The SFTR Budget Committee met at 8:00am on May 19, 2001 at Century Small Business, 109 W. Main Street, Trinidad. Present were Jim Davis, Michael Hughes, Carol Rawle, Bill Wenstrom, and Harriet Vaugeois. Absent were Bill Bumstead, Rick Johnson, Robert Walton, and Paul Minor. The committee next meets on July 21 at the same time and place. (Click here to see the Calendar of Events Page on the web site for meeting schedule updates.)
Cash
Bill
Quigley reviewed cash income and expenses to-date for 2001. The POA has received
about 95% of total budgeted income, including about 96% of budgeted dues. This
is about the same as last year for the same period. Projected bank interest on
these funds is currently a little higher than earlier anticipated but will
decrease slightly when the SFTR Metro District elects to claim all or some of
the funds to be loaned by the POA (see "Promissory Note" below). The POA also
realized slightly more miscellaneous income than expected. Total income for the
year is now projected to be about 1% higher than budgeted.
General expenses for 2001 are behind projected spending largely because projects planned by various committees are only now being implemented. This includes the recent effort at the entryway to repaint the guard shack and add revised signage. Also included is Weed Control and Fence Repair, now being initiated. Road-related expenses are slightly ahead of projected spending to-date because of the aggressive effort early in the year to resurface. Now the Road Committee plans maintenance grading, already budgeted, for the end of May or in early June as weather permits. Total expense for the year is now projected to be about 2% below the budget.
The Committee recommends to the Board that the bill for renewing SFTR’s website domain name for 10 years ($189) and the bill for space on the new server ($532.95 for a year beginning, April, 2001) be expensed in 2001 rather than being apportioned into future years.
Amended Tax Return
As reported last month, amending
previously filed income tax returns was expected to realize a refund plus
interest in excess of $10,600. That money is now being received and totals about
$1,400 in refunded payments plus interest to-date.
Metro District Reimbursement
I earlier reported that the
POA incurred expenses last year while repairing water line subsidence that
should have been paid directly by the Metro District. Accordingly, Metro
reimbursed the POA $1,000 to-date. In addition, it is expected that Metro’s
prime contractor, OPEC Corporation, will soon begin another round of repair of
the trench sinks not completely fixed last fall and of others that appeared due
to the spring thaw, and recent snow- and rainfall.
Colorado Trust
A small initial payment, due the POA from
the Colorado Conservancy Trust (funded from state-wide gambling revenue) has
been received by Metro and will be transferred to the POA shortly.
Metro Promissory Note
The proposed promissory note
documenting the POA’s decision to loan the Metro District $12,000 is now being
finalized as a Line of Credit with interest added back into the principle. It
will be signed by Metro Board members in the near future before the transfer of
any funds from POA to Metro.
Projected Budget Surplus
In
combination with reduced expenses, the tax refund, Metro reimbursement, and some
carry-forward of funds not spent last year, the projected budget surplus
increased from about $200 at the beginning of the year to something in excess of
$20,000 today. Budget surpluses are either assigned to the POA “Emergency
Reserve” Fund or reallocated to other budget categories at the discretion of the
POA Board. The board will consider this issue at its next regularly scheduled
meeting on June 16.