Attendees: Bud Talley, Fred Davis, Satyaveer Satvat, Paul Johnson, and Jim Crawford
Finance Advisory Committee (FAC) meeting was called to order at 7:00 pm at Jim Crawford’s house.
- Monthly Financial Status not finished in time for this meeting.
- Report and discussion by each member on “their area” of budget and financial efforts in order to generate topics or questions for the Board and Nathan Port to review and consider:
- Reserves (Study and Financing) (Paul Johnson & Jim Crawford)
- Income Summary & Projection Reports (Fred Davis)
- CMC’s continued evolution of the financial reports is a significant improvement over past reports. We appreciate his efforts.
- CMC’s continued evolution of the financial reports is a significant improvement over past reports. We appreciate his efforts.
- Income Summary & Projection Reports (Fred Davis)
- Landscape Maintenance (Bud Talley)
- Holly Lukens needs a copy of the Landscape Maintenance contract to prepare for the re-compete process (Jim Crawford).
- The FAC would like to ensure that the upcoming process includes finding sufficient vendors to bid.
- Snow removal should be included in the landscape process to avoid quibbling over damage to infrastructure.
- We will not have a firm contract (and price) in time for the publication of the budget. If this is not satisfactory, then this process will need to begin sooner at the next renewal.
- Contracts (Trash Collection, Painting, Management, & other contracts (Satyaveer Satvat)
- How are subjective requirements in the contract “managed” and measured? (E.g., when is mulching planned and accomplished and lawn mowing/trimming frequency). How is this communicated to owners?
- How are homeowners to question performance? Should it be through the respective committee, the Board, or directly to CMC? If the answer is “it depends”, then we should publish some guidelines.
- Questions for Nathan Port on preparing the budget:
- Will the most current copy of the financial report be used as the basis for drafting the budget (with the line item numbers) and will a copy be available for the June 11th meeting?
- How will be accommodate “placeholders” in the process for landscape maintenance and other contracts that may not be finalized?
- Is it possible for contracts that are expiring for us to ask for “possible impacts” on the next iteration, such as changes in fuel prices, dumping fees and other unknowns that the contractor will have to address?
- Are all HOA policies and guidelines in place to accommodate infractions of the approved HOA appearance, maintenance and operational documents?
- Where do you need our help?
- Reserves (Study and Financing) (Paul Johnson & Jim Crawford)
- The intent of the above discussion was to continue the Committee’s understanding of Kensington Square’s financial documents and their impact on budget formulations and execution.
- The FAC will meet next month on June 11 at the CMC offices to include Nathan Port in our discussions and determine how it can best help in the initial preparation of the draft budget.
Minutes have been reviewed by the members of the Committee and are hereby submitted to the Treasurer and Executive Director.
Submitted by Jim Crawford, 112793 Lavender Keep Circle, crawf70@verizon.net, (703) 956-6572, FAC Chairman