The HSVPOA Finance Committee met for the first time on Tuesday, March 3, 2020, at approximately 8:54 a.m.
In attendance were:
Chairperson and Chief Financial Officer (CFO), Liz Mathis; Board Member, Diana Podawiltz; Vice-chairperson, Wayne Foltz; Secretary Morris Polston; and Tom Heau.
Quoting from the Explore the Village Website:
“The Finance Committee assists and advises the Hot Springs Village Board of Directors on governance and oversight responsibilities relating to fiscal management. It also assists and advises staff upon request.
“Duties include:
- Recommending policies
- Reviewing proposed annual capital, operating budget and related fees
- Reviewing proposed capital expenditures and related contracts
- Creating standards
- Alerting the board to any emerging financial concerns
- Performing financial analyses requested by the board or CEO
- Recommending report content improvements
“The Finance Committee consists of a minimum of 3 but up to 7 members. The committee is chaired by the Treasurer of the POA. Other members include one POA Board member and the POA CFO, who shall serve as a committee member if not also serving as the POA Treasurer. The rest of the committee will be made up of POA members who are neither board nor staff.”
The meeting lasted close to two hours.
The committee meets at 9 a.m. on the first Tuesday of every month in the Ouachita Bldg. Next month’s meeting date has been changed to April 6.
Finance Committee Charter
Finance-Committee-Charter_1-15-2020-4Finance Committee Agenda
Finance-Committee-Agenda-3-3-2020Click here to watch the Finance Committee Video
Video recorded by Joe Dowden
Material compiled by Cheryl Dowden
Thank you. Please be sure to bookmark this website so you don’t miss any updates.
Click here to visit our Private Facebook Group
Andy Kramek
03/05/2020 — 4:33 pm
I’m sorry, maybe I am misreading the Charter but what exactly can this committee do without first getting approval from the CEO? As far as I can see she has total control, and complete power, over anything and everything the “FInance Committee” does. Even the Board has to seek her approval before asking the Finance Committee to do anything!
This is a far cry from an independent Finance Committee reporting directly to the Board of Directors. In other words its just another puppet on the CEO’s string!
This has got to stop!
Tom Blakeman
03/05/2020 — 5:21 pm
No Andy. You are not misreading.
Andy Kramek
03/05/2020 — 5:40 pm
Alas, Tom, I feared not. Oh well it’s just another ‘to-do’ on the LTD list.
>> Re-write Finance Committee Charter so that the Committee is independent of POA Management and reports directly to the Board.
Lorri Street
03/05/2020 — 5:10 pm
Andy…yeeup…so accurate and so wrong!!
Sam Taylor
03/05/2020 — 6:41 pm
This is looking more like a lap dog than a watch dog committee. It’s a step, but a very small step in the right direction. I also question the wisdom of the CFO being anything other than a resource for this committee.
Walter
03/05/2020 — 6:42 pm
I’m hoping this committee can shed light on our finances here. It gives me comfort Diana is there. I will be open minded to see where this goes.
Andy Kramek
03/06/2020 — 4:19 pm
Unfortunately, according to the Committee’s Charter, it is clear that it will only go wherever the CEO allows it to go. She has total control over all of the Committee’s actions, and also of the Board’s right to request that the Committee look into something.
Look at the following:
Section II PURPOSE
The purpose of this Committee is to:
A. Assist and advise the Board on governance and oversight responsibilities relating to fiscal management.
1. Board requests regarding operational matter must first be requested of the CEO by a majority of the Board.
2. Board requests to Finance Committee to be approved by a majority of the Board.
B. Assist and advise staff upon their request.
1. Staff requests to Finance Committee to be approved by the CEO
So, basically, the CEO has to approve everything irrespective of source!
Minn Daly
03/05/2020 — 6:57 pm
Tom & Andy are so correct! We need LTD to take back BOD powers from the CEO! We need restructuring of entire POA, enlisting a QUALIFIED GM that reports to HSV BOD. We currently have a run a way train (CEO) that does not feel the need to address the BOD for approval on any issue. Every action taken by this BOD includeing current election ballot mail out has been totally inept. We need LTD to take charge with hopes that a few on legacy BOD will work with them to get our community Back in financial shape. Why have committees that are NOT reporting to the BOD? Why have a CEO that is not an elected member of the HSV BOD makeing financial decisions & should be getting direction from HSV BOD. We have had legacy BOD members that have created the CEO issue by not seeking qualified legal council with current CEO contract & benefits that our Arkansas Governor does not have. We need Lloyd, Tucker & Dick to be elected to take the necessary legal steps to take back our community. This is such a mess it will take some time to get it straightened out. We do not need any more delays with election ballot issues. We need LTD on the BOD ASAP! They have my 3 votes. Minn Daly
steve bylow
03/05/2020 — 11:58 pm
“V. Limitations – A” states;
… committee members shall not “check on, evaluate or provide oversight … managerial performance”.
I understand the committee members are not “members of management” but I’d hate to think that any candid feedback that could be perceived as critical of a POA Managerial performance could result in a grievance against the committee member/Board Member and then removing them.
I’d like to think the next CEO and Board has the ability to use the committee members as a valuable resource which includes requesting they provide critical feedback which may be perceived as a check on, evaluation or oversight.
Steve