(pictured left to right): Michell Johnson, Tim Wilp, Gregory Smith, Ron Lubinsky, Chairman Dave Speirs, Bill Mavity and Paul Rossman Not Pictured: Barry Katz

As reported by Carrie Romero, Controller

November, 2008
The Finance Committee met on November 19, 2008 to discuss financial matters concerning the Association.
     Upon some discussion, the Committee also read and approved the October 2008 Financial Statements.
     The Committee unanimously approved the replacement of security cameras at Blue Lake Swim Club and the purchase of a high pressure jetter with funding from reserves.
     The Committee discussed the value of ongoing maintenance and improvements within the community to be as attractive and valuable as we can in competing with surrounding developments. Treasurer Fenner also informed the Committee that the Board is looking into forming a landscape committee to oversee key projects such as entry monument renovations.

October, 2008
The Finance Committee met on October 15, 2008 to discuss financial matters concerning the Association.
     Upon some discussion, the Committee also read and approved the September 2008 Financial Statements.
     The Committee made a recommendation to the Board of Directors to hire a landscape designer or architect to provide designs for our entry monuments, as they felt they lacked interest and would be improved by a landscape design. The Committee felt another viable alternative would be to have a contest in the community where residents could design a concept for an entry monument.
     The Committee also approved the concept of adding volleyball lighting at the North Lake Volleyball Courts pending notification to residents who live adjacent to the courts.

September, 2008
The Finance Committee met on September 17, 2008 to discuss financial matters concerning the Association. The Committee reviewed the 2009 Proposed Budget and Reserve Study. The Committee discussed all of the projected increases in 2009, and agreed that the Association’s operating surplus will not be sufficient to sustain the monthly assessment at $73.00 per unit. The Committee approved a recommendation to the Board of Directors to increase dues $4.00 per unit, for a total monthly assessment of $77.00 (representing a 5% increase).
     The Committee reviewed the Association’s current banking relationship with First Bank in light of the all the problems in the banking industry. A special Committee met with First Bank and after receiving additional information regarding their loan portfolio, felt that a stronger bank should be utilized for the Association’s banking needs. The Committee approved a recommendation to the Board of Directors to move its banking services to Union Bank as they are financially strong and have supplemental insurance coverage over FDIC insurance limits.
     After some discussion, the Committee also read and approved the August 2008 Financial Statements and approved a recommendation to the Board of Directors to look at alternative sources of revenue such as co-branding or vendor sponsorship of events.

August, 2008
The Finance Committee did not meet due to the lack of quorum.

July, 2008
The Finance Committee met on July 16, 2008 to discuss financial matters concerning the Association. Upon some discussion, the Committee read and approved the June 2008 Financial Statements.
     The Committee unanimously approved the replacement of pitched roofs at four facilities with a cost of approximately $18,300 with funding from reserves.
     Due to the financial market and the recent problems with the banking industry, the Committee asked for a review of our current banking relationship to determine their financial position and any potential solvency issues. The Committee also recommended reviewing other large banks that have local branches so they may be discussed at the next Committee meeting.

June, 2008
The Finance Committee met on June 18, 2008 to discuss financial matters concerning the Association.
     Upon some discussion, the Committee read and approved the May 2008 Financial Statements.
     The Committee unanimously approved Barry Katz to serve another term as the Committee Chairperson.

May, 2008
The Finance Committee met on May 21, 2008 to discuss financial matters concerning the Association. Upon some discussion, the Committee read and approved the April 2008 Financial Statements.
     The Committee approved a recommendation to install a salt chlorination system at the Stonecreek Swim Club with funding from Capital Improvements. The Committee also approved recommendations to purchase four sailboats and six paddle boats with funding from reserves.

April, 2008
The Finance Committee met on April 16, 2008 to discuss financial matters concerning the Association. Upon some discussion, the Committee read and approved the March 2008 Financial Statements.
The Committee also reviewed the 2008-2009 insurance renewal and the 2007 Audited Financial Statements.

March, 2008
The Finance Committee met on March 19, 2008 to discuss financial matters concerning the Association. Upon some discussion, the Committee read and approved the February 2008 Financial Statements.
     The Committee unanimously approved the remodel of the Community Center meeting room kitchen and the remodel of the South Lake Recreation room with funding from reserves. The Committee also approved the construction of a concrete stage by the North Lake Gazebo for the summer concerts with funding from capital improvements. Also approved, was the installation of waterless urinals at the facilities.

February, 2008
The Finance Committee met on February 20, 2008 to discuss financial matters concerning the Association. Upon some discussion, the Committee read and approved the January 2008 Financial Statements.
     The Committee approved the resurfacing of the South lake lagoon and the replacement of six pool heaters. The Committee also approved the resurfacing of twelve tennis courts, four basketball courts and one hopscotch court. It was also approved to repair and slurry seal three facilities.
     The Committee also reviewed a report provided by the Landscape Supervisor outlining all of the landscaping extra costs for the 2007 year. The Committee also asked staff to research the costs and possible revenues of outside advertising on the WVA website.

January, 2008
The Finance Committee met on January 16, 2008 to discuss financial matters concerning the Association. Upon some discussion, the Committee read and approved the December 2007 Financial Statements.
     The Committee unanimously approved to replace the patio covers at six facilities, replace a section of fence along the 405 freeway and replace sections of the dock at South Lake with funding from reserves. The Committee also approved the replacement of three light poles at the South Lake volleyball courts and the resurfacing of twelve tennis courts and three tetherball/hopscotch courts with funding from reserves.