Board had a second executive budget meeting at the Clubhouse. Presided over by the new president Maureen Roland. Present were: Vice President, Jack Reilly, Secretary/Treasurer, Celia Van Duyne, Director, Patrick Gilmartin. Recording secretary – Mary Beth Vrazel

1. Maureen opened the floor to Celia to present the budget papers. Celia presented all the directors with binders containing monthly overhead, P&L’s and last year’s projections & budget, in order to determine the new year’s budget. Many discussions ensured as the directors commenced to iron out the new budget. More detailed categories were determined to clarify more accuratley where the money is going. Also, the fact that the budget is being determind before the end of the fiscal year makes things appear confusing – there are still two more months before last year’s budget is completed.
2. Refinancing the loans and shopping for different insurance were also discussed in detail. A plan was approved unanimously. If this is achieved we will significantly lower our monthly overhead. We will know by the end of the fiscal year if this is a real possibility. Maureen would put this into motion and report back.
3. Also agreed upon implementing a fundraising effort throughout the year for the real estate taxes. She committed to giving a percentage off the top of any of the catering revenue. She designated Patrick to be the one to hold and record these monies. Fund raisers were also suggested to be part of the effort. Jack was named to research lowering our taxes with the lawyer.
4. New policy was put forth and approved concerning no discussion of LP&CC business over the bar. See the Volunteer Manual for details.
5. Celia also informed everyone that the pool supply store, The Strand, had a look at our pool pump and said it was worth repairing. All agreed that should be done.
6. Next Meeting was set for 8-23-05 as it was getting late.