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A) Budget Fiscal Year 2018 review and approval: The board welcomed Mr. Joy and he <br /> distributed packets containing the 4001 and MRVP Budgets,the Operating Reserve <br /> Analysis, the Operating Subsidy Calculation/ANDEL, the schedule of all positions and <br /> salaries, and the schedule of Capital and Other expenses. In addition, Mrs. Botsford <br /> distributed the new DHCD Executive Director Salary Calculation Worksheet. Mr. Joy <br /> reminded the board that Fiscal Year 2018 actually started last July 1 but DHCD was <br /> extremely late in issuing the Budget Guidelines. He explained that there was a new <br /> calculation for Executive Director's salaries and most directors are experiencing a raise. <br /> Mr. Joy explained that there was a 10% increase to budget spending this year, however <br /> there were no more exemptions allowed for the AUP expense and increases in salaries, <br /> including the Executive Director's, need to be absorbed into that 10%. A special $10,000 <br /> tech allowance is being granted by DHCD this year to purchase technology items (i.e. <br /> computers, tablets, software, etc.) Mr. Joy proceeded to go through all of the budget <br /> documents explaining everything in detail. Mrs. Botsford stated that, although the new <br /> ED salary calculation sheet shows that she is entitled to approximately$20,000 more in <br /> salary, she prefers to grant raises to staff members instead. After short discussion, Mr. Joy <br /> read the budget certification language and a motion was made by Richard Halpern and <br /> seconded by Kevin Shackett to approve the 4001 budget as presented, including the <br /> new Executive Director salary calculation. Roll call vote was 5 to 0 in favor. A <br /> motion was made by.Till Allen and seconded by Kevin Shackctt to approve the <br /> MRVP budget as presented. Roll call vote was 5 to 0 in favor. The certifications <br /> were passed out for all members to sign. Mrs. Botsford will get them up to DHCD. The <br /> board thanked Mr. Joy for coming out for the meeting. Mr. Joy departed and the chair <br /> resumed the regular agenda. <br /> TREASURER'S REPORT & BUDGET UPDATE: Mrs. Botsford stated that the accountant <br /> covered the FYI Budget tonight. The warrants for signature tonight are for the month of <br /> February 2018 total as follows: $54,720.49 for 4001, $46,069.00 for MRVP, $46,457.84 for <br /> Asher's Path Apartments, $6,233.76 for HAP, and $10,653.13 for Great Cove Community. Mrs. <br /> Botsford reported that we have all residents paid in full at Asher's Path and Breezy Acres. We <br /> have one resident at Homeyer Village that is late and one at Great Cove Community. All should <br /> be paid by next week. <br /> We are 100% occupied. We have one GCC tenant who has bought a home and will be moving at <br /> the end of February so we'll have that vacancy filled. <br /> A motion was made by Richard Halpern and seconded by Kevin Shackett to accept the <br /> Treasurer's Report as presented. The motion carried. <br /> EXECUTIVE DIRECTOR'S REPORT & UPDATES: <br /> Page 2 of 5 <br />