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.
