Issue link: https://imageup.uberflip.com/i/1543313
6 | LIFE IN SOLERA | MARCH 2026 | March is a busy month for this committee. We begin by reviewing the financial reports for February. Our first meeting is March 11. This review ensures all of our funds are insured by FDIC or the private insurance at Comerica. All CDs maturing in March are reviewed and based on the maturing schedule for the other CDs and the current interest rates available for investing, we select the most appropriate maturity month and interest rate. This selection is placed on March's agenda for the Board to approve. Next, we review each general ledger (GL) entry (usually completed by committee members prior to this meeting) to ensure they are posted to the proper GL account. Should we feel there is an error, we again select the appropriate account, and this selectin is placed on the March agenda as a recommendation to the Board. Next, we review a report for the third quarter's financial report to be presented to the Board at the March meeting. March is also the beginning of our process to prepare a budget for 2026-2027. We use the February financials and input on a spreadsheet the third quarter's ending balance of each line item listed on the budget. The calculation is to take each item balance and divide it by 12 then that result is multiplied by three and added to the nine-month balance. This gives us an approximate end of the year balance for each line item. The next step is to go through the budget listing and determine the following: is it over the budget, which was set for the year ending May 31, 2026, or is it going to exceed the year-end budget? If it was under budget, why? If it was over budget, why? Based on information from the General Manager and Keystone we make an educated guess how much to decrease or increase the budget for the coming year. Another factor are increases in the contracts with each vendor. The GM contacts each vendor and asks if they are planning to increase the contract for the coming year? If so, how much? The Contract Review Committee may be asked to review the ones with higher-than- normal increases. This process takes two to three weeks to complete and prepare a final budget to present to the Board in a special open session board meeting, usually held the first week in April for discussion and approval. ~ Marcia Casem Finance Committee