BudgeT & Finance coMMiTTee

DATE: 03/13/2023

TIME: 7:00PM

LOCATION: RV COMMUNITY CTR. RM 11/12/13

ANNOUNCEMENTS: CARRYING CHARGE INCREASE WAS IMPLEMENTED ON FEBRUARY 1, 2023.

Discussion

1. There are key areas that will impact our budget as we begin FY 24. Our meeting discussed those areas and how we as cooperators can work on them to have an impact on our budget.

CHAIRPERSON: Dr. Althea Hicks

Co-Chair: Jean Hall, Board President

Controller: William Young

Approval of minutes: minutes from the last meeting were shared in the January newsletter. Minutes from last meeting read and approved

PLANNED AGENDA

1. Status of Carrying Charge Increases

2. Budget Expectations for FY 24

3. Q&A

2. Cell Phone Tower Agreement- Questions were raised on the status of the Cell Phone Towers located on our buildings. We will gather the financial details of the agreement to discuss further and determine how we can take action to improve our budget.

3. Vacancy Rate- Rochdale maintains a vacancy rate of less than 1%. While we consistently work to fill all vacant apartments, realistically, given moveins, move-outs, and other factors, a vacancy rate of 0% is hard to achieve. However, we will discuss the plan and process of filling the apartments to identify any areas that can bring a positive significant change to the budget.

4. Equity- Shareholders who move out of Rochdale Village may receive an equity payment. The amount is based on several factors, including, how much equity the shareholder paid into the apartment and the cost of repairs to the apartment upon moving out of the apartment. If there is enough equity to cover the cost of repairs, the remaining equity will be returned to the shareholder. If there is not enough equity, to cover the cost of repairs, the shareholder will be invoiced for the difference. The impact to the budget comes when the cost of repairs is not covered in the equity or not received through an invoice because this becomes another expense for Rochdale Village.

5. Snowfall- The budget includes $1,000,000 for snow removal. If the weather is good and we do not have much snowfall, this becomes a savings for our budget.

6. Landscaping and Maintenance- Much of the landscaping work on our premises is contracted out which we believe costs more than having the landscaping work done internally by our own staff. This will be taken into consideration as a way to save on our budget, along with utilizing perennial flowers which come back every year. Maintenance work will also be taken into consideration to see what type of work can be done by our maintenance staff instead of the increased expense of a contractor.

7. National Grid Rates- While our negotiated rates for natural gas are locked in with National Grid, our usage levels will still impact our expenses. The more we use our natural gas, the higher our expense will be.

Next Meeting None

Next Meeting

Thursday June 22, 2023.

Meeting ended at 8:30PM

Attendance: 12 Attendees

Minutes submitted By Dr. Althea Hicks, Chair, Budget and Finance Committee