Minutes of the Board of Directors
Seaglass Village Condominium Association
Regular monthly meeting of September 23, 2019 held at the Seaglass Village Clubhouse Pavilion, with telephonic attendance offered to those not physically present.
Members present in person were:
Judy Moseley Joe Noonan Richard Gregorio Mickey Meza
Members attending telephonically were Jerry Fields
Many cottage owners were present in the pavilion.
The meeting was called to order at approximately 9:00 A.M. EST. Mrs. Moseley was in the chair.
Financial Report - Richard Gregoria Rentals are up. Sandbar is $4k in black.
Motion to release August Financials. Carried Unanimously.
Budget Presentation - Jill Jones of Finance Committee
General presentation of budgeting process, and discussion of current results. See presentation deck for details.
Discussion of Reserves, their status and purpose. Current status $360,000. Discussion of upcoming expenses for Pool Renovation.
Current regular assessments for Unit owners are $285 per month. Finance Committee is recommending an increase to $307 per month.
In addition, it was recommended that there be a special assessment of $900 per unit for renovation of the pools. The plan is to resurface due to cracks and leakage. Since the pools are 10 years old, this was to be expected. Recommendation was to make these special assessments due 50% on February 15, 2020 and 50% on August 15th. This would enable us to begin work in the Spring.
Discussion of offsetting charges to the reserve.
Richard Gregorio- Explanation of offsetting liabilities/assets between operations and reserve of
$89,000. This device was used to account for deficits in operations over the years, and are essentially an internal loan from reserves to operations. Can no longer carry this on the books.
John Snell: Suggestion for next year to have a slide with a summary of Reserve transactions.
Larry in 229 urged that we begin to fund the reserve at a greater rate. Reminds us that pools were planned for in year 2020. However, the reserves were not funded as suggested in original plan. He opposed a special assessment as unfair to the newest unit owners who did not benefit from the prior depreciation of the pools. It was acknowledged that Larry had tried to have us put more into reserves in the past, and that no special assessment would be required if we had done so. He urges us to increase amount contributed to reserves each year.
Jim Bryant in 170. Requested information on projected capital expenditure plans. Replay: plans based upon plans from EMOC. John explained that an extensive survey of future needs was made along with cost estimates and the probability of when required. EMOC then presents priorities to EMOC. Two year projections are fairly reliable, therafter projections are conjectural.
Judy suggested a presentation at Association meeting of more detail on the EMOC procedure.
Jerry Schlessel in 620: Requested more money into reserve. If we had listened Larry three years ago we wouldn’t need the special assessment now. The special assessment is a penalty for accepting his recommendation now. As of now, he feels we do need the special assessment to insure solvency for the future. He also pointed out the complexity of the EMOC study for future needs.
Bill Freeberg in 618: Believes the specially assessment is wise.
Roy Tarr in 201: Suggests another option as $25/mo for three years.
Motion to instructor the account to use capital reserve contributions made and to be made to offset the liability/asset between operating and capital reserve. Motion passed unanimously.
Motion that the BOD adopt the Finance Committee recommendation for the 2020 budget for adoption by the association. Motion passed unanimously.
Motion to make a special assessment of two annual payments of $450 per year to be paid prior to the end of fiscal years 2020 and 2021. Motion carried unanimously.
Judy requested the gutter policy from EMOC.
Motion to adjourn.