December 2024 Budget & Board Meeting
6:04pm
Jolene motion to call meeting to order, PJ second
Thomas hosted Townhall the Friday after the last meeting
Review of agenda
Cover agenda
BOD introduction
Outline: 241 homes, current dues $650/home
2024 Budget operating in the negative, review of opex spend
Question: noticed budget shows a surplus of $52/home for reserves, can it not be realigned to operating contingency? No - reserves are set for reserves
Question: What is the deductible insurance for? Fannie Mae, Freddie Mac requiring more, new this year is accounting line item for the deductible of that insurance
Question: there are a few trees left that are leaning, what will we do? A: Leyland Cypress is notorious for not being a hardy tree, ideally we are able to replace some will review.
2025 Budget review
Introduce Budget committee
Question: are we getting quotes from other vendors? (landscaping, etc) Yes - will address shortly
Concerns about current property management company - not getting email communication despite contacts
Is Budget committee looking to set up a 3 year plan for work and projects that need to be done in the HOA? Current goal is to stabilize
What is the contingency fund? Will it help minimize potential for deficit?
Yes the goal is to help minimize that and if possible, maybe fund small projects but typically won’t go far
Special assessments being considered for Q1 2025
Do we have budget from landscaper to maintain L100? No - will need a new quote, they won’t take over until space is to standard.
If a Special Assessment is set, doesn’t that put us to the same where the original budget? Yes, but separating budget and special assessment allows to clearly outline what is being funded.
Landscaping quote
Recently did a walk with another landscaper who provides the same level of service (landscape maintenance, sprinkler repair)
Question: is it possible to turn off the sprinklers when its raining?
We do not have sprinkler system that is automatic based on moisture, not in budget
Event Committee Introduction
Cathy Foley Fox - looking to host events in 2025 to increase engagement on zero to minimal budget needs
Review schedule
Budget passes, 81
PJ motion to close budget meeting, Thomas second
7:21pm
Jolene motion to commence, Thomas second
7:22pm
Motion to move president report to newsletter
Vote for BOD member: Tammy Fierst voted in
Vote to change date requirement for annual BOD meeting:
Jolene motion to adjourn, Thomas second 7:46pm
