Notes from 5/10/10 Finance Committee (FC) Meeting

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Attendees: Austin Godfrey, Lori Denson, Davor Gjivoje, Terry Dwyer, John Murray, Bob Yingling

The purpose of this meeting was to review the preparation for the upcoming Community Inform Meeting.

Financing:

Much of the meeting was spent reviewing the proposals for balancing the predicted long range capital expenses with offsetting revenue. The property abatement and membership fees were left as is, and, after much discussion, a recommendation to supplement these revenues with another $200 was decided. (The association may decide to take part of the $400 road increase and �lock-box� $200 of it in the Reserve Fund). This should make yearly revenues for the reserve funds about $67K (30K from membership fees, 18K from tax savings and 19K from the supplement just mentioned). This amount should cover the anticipated expenditures for the 2011-2020 timeframe, and is also a good approximation for the 2021-2030 period.

Disposition of Property (to Effect real Estate Tax Reduction):

An email re the tax abatement proposal indicated that the previously identified �top four�

Properties were in error. The correct Top four (excluding the ballfield lots) are:

a. Block 37, lot 2 (between Collier and Merenda)

b. Block 44 lot 2 (next to Kern)

c. Block 40, lot 7.02 (behind Coor)

d. Block 36, lot 18 (between Heiden and Galdieri)

These 4, plus the two ballfield lots will be recommend to be non-abated properties.� John described the difficulties of reducing the taxes on the ballfield via farm or wood-lot exemptions, and it is likely that those attempts will be dropped. He will see if there is any other non-full-tax status we could put these lots into. A proposal to revise the selection method for the non-abated lots was made, but after some discussion was rejected in favor of retraining the previous selection method (those indicated by the tax assessments as being most valuable).

Inform meeting presentation:

The group reviewed the presentation and suggested some changes in light of the night�s discussion.

Next Steps:

- John will distribute another draft of the inform presentation. Committee members are urged to get comments to John asap.

- The community inform meeting will be held on 5/20.

- A follow on Special meeting is tentatively set for June 18, depending on the reception of the recommendations at the Inform meeting.