Summary of Finance Committee Meeting of 21 August 2007

Present:

            Finance Committee:  Dottie Fields, Nancy Garner, John Frisch, Sanya Ham, Don Horan, Paul Rankin, Jean Strub

            Board of Directors (BoD):  Mal Malo

FRCA Account:  The draft 2006 audit was received minutes before the meeting started.  It will be reviewed and discussed at a future meeting.

Budget:  Most of the meeting was used in reviewing and discussing the draft 2008 budget prepared by the Finance Committee.   A draft budget is still expected from Armstrong Management.  The two draft budgets will be compared, and review and discussion will continue at a future meeting.