Budget and Finance Committee Meeting Minutes: Saturday, September 2, 2017

Budget and Finance Committee Meeting Minutes: Saturday, September 2, 2017

1.Call to order: 10:00am

2. Roll call: Paula Alan (Chairman) Brenda Carol JoyOwners in attendance: 11

3. Minutes: Carol said that there was a typo on page 3, paragraph 1, line 7 should read “the carpets must be replaced or we will not be able to cover them in the future …”. MOTION: Joy motioned that the minutes be accepted as corrected by Carol; seconded by Paula. MOTION CARRIED UNANIMOUSLY

4. 2017 – 2018 Budget Preparation: This meeting is a workshop to begin to develop the 2017-2018 budgets to send to owners for vote. An announcement was made to remind the owners that the fiscal year ends October 31, 2017. Alan asked the Committee members to write on the pad he provided the items that will need to be voted on if we cannot come to a consensus as we address that line item. The vote items will be taken care of after all budget work has been completed.

It was suggested that we begin the estimates of need amounts by evaluating the overspent line items. As we began, it was requested that the Committee members have a copy of the budget that was ratified for this year so we could compare full allocation to what is currently posted as having been expended. Joy took Carol’s copy of the ratified budget to make copies. These are just working numbers. As we go along, we will have to modify in order to come within reasonable total expenses, and to keep maintenance fees down.

While Joy was out, Carol explained how the budget print-out represents the monies being spent. She indicated that the amounts on the current budget were from a compilation of information Brenda was able to put together from past checks, invoices, etc. since it has been a while since the budget has been in line item form. Brenda said that the last line item budget was in 2008. The first column is the amount expended since November 1, 2016. The Budget column represents a partial release of the allocated amount based on the number of months within the report. The bookkeeper posts the monthly amount from the total allocation, so that amount will change. It does not represent the total allocation that was voted. A negative amount in the last column of the Budget vs. Actual report indicates that money is available; a positive amount means overspent. There was a great deal of sorting necessary in order to develop the categories, so we are expecting that there will be many columns over and short, and that they will balance out in the end.

Owners in audience asked for copies of the ratified budget (Proposed Budget #1). They were told that they had received the budget in October of last year with the packet of budgets to be reviewed. They were told that they could get copies of this in the office the same as any document they may wish copied.

It was agreed that the Committee would work until ll:45, and get as far as they could until then. Additional agenda items would be tabled until the next meeting.

Comments made during the review of the items are below:

-elevators are inspected per quarter

-Line items tabled in order to ask for details are: 6033, 6035, 6042, 6039, 6301, 6320, 6345, 6351, 6354

-smoke alarm procedures: turn on fans in apartment; open patio doors – do NOT open door to hallway; a staff member will come to re-set the alarm; do NOT attempt to take apart the alarm, you will break the wires and incur additional damage charges. If after-hours, call Albert or Charles. Their telephone numbers are listed in the elevator.

-what is the warranty on fobs, and what does it cover?

-was smoke detector box in front desk replaced? No one on the Committee could remember it being done.

-look into how to correct pressure so access doors will work better; difficult to open

-would like to see a camera added to clubhouse and alley/drive-up; additional dumpster collections run between $200 and $900 (depending on the size/amount), and construction/remodeling vendors are not taking items off-site; causing the cost of the extra pick-ups to be absorbed by all owners

-new washer/dryers were purchased at Lowe’s. After negotiating lower prices on these commercial appliances, they gave Charles a military discount. In addition, the manufacturer gave a rebate.

-election costs are not included in the current print-out since it does not include august; elections usually run approximately $800 for copying and mailing

-if we have operational money left at the end of the year, we would like to purchase additional washer/dryer combinations.

-the washer/dryer appliances that were removed from the laundry rooms have been taken apart by Lev and parts are being stored for replacements. Whole machines will be kept as replacements when others break down. Once all machines are replaced, we will consider selling to someone who re-conditions those appliances.

-check with utilities companies for any expected increase in rates (6052, 6432, 6311)

-new plants in pool corner should be salt-tolerant

-there are 7 phone land lines within the phone charges

-the damage done to the entrance garage door has already been repaired, and the vendor owner paid for costs

-the guard hired for the garage during the hurricane clean-up was not paid from operational fund

-owners stated that one stack is still not working; they were asked to turn in a maintenance request; do not tell someone; create the paper trail to make sure information is accurately being given to maintenance

The review ended at the bottom of page 2, to resume at the top of page 3 (6380 – Pool)

The next meeting will be on Saturday, September 23, 2017 at 10:00am in the Clubhouse.

MOTION: Brenda/Joy motioned that the meeting be adjourned. MOTION CARRIED UNANIMOUSLY

Adjourned: 11:50am

Submitted: Carol Lowe