The meeting began with a financial report, noting that there is $1,900,000 in the reserves. Legal expenses were expected to be around $70,000, but so far are only $1,000. The forecast for the profit and loss statement is in progress. In addition, Mutual of Omaha (which holds the reserve fund), is looking at different certificates of deposit with higher interest rates for the money.
The Board has not yet voted on the 2018 budget, and is encouraging homeowner comment tonight. The new board will decide on the budget. Insurance is expected to go up. In addition to the usual operating expenses, the board is allocating funds for exterior lighting repairs; modifying the garage for attic storage; the painting contract; and increased landscape and trash expenses. In addition, snow removal will be going to a new contract.
The finance committee would like homeowners to focus more on the reserve fund than on expenses, explaining that historically funding has increased by $25,000 a year. A 5% increase on condo fees maintains this level of funding. A 10% increase will raise the reserve contribution to the level needed for future expenses as outlined in the capital reserve study recently completed.
The Landscape Committee noted that tree removal and perhaps some overgrown shrub removal will continue into November, and that on Sept 1 irrigation is reduced by 30%.
A request for volunteers to paint fire hydrants was made.
Northland’s progress on agreed-upon work has been slow, and they have not been responding to inquiries regarding the paving or wastewater treatment plant which they have agreed to do. The Board will continue to follow up.
There are three board member openings coming up in the election next month. So far, two
nominations have been taken. The deadline is Sept 12. Interested residents to not have to be present during the winter, as the Board routinely includes a conference call to absentee trustees during their meetings.
In new business, 44 units will be painted next year.
The next meeting is the annual meeting, Sat., 9/30 at 10:00 AM at the Trowbridge Club.
The meeting formally concluded, and discussion followed regarding homeowner concerns. Among the topics were overgrowth on Sea Knoll, the pruning schedule, and questions regarding the accuracy of the capital reserve study so that a considered decision could be made as to the level of monthly fee increase or a the advisability of a special assessment to fund the capital reserve fund adequately for future needs.