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Committee News

Posted on: September 11, 2020

Finance Committee

Committee Spotlight_Finance Committee

About the Finance Committee

The Finance Committee, comprised of eight community members, volunteer their time to assist the Canyon Lake POA with providing oversight regarding financial planning and budget controls. The committee acts as the member’s eyes and ears regarding budget procedures, financial controls, accountability and the annual budget with a focus on maintaining our strong financials for stability as we preserve and enhance the peaceful enjoyment of the property. The Finance Committee is chaired by Joe Washle.  The Board Liaison is Jeanne O’Dell, Treasurer.  The Staff Liaison is Susan Dawood the Canyon Lake POA’s Controller.

The Committee meets monthly to review financial statements as well as review financial holdings and investments on a quarterly basis. 

Finance Committee At Work

At the July 2020 Board meeting, the Board adopted a goal for this fiscal year to “refine the process for developing the Annual Budget and dues assessment that supports efficient department operations, justifies contributions to the reserve accounts, and supports the five-year budget plan.” In order to assist with achieving this goal, a Budget Timeline & Process was established with milestones to be completed by the Committee that begins with the Board approving the 21-22 Budget Model in November..

Currently the Committee is hard at work reviewing the Schedule of Fees which is developed annually. The review will result in recommendations made to the General Manager for inclusion in the operating budget for the following fiscal year(s).

In November, the Finance Committee will review the proposed five (5) year Project Plan for use of Reserve Funds and recommend funding levels. This information will be presented to the Members and the Board at the annual Budget Workshop.

These hardworking volunteers spend countless hours in January reviewing the consolidated operating budget submitted through the General Manager to the Finance Committee.  The outcome of this review is a recommendation to the Board for the following fiscal year’s budget.

This year, the Board has requested that the Staff and the Finance Committee provide a five (5) year budget plan so that decisions regarding dues can be made by looking at the needs over the next and future fiscal years rather than one year at a time.

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