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Budget Subcommittee - Saturday, March 3

Budget 2018 Subcommittee Meeting Minutes - March 3, 2018 @ 10 AM

Alan, Thomas, Taften, Nadja, Corey in attendance

Meeting Goal: Begin creation of a realistic 2018 Budget, and seek Alan's guidance on how to do this,

<Update on Alan’s unit selling>

<Closing day is March 12>

Windows, tiles, ceilings (Woody, repairman, is reviewing this)

2 new CO^2 detectors as well

Thomas to follow-up with Julia and Mark in regards to meeting with new member (done)

Seeking Alan’s advice on the overall 2018 Budget

In general: Expect the unexpected! Your budget can’t be perfect

Maintenance may be adjusted depending on the volunteerism of members

YTD statement for 2017 actuals to use as a template for 2018

Thomas to follow-up with Lee in regards to 2017 YTD actuals as well as specific unit breakdowns

Nadja: For years where there are expected major projects, potentially skip reserve investment for that year (suggestion to take up at Finance Committee)

Is there a line item/area to show where a project can cause an overage and how that is accounted? How do we avoid a negative value to show up on major project years?

Which line is Legal Reserve (if any)? Which is Laundry Reserve (if any)? (Thomas to confirm with Lee)

Nadja requests for monthly documentation - Corey to take up on a regular basis

Monthly financial documents: Can they be shared with the cooperative somehow?

Year-to-date documents, checking account (fluid, spent, incoming)

Can Lee generate documents for delivery to Nadja

Shares in Cooperative Bank: We have shares that may be worth up to $450k

How to sell these? You can only sell them to another eligible cooperative member

Sunrise may be the group to indicate how to sell these

Somewhere in the office! File cabinet is the place to do it; Val B may be able to assist

What is each individual unit’s contribution towards the expenses (i.e. receipt for units)? Proportionally, should be equal to the expenses

Team will re-meet in one week to discuss this and move it forward.

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