Summary of Finance Committee Meeting of 20 September 2007

Present:

            Finance Committee:  John Frisch, Sanya Ham, Don Horan, John Lynch, Paul Rankin, Jean Strub

            Board of Directors (BoD):  Mal Malo, Bill Nosal, Jake Bernard, Art Gabler, Dan Owens

2008 Budget:  The entire meeting was used in reviewing and discussing the second draft of the 2008 budget prepared by the Finance Committee.  A draft budget was received from Armstrong Management Services and it was reviewed and discussed also.  Members of the BoD present provided specific direction on several budget items.  As a result of this meeting, a third draft will be prepared for discussion at our regular Finance Committee meeting on 25 September.