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Budget and Finance Briefs

(Dec. 10, 2015) The Ocean Pines Budget and Finance Committee discussed the following actions during a public meeting in the administration building last Thursday.
Resolution C-03
Committee Chairwoman Pat Supik led a discussion on an overhaul of Resolution C-03, governing the function of the committee.
For the most part, Supik said the committee was looking at “slight changes.”
Article F in the document drew attention from several members. It said the committee would only assist the board and general manager “on request” in financial planning for major capital repairs, replacement or expansion of facilities.
“We’re an advisory committee to the board,” committee member John O’Connor said. “We haven’t in the past and probably shouldn’t sit back and say we’ll only do what the board asks us to do. We can go to the board on our own initiative.”
The phrase “on request” was removed, and the committee agreed to target the January regular board meeting for a first reading, with a vote likely to follow in February.  
October results
Comptroller Art Carmine provided the committee with an overview of October financials.
According to Carmine, the association finished $5,000 ahead of budget estimates for the month. Overall, he said revenue was slightly under budget, with golf and aquatics being the biggest drain on the bottom line.
The yacht club finished better than budget estimates, a result that Carmine attributed to strong banquet revenues.
Assistant Treasurer Pete Gomsak said Ocean Pines posted an overall $44,000 positive variance year to day over the previous year, but added that part of the improvement was because of budgeted staff positions that were not filled during the first quarter.
For the fiscal year, golf was off budget estimates by $50,000, and the yacht club was short $25,000.
Future budget
The December meeting was the last for the committee before it receives a first draft of the fiscal year 2017 budget.
Pubic meetings to discuss that draft were set for Jan. 11-13 at the country club, starting at 9 a.m. Committee findings are due to the board on Jan. 15, with board review slated to start Jan. 18.
Terry said board members were encouraged to attend and listen – but not talk – during the budget and finance sessions.
“Board members should attend, keep their mouth shut and listen. I say that jokingly because I got yelled at last year,” he said. “It is very valuable to us as board members to listen to the questions you’re asking.”