Budget & Finance Committee
With the resignation this fall of chairman Paul Groeninger, the Budget & Finance Committee was down to two members. Paul had served as chairman for the past 12 years and put in many, many hours expertly guiding the committee’s review of financial statements and management’s draft budget each year.
With the committee now so small, the board decided to take an early role in planning the 2017-18 budget. Three joint meetings were scheduled for November, of which two had occurred by the time of this writing.
Together, the committee and board looked at each line item of the budget. Management had prepared an excellent draft which allowed questions to be asked, changes made, and a 2017 proposed budget agreed upon.
Owners will receive a copy of this proposed budget in late December and be invited to discuss it and ask questions at the board meeting on January 9, 2017. The board will then formally adopt the final proposed budget at its meeting on January 23, 2017.
Whether this collaboration between board and Budget & Finance Committee continues in the future may depend on whether or not more owners step forward to serve on the committee. While it is too late to join this year, the new fiscal year begins March 1, 2017, with quarterly meetings to review financial statements to commence in June.
It is helpful when committee members are somewhat familiar with financial statements, and it is also beneficial to have had experience living at Park Tower and experiencing its past projects, problems and legal issues.
Interested? Let property manager Tim Patricio know, or talk to one of our board members.
Jean Shamo, board liaison