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<br />Frank presented Resolution 2006-10: Annual Plan for approval. <br />Every 5 years we do a 5-year plan. Has been in the public. Same plan as last year, with the <br />exception of the CFP budgets at the back of the plan (page 12). This plan affects SecS and PH <br />residents only. <br /> <br />We know Hillside needs roof/gutter/carpet work done. We will need to save up some money <br />from CFP to be able to do major rehabs. This resolution approves us to submit this. <br /> <br />Resolution approved by Terri Abbott and seconded by Scott MacKenzie. Unanimously <br />approved by Board. <br /> <br />Finance Report: Lisa Banes <br /> <br />Thank you note for Donation to LHA (Lisa action to followup--will get info from Terri with <br />new address) <br /> <br />Rental income exceeds budget by 9% due to higher occupancy rate. <br /> <br />Lydia Morgan: exceeding budget due to occupancy rate. Maint salary over budget. We will be <br />looking at the maintenance expenses but we need to make sure it cash flows. Budget will have <br />to increase in 2007. <br /> <br />Sunnyside: Question about fire alarm expenses last month. If the system has to be checked, <br />replaced, then rechecked. We incur costs for initial check and the re-check. Valve had to be <br />replaced. (Frank to check out why it needed to be replaced so soon, did our staff check it prior to <br />need replacement.) Fire alarm protection Company would be the one that checks valves. <br /> <br />Lisa Presented Resolution 2006-11: A Resolution for the Purpose of Investing Reserve Funds in <br />CSAFE Investment Pool. <br /> <br />We met with County Financial Advisor to go over items for BCHA. City of Louisville uses <br />CSAFE. Rollup reserves and put in CSAFE and then draw down as needed. <br /> <br />Resolution approved and passed unanimously. Will require 2 signatures from the board. <br /> <br />Draft RFP for Audit Services. Askingfor a max contract. When they bid, they tell us a total <br />amount to do the audit. Can not add on more costs because it took longer than they thought. <br />Need two board members to be a part of the audit selection team. Jay Keany and Scott <br />MacKenzie will work with BCHA staff to review bids. Board will need to decide if they will <br />exclude current auditor or not. Decision to be made at the end of the month (Oct board)... <br /> <br />Action: Give pros and cons of what the Board should base decision on in regards to contractor <br />bids. Discussion at next meeting. <br />