BUDGET COMMITTEE
MINUTES 0F MEETING
April 23,2005

Budget Committee Members Present
Bob Dahl Stan Schaefer
Chuck Myskowski Virginia Sabia
Bob Carpenter
Rocco Azzato

Others Present
Paul Como, Board Member
Joe Kozuch, Security Director
Ralph Graf, Community Manager
Betty Sullivan, Board Member
James Locantro, Board Member
Bill Brenner, Board Member
Larry Catanzaro, Community Controller

1. The first meeting of 2005 was called to order. As the final meeting for 2004 ended with a proposed budget being approved and submitted to the Board no minutes for this meeting had been prepared.

2. The 2004 financial statements were reviewed and no issues requiring follow-up were raised.

3. The first quarter financials were reviewed. An issue was raised regarding a large positive budget variance for the Administration Dept. Subsequent to the meeting, Larry Catanzaro satisfactorily explained this variance as transfer fees and collection fees posted to the wrong accounts.

4. The Committee reviewed a schedule prepared by Larry Catanzaro comparing actual salary increases to the budget guidelines approved by the Board. After discussion it was decided not to change the budget process with regard to salary increases.

5. The Committee reviewed the operations of the Security and Administration Departments and no recommendations were made.

6. Next meeting will be at the POA on June 10 at 3 PM.

7. Meeting adjourned.