November 6, 2009 Finance Committee Meeting  of Prairie Point Residents

 

In attendance: Bob Dott, chair, JoAnn Ashley, Warren Gableman, Leo Walsh,
Tom Lessie, Bill Bush, Hans Schneider, Nancy Schrader, Ron McMurry.
Silvia Graf was absent.

 

Meeting was called to review the budget papers dated August 31, 2009 from
Dave Meister.

Questioned items:

 1. What will happen to the $60,000 that is now in the development budget
    which is the gain on move out?
 2. What are the components of the principle that we are paying the
    interest of $11,000?
 3. Would like a documentation of the $4,000 legal fee.
 4. Real estate tax of $16,714 should be in  a clearing account not in
    expenses or revenue column.
 5. Since no money was withdrawn from the Replacement fund can this be
    set aside for a later date?

 

 

Other concerns:  The finance committee of Prairie Point would like to
meet with the budget committee to have input into next years budget at an
early date. The committee feels with the economy as it is at the present
time there should be no salary increases. Most industries and the
government are holding increases.

Real estate taxes were discussed. It is unfair that nothing is being done
at present for the people that are overpaying. However there is a
willingness to wait one year.

Phase 3 was discussed. New plans are being looked into for a 100 unit
affordable apartment, and at the present time no market rate apartments
are planned as there is not enough collateral for a loan.

A concern is that the grounds expenses are 47% of the budget.

The committee would like to have copies of the questions and answers that
Jo Ann and Mary Ann exchanged concerning Phase 3.