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Finance Council Minutes of September 12, 2006
Members Present: Tom Halloran, Len Robare, Joe Dubovec, Fr. Dave, Al Barbanera, Marty K. Zanotti, Fr. John, Bob Pearl, Renee Estremera Excused: Marty P. Zanotti and Doug Hill
Remodeling Fund Campaign Pledged: $71,271 Paid: $60,931 Needed $64,069 Pledges Rec. 116
School Renovation The estimated cost is now $135,000 due to unexpected expenses similar to blowing out a clogged drain. The inspection by the state is scheduled for September 18th and the move of students will be on September 19th. The investment account was reduced by $50,000 to cover current expenses for the renovation.
Festival Results A detailed Income& Expense statement was reviewed as a basis for changes to be considered for next year. Areas to be considered included later starting times for Saturday, relocation of various booths and elimination of some booths. A summarized report will be presented in the bulletin once all the bills have been received. While the festival was a financial success, there are outstanding bills to be paid for the renovations and the anticipated roof repair. A follow-up meeting was held with the booth captains to obtain their input on this year’s operation and changes for next year. Trained dealers still remains our biggest problem. Consideration is being given to a tournament before next year’s festival.
Daycare Cleaning Contracts Statements of work have been prepared for solicitation of bids to clean the daycare center daily. This was previously performed as part of the lease for the Heritage Building. We need to begin the cleaning on September 19th. Another statement of work may be pre- pared for the after school cleaning of the first floor.
Roof Estimates During a recent rainfall the ceiling near the confessionals collapsed. This exacerbated the need to replace or repair the roof. Two bids have been received and were reviewed. The proposal to repair the roof with a rubber-based product was recommended for submission the diocese for approval. This option was accepted since it places less weight on the roof and is an odorless installation compared to a tar-based product. The product has a 30-year warranty. The contract will repair the school roof and the roof over the confessional area. The estimated cost is $74,000.
Budget It is expected that termination of the lease will generated about $168,000 for calendar year 2007. A portion of these dollars will be needed to pay off the renovations and roof repair. In addition, we have to prepare a plan for the repayment of our outstanding assessments to the diocese ($440,600). We propose to begin in January 2007, paying $10,000 per month for calendar year 2007. In 2008, we will pay our assessment plus $2,500 per month. In 2008 and subsequent years, we will pay an additional $5,000 per month. This plan assumes that there will be no requirement for any new capital expenditures. A letter the Bishop will be submitted with this proposal.
Next Finance Council meeting: Tuesday, October 10, at 7:00 p.m. in the Bell Tower unless a meeting is needed sooner.
Tom Halloran Chair
Copy to: Parish Council Webmaster
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