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Alma del Mar

Finance Committee Meeting

Published on December 16, 2020 at 9:16 AM EST

Date and Time

Friday December 18, 2020 at 11:00 AM EST
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Agenda

Section Number Topic Number Details
I. Opening Items
  A. Record Attendance
  B. Call the Meeting to Order
  C. Approve Minutes
    Approve minutes for Finance Committee Meeting on October 23, 2020
II. Finance
  A. FY21 November Financials
   
Financials have been updated with revised budget.
No changes to forecast since we are only one month into revised budget.
Will continue to monitor expenditures and revise budget/forecast as needed based on timing of return to in person learning.

 
  B. Change Order Process
  C. Construction Update
   
Update from Dom Tiberi (Compass - OPM):
  • Utilities brought on to site towards foundations
  • Excavation ongoing for footings, and foundation
  • Building C foundation, footings, concrete and damp proofing ongoing (complete except testing for damp proofing and backfilling)
  • Building A foundation , footings and concrete ongoing
  • Infiltration # 1 complete
  • Infiltration # 4 ongoing
  • Installation of retaining wall using versalock blocks.
  • Expected delivery of pre-engineered building to start on December 15, 2020
  D. Finance Goals
   
We will examine and adjust any financial planning to be inclusive, critical and responsive with a willingness to prioritize the funding of efforts to promote racial equity, diversity and inclusivity.

We will endeavor to be self aware utilizing regular self examination.

We will ensure financial transparency.
III. Other Business
  A. Ottiwell Replacement/Reserve Study
   
The Recommended Funding Scenario is based on the current estimated reserve fund
balance as of the start of the next fiscal year, and a recommended annual
contribution level.  The Global Parameters have been estimated (interest
earned, annual inflation factor, annual contribution increase factor, etc.,
these are just a starting point for the purpose of the calculation) all of
these can be adjusted at the client's request.  This scenario will
fund the reserves throughout the 30yr projections based on the estimated
schedule of component replacements and/or major repairs.

 

Headlines:
Basic Assumptions: Annual Inflation-2%, Interest Earned on Reserve Fund-2%, Contingency-1%.
Recommended Set Aside: $32,550/Year plus Inflation at 2%/Yr.
Anticipated Replacement Costs between now and 2048: $1,205,800 (Current Estimate) and $1,838,757 (including anticipated Growth in Costs during next 28 years).
Schedule of Anticipated Replacement Cost Obligations (Exec Summary): See page (2-49).
IV. Closing Items
  A. Adjourn Meeting