final report presented to the ECIA Board in 2006 where the user requirements were presented. Upon the direction of the Board the F&G Committee is prepared to quickly validate those needs and identify suggested additional amenities to be included in that facility.

--Nolan also handed out documents that described the Master Planning process that committee plans to follow. As part of that work, F&G is requesting seed money to have an Improvement Location Report prepared that would accurately map the 28 acres that make up the ECIA Community Center facilities.  From these maps, proposed new amenities, including the potential multi-purpose facility, could be more rationally planned and the underlying data base would include in one place all known information about the existing amenities. The Finance Committee unanimously agreed to propose to the Board a budget not to exceed $3,000 for this work. If approved these funds would come from Contingency.  The Finance Committee also urges F&G to review existing County Land Use and 285 Corridor planning documents for any information contained therein that can be used in the Master planning process. 

--Bill then briefly reviewed the Replacement Reserve Schedule for the 2008 budget. He has added several line items and now believes it to be very complete. Gisela reminded Bill the final Fund at the end of any particular year in the planning horizon needs to be $300,000. This will significantly increase the suggested reserves contribution per year. The Finance Committee is faced with the task of determining the extent and means of increasing assessments to cover future costs.

--Ed had no Board Liaison report since the last Finance Committee meeting. Because of the large agenda that has built up since the last Board meeting, the requested presentation on the workings of the FC will be deferred until at least the July meeting.

--The draft 2009 Operating Budget Calendar was unanimously approved to go to the Board with only correction of two dates- - Wed., Oct. 8 and Thurs., Nov. 20.

--There being no Other Business the next meeting was scheduled for July 9, and the meeting was adjourned at 10:48.

MINUTES OF ECIA FINANCE COMMITTEE

May 14, 2008

--The meeting was called to order by Chair, Dan Drobnis, at 9:35AM. Also in attendance were members Gisela Knight, Bob Gaines, Alan McQuiston, Jean Stokes, and Nolan Zisman. Dee Cooper and Pat Bell had excused absences.  Bill Donohue and Malcolm McFarland attended, representing the ECIA Staff and Board. Guests included Fred Raznick, Bruce Blossman and David McPherson.

--The minutes of the Mar. 12 meeting were approved as submitted.

--David McPherson made a presentation regarding a new multi-purpose building. The Eldorado Community Church is prepared at this time to gift approximately $104,000 to the ECIA toward the construction of a new multi-purpose building that could potentially be located in the driveway infield near the water tower and windmill. The purpose is to consolidate their Sunday services from two now (and possibly three in the future) and to free up their use of multiple spaces in the community center. All they require is an insulated, heated “shell” with dimensions of 49 ft. x 29 ft. (1421 sq. ft.)  With building codes requiring 7 sq. ft. per occupant, this will allow them to accommodate slightly more than 200 persons which is their ideal target. The building would be owned and maintained by the ECIA. Any additional improvements, such as bathrooms, storage space, a food staging room, special lighting, solar heating, etc. would be the responsibility of the ECIA. The only additional requirement of the Church would be first priority for use of the building on Sunday mornings.

--At this point, they spent $1500 for an architect to render some concept drawings and rough cost estimates. The estimate provided them was $80.27/sq ft. Several committee members expressed concern that this number is substantially below perceived, current construction costs for this type of facility. Because the ECC has already spent some monies on architect expenses, the committee agreed to recommend to the ECIA Board that ECIA absorb additional expenses for more detailed drawings; the following proposal was unanimously approved:    The ECIA Board should favorably consider accepting the proposed donation; adding  additional requirements as deemed reasonable and useful; and, in the spirit of partnership with ECC, assume the next incremental expenses of obtaining more detailed drawings that can be used to make more informed decisions regarding the feasibility of the project, the outlay for which would not exceed $5,000.   

--Fred Raznick commented that the Facilities and Grounds Committee had already begun its own discussions of the project and would like David McPherson to make a similar presentation to that committee at its June 3 meeting. David agreed to do so. F&G will begin the process of identifying improvements it could recommend to the ECIA Board that reflects the needs of key user groups.

--The April, 2008, financial statements were then reviewed. Bill was reminded of the FC’s request for an updated statement of the Balance Sheet. He will have for next meeting. The statements were accepted.

--In his GM report Bill indicated he will be pursuing repair of the broken fence bordering the soccer field along Av. Monte Alto. He indicated he would like to see the entire fence along that stretch of property replaced but that the replacement schedule has that programmed in 2014. It was agreed that only the repairs will be done at this time. The committee suggested including some screening material between the posts to prevent soccer balls (and children chasing them) from going out onto Av. Monte Alto. The subject of the RV arbitration case expenses was discussed next. Bill indicated that the lot owner in question has not come up with an acceptable solution to shielding his RV. Bill feels we should recommend the Board make an enforceable policy of assessing fines in all future cases where compliance has not been realized after reasonable efforts to gain such. The committee concluded that this would have to be pursued on a case-by-case basis.

--The road account reconciliation was then discussed.  A discrepency between money held in the road fund bank account and the accountant’s total of road funds apparently was the result of interest accumulated in one place and credited another.  Bill will talk to the auditor to assure that all road funds have been spent and accounted for.

--Discussions then moved to the draft resolution, dated 5/8/08, which the Committee unanimously approved being forwarded to the Board, with the additional recommendation that the legal fees in the existing case be covered from the contingency fund. Dan will add this to the resolution. Alan suggested an article for Vistas indicating the Board is willing to pursue to successful conclusion unresolved violations of the ECIA Covenants. Malcolm will take this suggestion to the Board.

--In Ed Moreno’s (our new Board liaison) absence Malcolm offered some comments for the Board liaison report. He requested an FC presentation to the new Board on the Budgeting and Financial Management process. Dan will coordinate this.

--Under “other business” Malcolm raised a question as to whether auto-pay of assessments had ever been considered - - the advantage being less clerical processing and faster depositing of revenues. Bill will discuss this with one or two of our banks to determine the feasibility and benefits. Alan suggested offering our lot owners the option of paying their assessment on-line via the ECIA web site. Bill will take this into consideration.

--There being no other business, the meeting was adjourned at 11:50 AM.  The next meeting will be June 11 at 9:30AM.

(NO MEETING APRIL 2008)

MINUTES OF ECIA FINANCE COMMITTEE

March 12, 2008 9:30am

--The meeting was called to order by Chair, Dan Drobnis, at 9:35AM. Also in attendance were members Gisela Knight, Bob Gaines, Pat Bell, Ed Moreno, Alan McQuiston, Jean Stokes, Nolan Zisman, and Debby Padilla.  Dee Cooper was absent without excuse. Bill Donohue and Sandy MacGregor were also not in attendance.

--The minutes of the Feb 13 meeting were approved as submitted. The Jan. 2008 financial statements were reviewed. Debby explained the reason for the budget overrun on “Dumpster” was a change in WM billing; the overrun for “Water” was due to the replacement of the meter and the fact that the old meter under-reported actual usage.  When asked if the budget would need to be revised accordingly, Debby suggested waiting to see what consumption will be in the summer months.

--In Bill’s absence, the GM report was tabled until the next meeting. Dan noted reference in the 2007 Annual Report to a 2008 expense to replace a section of the perimeter fencing. Bill will be asked to comment on this at the next FC meeting. Despite Bill’s absence, there was considerable discussion regarding the budget overrun for “Legal” expenses, due to legal fees incurred in a recent RV arbitration case. To date (starting in 2007) we’ve spent $7165 with the final invoice, covering the attorney’s time at the arbitration hearing, due by the end of March.  The discussions culminated in the suggestion that the FC formally express concern about the amount of the expense, and the budget implications for any other such large covenant enforcement expenses which may be incurred in the future. Dan will prepare a draft resolution to the ECIA Board expressing these concerns for review at the next FC meeting. In Sandy MacGregor’s absence, there was no Board Liaison report.

--Under “other business” Debby reported that the Board will be asked by the Emergency Preparedness Committee (represented by Frank Schober) to cover the cost of a preparedness brochure to be mailed to Eldorado property owners if the ERA/Eldorado Fire and Rescue decide not to incur the expense. The estimated cost is $376 for printing and about $50 in additional postage to include the brochure with the mailing of the 2007 Annual Report. A motion was made by Gisela, seconded and approved, to recommend to the Board to 1) include an article on the content of the brochure in a future issue of Vistas; and, 2) to assume the incremental postage expense and post the brochure to the ECIA web site--if the brochure is printed (and paid for) by the Emergency Preparedness Committee.

--There being no other business, the meeting was adjourned at 10:30 AM.  The next meeting will be May 14 at 9:30AM.

 

MINUTES OF ECIA FINANCE COMMITTEE

February 13, 2008 9:30am

--The meeting was called to order by Chair, Dan Drobnis, at 9:35AM. Also in attendance were members Gisela Knight, Bob Gaines, Pat Bell, and Nolan Zisman, and Bill Donohue, ECIA GM.  Those excused absentees were Ed Moreno, Alan McQuiston and Dee Cooper. Jean Stokes was absent without excuse.

--The minutes of the Jan. 9 meeting were amended and approved. Nolan will correct and send to Pat for posting on the web. The Jan. 2008 financial statements were reviewed and accepted.  In relation to the financial statements, Gisela reminded the meeting that the operating contingency budget and actual should be an “above the line” operating line item. If large contingency expenditures materialize, then it will be up to the Finance Committee to recommend to the Board to transfer the expended amount from contingency to the relevant operating line item budget and actuals as a budget revision. This process was unanimously approved by the Finance Committee.

--In his GM report, Bill indicated that there was a large unexpected expense having to do with legal fees associated with an RV arbitration case. To date (starting in 2007) we’ve spent $5734.50 with another estimated $3300 to be billed in 2008.  The plan will be to take the final 2008 figures to the Board as a requested budget revision to Covenant Compliance-Legal. The auditor review of 2007 data is scheduled for Friday, Feb 15 at 10AM. Dan will send an invitation to Finance Committee members. Bill reported there may be a record-keeping discrepancy related to the special assessment reserve account which will be part of the Feb 15 audit agenda. In Sandy MacGregor’s absence, there was no Board Liaison report.

--Under “other business” Nolan reported on the status of the “getting started” efforts of the new Facilities and Grounds Committee. Focal areas have been established, priority-setting criteria identified and an initial list of priorities established. It is the intent of the F&G Committee to review all capital projects before they go to the Finance Committee to ensure they are consistent with Committee visions and priorities and provide the Finance Committee with complete enough information to allow informed decisions by the FC. 

--There being no other business, the meeting was adjourned at 10:35AM.  The next meeting will be March 12 at 9:30AM.

 

MINUTES OF ECIA FINANCE COMMITTEE

January 9, 2008 9:30am
--Meeting was called to order by Chair, Dan Drobnis, at 9:30 AM. Other Committee members in attendance included committee members Ed Moreno, Bob Gaines, Gisela Knight, Dee Cooper, Pat Bell, Jean Stokes, and Nolan Zisman. Alan McQuiston was an unexcused absence.  Bill Donohue and Sandy MacGregor represented the ECIA Board. SuAnn and Doug Armstrong were also in attendance to represent the Stable Committee. The minutes of the November 3, 2007 meeting were approved as submitted. There were no representatives for Public Forum.

--The December, 2007, financials were then reviewed.  Bill was reminded to show the contingency withholding and the budgeted to Repair/Replacement Reserves in the Operating Expense statement. These actions will be reviewed with the Auditor as part of the 2007 review.    

--For the General Manager’s report Bill indicated the WAMU CD will be rolled over for another 6 months. He also plans to take $95,000 out of the Los Alamos Nat’l Bank “safety” account and purchase a CD, gaining a couple of points of interest. As 2008 dues are collected, this account will be built back up to its existing level by the time needed (mid-year). Bill also reported that the Facilities and Grounds Committee held its first meeting on Jan. 8 and agreed they will work closely with the Finance Committee. In the case of capital expenditure related items, they will be a prior review point before a request goes to the Finance Committee. This is to ensure the request is consistent with the long-range plan and or vision for the facilities, grounds and other amenities.

--Sandy had nothing for the Board Liason report.

--The Stable Committee Capital Requests were then discussed. The Armstrongs answered several questions regarding the existing stable facilities and the use of the roads in the stable area by EAWUD. A motion to recommend to the ECIA Board a budget not to exceed $10,000 for requested new base course and repairs for the main stable area road was unanimously approved. This recommendation will include a request to the Water District to cover a portion of the expense in proportion to their usage of the roads in the stable area, about 25%. Jean expressed concern that the work be progressed in stages so at the end of each phase, there was a confidence that drainage issues would not jeopardize the expected useful life of the new road surface.

--The Committee also approved, by a vote of 6 – 0 -1, recommending to the ECIA Board a budget not to exceed $6,500 to replace the Round Pen and Lower Arena panels. This was with a caveat to the Stable Committee that recent efforts to promote the stables as a general community asset be continued or even increased. The Armstrongs indicated this was their plan.

--There being no other business, the meeting was adjourned at 10:53 AM. The next meeting will be Feb. 13.

 

(NO MEETING WAS HELD IN DECEMBER 2007)

MINUTES OF ECIA FINANCE COMMITTEE
November 4, 2007 10:20am

--Meeting was called to order by Dan Drobnis, Chair, at 10:20AM. Also in attendance were Gisela Knight, Ed Moreno, Nolan Zisman, Board Liason Sandy MacGregor, and GM Bill Donohue. Pat Bell and Jean Stokes were excused.  Dee Cooper, Alan McQuiston and Bob Gaines were also absent.The minutes of the October 10 meeting were approved as submitted.  The Oct 31 financial statements were reviewed and accepted.

--Bill mentioned that he felt confident his projected $55,000 surplus would be realized.  He also announced the pending creation of a new ECIA committee—Facilities and Grounds. He is soliciting volunteers and indicated they should start meeting after the first of the year.

--Nolan expressed concern, regarding the capital budget request of the Stable Committee, that “apples and oranges” were being included in the same request. Specifically, he feels like the road and large arena repair request is more of a maintenance/repair type of activity, while the small, round pen request is for an enlargement, not just maintenance. Dan and Sandy both mentioned that this discussion can be deferred until such time as the ECIA Board requests the Finance Committee to make formal recommendations on the subject. They also suggested that all stable facilities owned by ECIA be included in the replacement reserve schedules.

--There being no further business, the meeting was adjourned at 11:00 AM.

MINUTES OF ECIA FINANCE COMMITTEE
October 10, 2007 9:30am

--The meeting was called to order by Chair Dan Drobnis at 9:32 am.  Attending were members Gisela Knight, Ed Moreno, Pat Bell, Jean Stokes, and Dee Cooper.  Also present were General Manager Bill Donohue and Treasurer Sandy MacGregor.  Alan McQuiston, Nolan Zisman, and Bob Gaines were excused.  No other members of the ECIA were present.

--Minutes of September 12, 2007 were amended to include Gisela Knight as present, and approved.

--General Manager Bill Donohue reported on the Patio Capital Project.  It has overrun the approved budget because of about 1300 sf of additional brick area, problems with the old ranch pool area, additional roof area added to the cistern water harvest area, and improved drainage to prevent flooding of the Railroad Room.  The following motions were approved:

·         Recommend that the Board move $10K from 2007 Operating Contingency to pay for correction of unforeseeable Patio Project problems in the area of the original ranch house pool:  Knight motion and Stokes second, 5-0-0.

·         Recommend that the Board increase Patio Project capital fund allocation from $210K to $224K to provide for additional brick area, cistern roof harvest area, and Railroad Room drainage improvements: Stokes motion and Moreno second, 5-0-0.

--GM Donohue estimates the underrun for the 2007 Operating Budget will be about $55K.  Draft 2008 Operating Budget provides for $759,988 in expenditures, with a transfer of $21,253 from previous years’ Appropriated Operating Fund Balance.  Motion to recommend to the Board a total Operating Budget of $759,988, with a preliminary recommendation to transfer to the Capital Fund the 2007 Operating Budget surplus estimated at $55K (Knight, Moreno) passed 5-0-0.

--The committee recommends to the Board a Repair and Replacement Budget for 2008 of $45,835, with $45,000 transferred from the 2008 Operating Budget and $835 from the Repair and Replacement Fund Balance (Moreno, Bell):  5-0-0.

--The meeting was adjourned at 10:12 am.

 

MINUTES OF ECIA FINANCE COMMITTEE

Sept 12, 2007 9:30am

--The meeting was called to order by Chair, Dan Drobnis, at 9:30AM Also in attendance were Pat Bell, Dee Cooper, Bob Gaines, Gisela Knight, Nolan Zisman, Allen McQuiston, Jean Stokes, Ed Moreno, ECIA GM Bill Donohue, and Board  liaison Sandy MacGregor. There being no one for the Public Forum, minutes of the August 8 meeting were approved as submitted.

--The August Financial Statements were reviewed.  On the balance sheet it was pointed out that the Equity figures are fixed by the accountant once each year and, therefore, do not give an accurate picture as the year ensues. It was suggested that actual reserve and income data be shown during the year. Bill will follow up. Under Fixed Assets there was discussion about the inconsistency in labeling between “Amenities” and “Accum Depr-Fixed Assets”. The latter number actually applies to the Amenities. This will be noted going forward. On the Contingency/Replacement Budget Schedule, Bill will arrange to distribute quarterly a statement showing actual vs. budget for each capital project over the life of the project- - not just the current year experience.

--In his GM report, Bill feels the patio project will probably come in at the original budget plus the cost of removing the wet soil from the former swimming pool.  Bill is still waiting for the bids to replace the water lines; they are still having trouble tracing the existing line to the rental house. Work has already started on the demonstration project for capture and reuse of rainwater around the ranch house and should be completed in the next couple of weeks. It was requested that Bill determine the additional cost of extending this work to the depot building as a pre-cursor to solving the run-off problem between the parking lot and the depot and to replacing the wood floor in the depot building.

--There was nothing to report in the Board Liaison report.

--Bruce Blossman, representing the ERA, submitted three capital project requests. $600 was recommended by the FC for two horseshoe pits. Bill will report back as to the best location for these. The requested purchase of audio equipment was rejected by the FC; it was agreed that users should rent this equipment on their own, as needed. The FC also agreed the depot floor should be replaced in 2008, rather than the planned 2009. Before this can be done, the water runoff problem outside the depot building needs to be resolved. The stable committee’s request package was briefly discussed. It was agreed existing operating budgets for 2008 would suffice for their operating expenses. There being no representative from the Stable Committee at the meeting the review of their capital requests was tabled.

--The Sept 11 draft of the 2008 Budget was reviewed. It was agreed the interest revenues be reduced to $15,000 account fewer funds invested and the anticipation of lower interest rates. As projects get approved by the FC, they will be added to the last page.

--There being no other business, the meeting was adjourned at 11:25 AM. The next meetings will be Sept. 18 at 7PM, Oct 10 at 9:30, and Oct 22 at 7PM.

 

 

MINUTES OF ECIA FINANCE COMMITTEE

August 8, 2007 9:30am

--The meeting was called to order by acting Chair, Gisela Knight, at 9:30AM Also in attendance were Pat Bell, Dee Cooper,  Bob Gaines, Nolan Zisman, Allen McQuiston,  ECIA GM Bill Donohue, and Board  liaison Sandy MacGregor. Excused absentees were Jean Stokes, Ed Moreno, and Dan Drobnis. There being no one for the Public Forum, minutes of the July 11 meeting were approved as submitted.

--The July Financial Statements were reviewed. The only significant variance item, Newsletter, was over budget only because of the timing of billing from the vendors. This should end the year on budget.

--In reviewing the preliminary 2008 budget, the following were suggested:

          1. Increase the Community Center Rentals budget by $1500, to $9000. Then determine what type of rate increases will be needed to meet this target. Rationale is increased utility costs and the newly landscaped patio area. Bill will take this suggestion forward.

          2. There are a few cases where the 2008 projections are not consistent with the 2007 year-to-date actuals. Gisela will review these with Bill.

          3. Change the comment for State and Federal Taxes to “over budget in 2007”.

          4. Because the preliminary net revenue figure is projected to be short of the sum total of operational expenditures, transfer to the Replacement Reserve, Contingency Fund and possibly Projects, the difference will have to be covered by transfer from the Fund Balance. A line should be added below "Total Revenues", labeled "Appropriated Fund Balance", and then those two lines added for a higher total on the revenue side.

          5. Bill to put $45,000 into the Replacement Reserve budget and $20,000 into the Contingency Fund budget. 

The FC will take a harder look at the 2007 projections to see if 2008 expense numbers can be reduced.

--In his GM report, Bill felt the patio project will be far enough along to be useable for the Ice Cream Social on Aug. 26.. The recently completed basketball court has received many positive comments. There was a recent break in the main water line serving the ranch house. It was determined the pipes are fairly well eroded and need to be replaced. Bill has put out a request for bids; he ‘guesstimates’ the cost could run $12,000 to $15,000.

--The Capital Projects Schedule format was accepted. There was some concern raised that  the Capital Reserve Fund is getting low. This will be the topic for a future meeting.

--There was nothing to report in the Board Liaison report.. There being no other business, the meeting was adjourned at 10:35 AM. The next meeting will be Sept. 12.

 

 

Minutes of ECIA Finance Committee

July 11, 2007  9:30am

The meeting was called to order at 9:30 a.m. by Dan Drobnis, Chair.  Present were members  Gisela Knight, Nolan Zisman, Pat Bell, Allan McQuiston and Bob Gaines; ECIA  GM Bill Donohue was also present. Ed Moreno, Jean Stokes, and Dee Cooper had excused absences.  

1. Hope Kiah attended the public forum to discuss the budget for the 2008 Eldorado calendar. She was proposing an advertising rate of $125. It was determined that charging a rate of $200 would completely offset the anticipated costs and that this charge would not impede selling all spaces. The FC (based on unanimous approval) will recommend to the Board establishing such a charge.

2. The minutes of the June 13, 2007, meeting were approved as submitted.

3. In reviewing the June financial statements Dan pointed out that it was difficult to monitor the capital projects’ histories from looking at the Contingency, Capital and Reserve Statement. Bill indicated that he could show the history of each approved capital project  back to 2000 including actual vs. authorized expenditures, and completed vs in progess indicator. This will be presented at the next FC meeting.

4. For his GM report, Bill advised that due to the unanticipated need to remove wet soil from the former pool, there was a cost overrun for that portion of the landscaping project in the amount of $10,000. In spite of this, the project is currently on budget and on schedule.   Bill reported the basketball court had been completed in June but there were some issues with the surface. The contractor is making repairs (at no cost to ECIA) and the should be done before the end of the month.

     Bill then discussed the need to expend around $3,200 in contingency money to acquire 20 new and badly needed pool deck chairs. He also plans to establish a budget and replacement reserve line item for these chairs in the future. It was suggested and Bill agreed to post a sign at the pool regarding the large investment in this furniture and that care should be taken in their use. Bill also reported the lightning strike of July 3 destroyed the computer used to control pool entry. He plans to discontinue this system and acquire a new system which will generate photo ID’s that can be displayed by authorized pool users. This system will run about $3,600 and paid for with the $3000 already budgeted and $600 from the contingency fund. This motion was unanimously passed.

     Based on suggestions from the FC at the last meeting, Bill assembled and will present to the Board this month a document reflecting the needs of the community for a multi-purpose “events center”. 

5. There was no Board Liason report due to Sandy’s absence.

6. A draft calendar for the 2008 Operating Budget Schedule was reviewed. The only changes were showing the Oct. 10 session at 9:30 AM instead of PM, and deleting the parenthetical reference to the Goals Meeting.

7. There was no other business.

8. The meeting adjourned about 10:30 a.m. The next meeting is scheduled for Aug. 6;  Gisela will chair.

 

MINUTES OF ECIA FINANCE COMMITTEE

June 13, 2007   9:30am

--The meeting was called to order at 9:30 a.m. by Chair Dan Drobnis.  Present were members Pat Bell, Dee Cooper, Gisela Knight, Allan McQuiston, Jean Stokes, and Nolan Zisman, as well as General Manager Bill Donohue.  Members Bob Gaines and Ed Moreno were excused.

--No one was present for the public forum. 

--The minutes of the May 9, 2007 meeting, and the May 31 financial statements were approved as submitted.

--Bill Donohue reported on bike path repairs (bill to be paid from Road Fund), the patio reconstruction project (excavation somewhat delayed), the basket ball court expansion (start of work is imminent), and the pool operation.

--Bill also conveyed a decision by the Board of Directors to take the pavilion off the capital project planning list at this time, freeing up $55,000.  Some functions envisioned for the pavilion will now be accommodated by the kiosk stage at the patio.  However, the Board is still interested in a multi-purpose facility.  It will require pulling together information from different sources.

--A new draft for the letter to the Board projecting use of the Operating Fund balance was discussed.  Dan Drobnis asked the Manager to bring the Capital Reserve Projects list up to date.  He will then use adjusted Capital Reserve amounts to update the draft letter.  With that provision, the text was approved unanimously on motion by Gisela Knight and second by Nolan Zisman , and will be submitted to the Board.

--Under other business, and following up on his remarks at the March meeting, Nolan reported on discussions held by the Road Committee regarding ongoing funding of road repairs.  State/County funding will be inadequate in the long run.  The Road Committee projects a need for an annual assessment of $85 per lot.  The question is how much owners will be willing to pay for decent roads.  The Road Committee will put together a plan for both the Finance and Road committees to review together.

--The meeting was adjourned at 10:25 a.m.

NO MEETING WAS HELD IN DECEMBER 2006

BUDGET MESSAGE, OCTOBER 2006

To:         ECIA Board and Membership

From:     ECIA Finance Committee

Subject:  Fiscal Year 2007 Budget Recommendations

Date:      October 12, 2006

The Finance Committee hereby forwards its FY 2007 recommendations for the Operating Budget and the Repairs and Replacements Budget.   These recommendations are the result of an effort that started in August, and included communication with ECIA members and committees, public meetings, committee deliberations, and computation.

2006 REVIEW:   Revenues are expected to exceed the budgeted amount by almost $6,000 or 0.8%, mostly due to higher interest revenue than was budgeted.   Spending has been held within budget allocations, with a few exceptions, mainly for Federal and State taxes and Community Relations.  Savings are being achieved in the administrative area (including payroll) and Soccer Field Operations (due to reduced need for water).  Overall expenditure savings of almost $31,000 are anticipated.  The 2006 end-of-year remaining balance is expected to amount to around $36,757.  ECIA will end fiscal year 2006 in healthy financial position.

2007 OUTLOOK:   Revenues are estimated and budgeted at $738,410, an increase of $9,000 compared to the 2006 budget.  There will be no assessment increase for 2007, leaving assessments at $240 per lot.

Operating expenditures are budgeted at $671,775, an increase of $6,355 or 1 percent compared to the 2006 budget.  The largest increase will be for Federal and State taxes, which were under budgeted for 2006.    The annual transfer to the Repairs and Replacements Reserve will remain at $40,000.  No transfer to the Capital Reserve Fund is deemed necessary for 2007.  $26,635 is recommended for the Contingency.

The Finance Committee received and reviewed two requests for operating funds, as follows: 

1.  Neighborhood Watch Committee---$2,100, an increase of $1,600, for new safety activities.   See Appendix 1.  $2,100 is included in the proposed budget.  However, Finance Committee members expressed reservations about the use of car window decals, and recommends that specific uses of the $2,100 be determined in consultation between the ECIA Board and Neighborhood Watch Committee.

2.  Stable Committee---see Appendix 2.  All requests can be met within the proposed budget.  The Repairs and Maintenance line is doubled to $1,000.  The installation of new lights and outlets requires an increase in the Electric budget line to $750; any amount over $400 is reimbursable by stable owners.  Committees submitted no proposals for new Projects, and no Projects are budgeted.

Budget comparison FY 2006 to Budget for 2007 (2006 year-end projections based on 9/30/06 data):