Caswell Cove Marina Association

Caswell Cove Marina Association

Annual Unit Owner’s Meeting

Tuesday – November27, 2012

Minutes of Meeting

(Final)

1.Call to Order – Roll Call

a)Board members present: David Brickley-Commodore, Tony Faresich – Rear Commodore, Tat Murphy - Secretary and Paul Viscount–Treasurer. A quorum of the Board was present. The meeting was called to order @ 7:12 PM.

b)Determination of Quorum: A total of 33 unit owners were represented at the meeting, 12 unit owners were in attendance, 21 units were represented by proxy. A quorum of the unit owners was represented.

c)David Phillips of Sound Marine Solutions was present as the marina manager.

2.Introduction – Purpose of Meeting

DaveBrickley introduced the members of the Board present at the meeting and noted that the Notice of the Annual Meeting had been sent to all unit owners in advance of the meeting. He outlined the purpose of themeeting as:

a)Review last years finances relative to the approved 2012 budget

b)Review and ratify the 2013 annual budget

c)Elect new officers to the Board of Directors

d)Review the 7 year capital projects expense plan developed by the Board

e)Answer any other questions from the unit owners.

Dave Brickley noted that the marina experienced another very good year. Almost all of the available rental slips were filled. The marina held several Friday night and other party events that were successful. This year’s commissioning party and de-commissioning party were also a huge success! Some major accomplishments this year included the replacement of the windows in the upper floor of the clubhouse, replacement of much of our bubbler system, new fencing and gates at both entrances, underwater inspection of the pilings supporting the clubhouse and a new pump controller for the sewage ejector station. Dave B. also noted that this year we revamped our marina website and upgraded our newsletter, both of which have become very popular.

It was also noted that we escaped any major damage from Super-Storm Sandy although the very high storm surge was within inches of coming into the clubhouse and within 2 feet of the tops of our pilings – for the second year in a row.

Dave B. noted some of the challenges facing the marina for the foreseeable future including continued maintenance and improvements, repairs needed to the clubhouse to replace the existing sliding doors and eliminate leak problemsto thethe lower level, the need for more social interaction and events and steps to improve the overcrowded parking issues.

3.Approval of Minutes of 2011 Unit Owner’s Meeting – all unit owners present were provided a copy of the minutes from the 2011 annual meeting to review. A motion was made by Andy DeJoseph to approve the minutes as presented. The motion was seconded by Cheryl Allen. The motion was approved unanimously by the members present.

4.Annual Financial Report

Dave Brickley and Dave Phillips provided a synopsis of the expenditures in 2012 vs. the approved 2012 annual budget. It was noted that, except for a few instances, total expenditures were less than the budget.The total operating costs were $153,135 as compared to the budget of $162,867. Income was slightly less than expected due to uncollected common charges. However, this was partially offset by the sale of one of the slips gained through foreclosure in past years. During 2012, a total of $81,144 was transferred to reserve savings, a total of $5,214 more than originally anticipated. Dave B. noted that in almost all categories, expense were lower than projected. Capital expenditures were also less than originally anticipated at $51,556 spent vs. $96,700 budgeted. This was despite slight overruns on the costs of the new windows in the upper level of the clubhouse.However, the main reason the expenditures were less than originally budgeted was due to the deference of several projects, which are now in the budget to be completed in 2013. At the close of FY 2012, there was approximately $208,557 in the reserve accounts to be set aside for future capitaland maintenance projects. There were no further questions from the unit owners regarding the expenditure for 2012.

5.FY 2013 Budget Ratification

Dave Brickley and Dave Phillips reviewed the proposed 2013 annual budget. No increase in common charges are proposed for the 2013 budget and no special assessments are proposed for the coming year. Upcoming costs for the marina maintenance and other capital improvements such as improved and anticipated repairs and modifications to the clubhouseare included in the budget. Each of the proposed budget line items was reviewed briefly and differences between FY 2012 and FY 2013 noted. Generally, the operating expenses for the marina are expected to be similarto those in 2012. The 2013 budget estimates $160,525 in anticipated operating expenditure as compared to the $162,867 originally budgeted for 2012. Capital expenditures proposed for 2013 total $112,200, which includes repairs to the clubhouse, painting of the clubhouse pilings, painting of the clubhouse exterior and possible development of new parking areas. There were no further questions from the unit owners in regard to the proposed budget.

Dave Brickley briefly reviewed the 7 year capital expenditure plan presented to the unit owners. He noted that the plan is an update to the 5 year plan presented at last year’s meeting. Over the past year the Board and Manager worked to updatethe list of anticipated improvement and major maintenance projects that could be anticipated over the next 7 years, as well as long term planning for future dredging. Dave B. noted that a major expense facing the marina, in addition to the possibility of future dredging is the replacement of the wooden walers. The total cost of this work is estimated at $279,000. The work is planned to take place over 6 years starting in FY 2014. The plan also strives to assure that maintenance reserves are maintained at high enough levels as a contingency to cover unforeseen costs. Dave B. also noted that a reserve set aside each year for future dredging has been provided for. In order to cover the costs of the walers and maintain reserves for maintenance and dredging, a special assessment will be needed starting in FY 2014 through FY 2019 (6 years). This assessment would be at $28,000 ea year or approx.. $270 per slip per year.This will of course be dependent on the cost of the work to be determined through bidding. There were no further questions from the unit owners in regard to the proposed 7 year plan.

All the unit owners present at the meeting voted in favor of the FY 2013 budget as presented. Dave Brickley, on behalf of the Executive Board, voted all the proxies assigned to the Executive Board in favor of the budget. Dave Phillips of SMS also had several proxies assigned to him which he in turn voted in favor of the budget. With all proxies voted and all present voting in favor of the motion, the motion passed unanimously. As it takes 51% of all the unit owners (53 votes) to defeat the proposed budget, the budget was ratified as presented.

6.Election of Executive Board Members

a)Dave Brickley noted that the termsof Tat Murphy and Tony Faresichhave expired. Nominees for the Board of Directors were requested from the floor as well as the nominees received prior to the meeting. There were no nominees from the floor. Tony Faresich (unit C-28), David Crowle (C-26) and Jim Connors (D-11) are the 3 nominees for the 2 open positions. Tony Faresich and Dave Crowle both presented to the unit owners present a little about themselves and reasons they wish to be on the Board. Jim Connors was absent from the meeting.

b)Questions from the Floor to Nominees - There were no questions from the floor toward any of the nominees.

c)Unit Owner’s Vote – Ballots were cast for each of the 3 nominees present at the meeting for the2 open positions on the Board. Dave Brickley, on behalf of the Executive Board, voted any proxies assigned to the Executive Board. Dave Phillips of SMS also had several proxies assigned to him which he in turn voted. With all ballots entered and the proxies voted, the results of the voting were as follows:

Tony Faresich29 votes

David Crowle28 votes

James Connors7 votes

e)The Executive Board members for FY 2013 aretherefore as follows:

Dave Brickley, Paul Viscount, David Crowle, and Tony Faresich.

8.Unfinished Business/New Business:

There was no old business or new business to discuss so Dave Brickley opened the floor to discussion and questions from the unit owners:

Dave B. noted earlier that parking was in short supply and that one of the items the new board is going to try to work on is finding more parking, possibly utilizing space from the City adjacent to the sewage treatment plant across from the existing parking lot.
Several unit owners suggested that some signage near the B-dock dock storage area encouraging unit owners to return some carts to the front entrance would be appropriate. A suggestion was made to put signs in the cart. Richard Cenamihad previously volunteered to make up some vinyl stickers to put in the dock carts and he will be asked again if he can provide those stickers.

There was no additional new business or additional questions raised by the unit owners present.

11.Adjourn – With no further businessor discussion brought forth by the unit owners present, a motion to adjourn was made by John Cervone and the meeting adjourned at 8:20PM

The new Board members elected to have their 1st meeting to elect officers on Tuesday, January8 at 7 PM.

Prepared By: Sound Marine Solutions, Inc.Date: 12/12/12