Minutes of the Members’ Budget Meeting
Wednesday, November 6, 2013
Call to Order: The
meeting was called to order at 6:32 pm in the clubhouse.
NOTE: These votes are a straw vote from the owners to help the Board make their final decision for the 2014 budget as proposed. The final decision on the 2014 budget rests entirely with the Board of Directors.
Voting Results On CPA Audit versus CPA Review for 2013 financials were fifty-nine (59) voted to have a CPA review and nine (9) voted to have a CPA audit for 2013 financials.
Voting results to fully fund or partially fund reserves for fiscal year 2014: Sixty-eight (68) voted to have partially funded reserves for fiscal year 2014 with no votes for a fully funded reserve for fiscal year 2014.
Voting results from a straw vote to charge a security deposit from all tenants in the amount of $500 at move-in, which is refundable at move out with no damages were forty-two (42) to charge a security deposit and twenty-six (26) to not charge a security deposit.
ADJOURN MEMBERS’ MEETING: There being no further member business, the meeting adjourned at 6:36 pm.
Garrett’s Run Condominium Association
Approval of the Board Meeting Minutes of September 18th and October 9th Meetings: Angelo made a motion to approve the minutes as written and posted on the website. Al seconded the motion and it passed by unanimous voice vote.
Financial Report: Hattie Martin reported that as of September 30th, the operating account at Sunrise bank showed a balance of $82,130.97, Security deposits account with $1,500 for a total of $83,630.97. Sunrise Bank reserve balance is $142,129.96 and FBC (Florida Bank of Commerce) reserve balance is $125,239.07, for a total reserve fund of $268,369.03. Our A/R is $83,160.95 and $6,400 for special assessment A/R, which the owners who pay by ACH will have their accounts debited in November, therefore we will carry this number until December. Our current liabilities with pending projects payable (special assessment) of $24,000. Allowance for uncollectable debts of $66,039.50. Year-to-date through September 30th, we are spending within the current budget levels. The special assessment project will get underway soon, i.e., stairwell landings and pavement drainage. Angelo made the motion to accept the financial report as stated, Al seconded the motion and it passed by unanimous voice vote.
Owner Discussion regarding 2014 Budget:
1) Voting Results on CPA Audit vs. CPA Review for 2013 Financials- 59 votes to waive the audit and have the review and 9 votes to have the audit.
2) Voting Results for Fully Fund or Partially Fund Reserves for fiscal year 2014- All 68 votes in favor of partially funding the reserves.
3) Voting Results from straw vote to charge a security deposit from all tenants in the amount of $500 at move-in, which is refundable at move out with no damages. 42 votes in favor of charging the security deposit from all tenants and 26 votes against charging the tenants a security deposit. The Board will discuss this at another meeting to possibly take this for an amendment vote.
Board Vote on 2014 Budget: Peter made the motion to accept the budget as mailed to the owners keeping the monthly assessments at $335 per month per unit. David seconded the motion and it passed by unanimous voice vote.
Board Vote on new Rule for Insurance verification for new tenants: There was some discussion on this as owners expressed a concern that this may not be legal to request this of the tenants and also that the insurance coverage would not cover damages to other units that the tenant insurance is just for their contents. The Board will forward some questions to legal counsel and discuss this at their next meeting. Al made a motion to table this rule for further information to be gathered, Peter seconded the motion, all in favor of tabling this motion.
Board Discussion on Contractors for Stairwell Project: Jim Emory with Keystone Engineering answered several questions brought forward from the Board in reference to total cost evaluation to what was originally given when the meeting earlier in the month. Jim stated that he did go above and beyond for the materials needed as he explained that the contractors give a better price with more materials. Now that we have line items of actual costs, he will give his professional opinion to help us determine which stairwells are in “emergency repair” phase and begin with those. He calculates 7 stairwells that need immediate attention and will ask the two contractors who bid the job (Chematics and NAC) if they are willing to do the work on a smaller scale with the same costs as presented. He will get back with the board on their responses. All were in favor of allowing him the time to gather the facts and present a contract broken into phases so that it is more affordable for us to move forward with the project.
Set Next Board Meeting: The next scheduled Board Meeting will be Tuesday, November 26, 2013 at 6:00 pm at the clubhouse at Garrett’s Run to finalize the stairwell bids and award the contract so that work may begin in early December.