DRAFT
BUDGET COMMITTEE
OF THE

RED PINE HOMEOWNERS ASSOCIATION

DUTIES AND RESPONSIBILITIES

The committee was established by President Dave Nicks at the Board of Directors meeting on November 6, 2003 to prepare annual and 10 year budget forecasts for approval by the RPHOA Trustees, and  determine that expenditures are within approved funding. 

The responsibilities of the committee include:

    1. Assure that budgets are prepared in a timely manner.
    2. Forecast ongoing operating and maintenance costs
    3. Forecast short- term capital project needs, such as painting 
    4. Forecast long-term capital project needs such as roof replacement or repaving
    5. Monitor expenditures against budget funding.
    6. Determine if reserve funds are adequate
    7. Recommend to the Trustees any needed changes in dues or the need for assessments.

In order to carry out these responsibilities the committee shall:

    1. Obtain input from all Phase presidents, and project management, regarding both operating and capital expenditures for the next budget year, and for a rolling 10 year budget forecast.
    2. Receive such input in writing by October 1 of each year for possible inclusion in the budget for the ensuing year.
    3. Prioritize funding requests, and prepare a proposed  annual budget and 10 year forecast by October 15th of each year. The proposed budgets will be distributed to the Board of directors for comment and review 10 days prior to the fall Board of Directors meeting.
    4. Present the proposed  budget and 10 year forecast  for approval by the Trustees at the fall Board meeting.
    5. Present the approved budget and forecast to the homeowners  at the fall general meeting.

Once the budget is approved, the committee will:

    1. Receive monthly updates of actual performance compared to budget plan from management and the accountant.
    2. Meet quarterly with management and the accountant to review operating performance and status of capital projects in the budget.
    3. Review and approve or disapprove any unforeseen projects or overexpenditures prior to implementation.
    4. Recommend to the Trustees any budget changes needed to keep expenditures within approved funding
    5. Present the budget status to the homeowners at the annual spring meeting.