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Minutes of the Banana Bay Condominium Association
Board Meeting
WEDNESDAY, November 3, 2017

Call to Order: The meeting began at 2:00 pm in the clubhouse.

Establish Quorum: Board president Barbara Peterson, VP Clyde Hoover and Secretary April Scott were in attendance. Treasurer Craig Smith did not attend. 10 unit owners were in attendance.

Appoint New Board Member: Director Tim Sparks submitted his resignation, due to family and work commitments. Steve Winn, unit #2003, offered to serve, so Barb motioned to appoint Steve for the rest of the one year term. Clyde seconded. Steve works for a design engineering firm that tests fire resistance on aircraft. All were in favor of his appointment.

Approve Minutes of Last Board Meeting: Clyde motioned to approve the minutes of the September 27, 2017 meeting as written. April seconded, all in favor. These minutes are posted on the website.

Financial Report: Michelle reported that as of 10/30/17, unreconciled reports show Operating bank account with $12,934 and a Reserve accounts balance of $643,978. Year to date, the expenses are $53,099 more than income, but the final special assessment payments due December 1st will help bring that loss down. Seven owners have still not made their 2nd Special Assessment payments. One is on a payment plan and the others were sent to the collection agency.

Approve Proposed Budget for 2018 to be Mailed to Owners: The final details about the Pooled Reserves were just received, so Clyde motioned to mail this to the owners for their input at the next meeting. April seconded, all in favor. Because of the large income in 2017, with the Special Assessment and the insurance proceeds, an audit is recommended, so owners will not be asked to vote to waive it and have a CPA review. Pooled Reserves are funded at 38% and doesn’t require an owner vote again, since pooled reserves were voted on last year.
The budget approval meeting will be held in 3 weeks, on November 29th at 2 pm.

New Business:
Apex Billing for Water / Sewer:
Banana Bay spends almost $80,000 per year for water and sewer costs, and when a unit has a leak, all residents have to share that cost. Apex offers to sub-meter all units so each unit receives their own water bill, based on their use. Some members felt an owner vote would be needed to change what is paid by the Association to an individual, so legal advice will be sought, but preliminarily, the board would like to speak to this company to see what the costs would be and how it would save the community. Manager was asked to set a meeting with Apex, and have the attorney present to discuss any amendment needed.

Hurricane Repair Updates: Paul Dupre brought sample guttering to Barb and the board agreed to contract with CRI for this work to be completed. He is is supposed to start the gutters next week, and then he will work on the carports. Rock Roofing will replace the 2300 garage roof in the next few months, when material costs are lower again, landscape work is being done throughout the property and road repairs will be completed as soon as possible. There was discussion about solar lollipop lights around the townhomes, so this will be investigated. Elevator door and edge repairs in 2400 should also start within the month.

Owner Requests: The board was asked about the trees on Banana River Blvd. Some need to be straightened or removed. Barb will try to get a meeting with the city next week and Steve and Michelle will attend with her.

Set Next Meeting Date: The budget approval meeting will be held November 29th at 2pm. Draft budget will be mailed to all owners.

Adjournment: There being no further business to discuss, the meeting adjourned at 2:25 pm.

Respectfully Submitted,

Michelle Davis, CMCA, AMS, LCAM #17226
Community Association Manager
Reconcilable Differences, Inc.