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What is the Finance Advisory Committee (FAC) and what does the Committee do and not do? The FAC shall be responsible for the following activities: 1. Review internal financial statements. 2.Assist with the preparation and review of the Annual Budget Direction to the MB. 3. Review the annual reserve analysis and the annual reserve study. 4. Review and approve requests for reserve expenditures. 5. Research financial aspects of other major projects. 6. Work with the Procurement Advisory Committee in reviewing all new contracts and changes to existing contracts that may have a financial impact on the community. What this Committee cannot do: We have no authority to spend Association funds or to direct Association staff to expend Association funds. You have received the 2023 budget. The monthly assessment will be increased by $10 to $346 effective Jan. 1, 2023. The dues were increased because of higher costs for utilities, labor costs due to inflation, and higher amenities costs (mainly in golf and restaurant). The budget process was completed in November. Your Master Board had three meetings in September and October with the FAC. All residents were invited to attend these meetings. They could also be seen on Channel 97. Your Board also presented a draft to your delegates and listened to their recommendations. Our Committee has one opening. A wide range of qualifications may be considered in comparing/screening candidates including motivation, attitude, personal achievement, communication skills, ability to set priorities, and team compatibility. Education and professional background, which may be helpful. 1. Knowledge of accounting methods and procedures, 2. Ability to prepare and evaluate financial budgets and reports, 3. Ability to evaluate a reserve study and an expenditure report. Please contact Howard Katz or any other Committee member. You can also pick up an application at the Administration office. Work Completed: Master Board's approval of the new FAC Charter in July of 2022. On a monthly basis, your FAC had reviewed FirstService Residential Financials through October and sent questions and recommendations to the Master Board. Highlights of the October financials were the following: Total cash and investments were $13,467,723.46. This includes operating cash of $260,529.84, Capital contribution funds of $2,097,621.17, Bingo funds of $7,581.32 and reserve account funds $11,102,041.13. Homeowners are invited to attend our meetings, which are held on the third Wednesday at 2 pm in the Main Clubhouse Multipurpose Room. Our next meeting is Jan. 18, 2023. Your FAC members are Howard Katz, Chair; Sharon Robinson, Vice-Chair; Gary Burkel, Don Day, Gino DeMonaco, Harry Finigan, Ron Mitchell, Steve VonRajcs, Ron Varner, Advisory Positions, and Randy Robbins, Master Board Liaison. | SUN LAKES LIFESTYLES | JANUARY 2023 | 13 Update on the expiration of Book Credit/Scrip in 2023. During the COVID pandemic that resulted in the closure of normal activities of the Restaurant/Lounge and Pro Shop, the Master Board paused the one-year expiration of Book Credit. Last June, the Board decided to reinstate the expiration policy, but delayed this restart until 2023. What this means is that any Book Credit earned in previous years up through Dec. 31, 2022 will expire on Dec. 31, 2023. Any Script earned in 2023 going forward will expire one year from the date received, as was the policy pre-COVID. On behalf of all the golf clubs at Sun Lakes, the GAC would like to remind members to renew their club memberships for 2023. To be eligible for 2023 club sponsored play and tournaments, you need to be a member in good standing. Many of our clubs start off the year with tournaments in January that you want to make sure you don't miss out on. If you are a new resident or a golfer who has put off joining, now is the time to join and get a full year of club benefits. Sun Lakes has golf clubs for both the Championship and Executive Courses that appeal to a variety of interests. Golf Advisory Finance Advisory Sun Lakes Committee Reports

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