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FOUR SEASONS BREEZE | APRIL 2015 21 The Finance Committee held a special meeting on Feb. 10 to hear a presentation by Karla Chung from FirstService Financial, Inc. Ms. Chung provided a brief explanation of her company indicating that their business involves negotiating with banks to obtain better returns on deposits for FirstService clients. She provided a banking analysis for Four Seasons Beaumont accounts that indicate our current average yield on CD and Money Market accounts is only .19 percent. She also provided recommendations for reinvesting the money in these accounts through FirstService using a variety of privately insured debt instruments that would provide an improved average yield of .55 percent, all of them fully liquid and in many cases paying rates higher than CDs. However, some of these would not be usable under the current Four Seasons Beaumont Investment Policy. After further discussion, recommendations were made that the BOD proceed following the FirstService Financials proposal. The meeting was adjourned at 2:05 pm. From the February regular meeting: the financial statements for January, 2015 were reviewed and reflected the following significant items: net income year-to-date was $71,250 and total reserves were $4,718,206. The accounts receivable (delinquencies) were $47,889. Our total HOA expenses for January (excluding reserve allocations) were $166,605. This was under budget by $85,463. The Front Yard Cost Center expenses for January were under the monthly budget by $4,970. The Springdale Cost Center expenses for January 2015 were under the monthly budget by $1,818. Following the Board of Directors' recommendation that the Finance Committee review the current Investment Policy and report back any recommended changes to the Board, a review of the policy and discussion of the risks of private insurance versus level of investment return resulted in a recommendation that no changes to the current Investment Policy be made. There were nine CD renewals reviewed and recommendations forwarded to the Board. There were three vendor proposals presented and recommendations forwarded to the Board. Our next regularly scheduled meeting will be April 28 at 1 pm in the Lodge Conference Room. ~ Noel Myers Finance Committee

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