Public Page
2023-11-10 Meeting notes
- Paul Barry
Public Page
CIECA 500 Westover Dr #11617; Sanford, NC 27330
Date
Nov 10, 2023
ANTITRUST STATEMENT
As participants in this meeting, we need to be mindful of the constraints of antitrust laws. There shall be no discussions of agreements or concerted actions that may restrain competition. This prohibition includes the exchange of information concerning individual prices, rates, coverages, market practices, claims settlement practices, or any other competitive aspect of an individual company’s operation. Each participant is obligated to speak up immediately for the purpose of preventing any discussion falling outside these bounds.
Agenda
Financials - Oct 2023
2022 Financial Review Audit – In Process
2024 Budget
Meeting Minutes
Anti-trust and prior meeting minutes were reviewed.
Financials: Oct 2023 YTD financials were reviewed. We are in good shape financially going into the end of the year.
Contractor bonuses will be paid in December so we can expect a to see a reduction in profit.
2022 Financial Review: All initial requested items have been supplied to the accountant for their review. Paul is working with our accounting firm to answer follow up questions and provide additional supporting documentation as needed.
Jeff Dietrich mentioned that the accounting firm we use for the annual review is merging with another firm and to expect some changes in the company name and potentially other impacts. No need for concern at this point.
2024 Budget: It is time to prepare and finalize the budget for 2024.
Paul shared a preliminary budget and the assumptions that underlie it (see attached).
Greg Best had some questions on specific expense items that were answered.
Ashley Dennison recommended increasing the training budget to provide $1k in training per contractor.
Ashley asked if we should consider putting more cash into CD accounts. The committee agreed to wait until year end expenses and contractor bonuses are paid and then reassess that issue in January.
We are waiting for the Executive Committee to finalize 2024 goals and bonus plan before we can finalize the budget.
Paul will review the budget again to ensure numbers are accurate and then share a draft with the finance committee for review.
Assuming we have bonus plan finalized, the goal is to review and approve the budget at the December Finance Committee meeting.
Action items
Decisions
Participants
@Paul Barry @Mike Marlowe @Greg Best @Ashley.Denison Jeff Dietrich
Participants in the meetings are noted for your information. If you have questions on the committee’s activities, please contact a recent attendee.