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SUNWATCH ON ISLAND ESTATES CONDOMINIUM ASSOCIATION, INC. Board of Director's Meeting February 17, 2003 CALL TO ORDER President Lars Warn called the meeting to order at 7 PM. Board members present were Bob Burwell, Ben Givens and Lars Warn. MINUTES Minutes of the January 20, 2002, meeting were approved as presented. FINANCIAL REPORT Secretary/Treasurer Bob Burwell reviewed the January 31, 2003 Financial Report. The Operating Account had a balance of $22,812.62. The Reserve Account had a balance of $191,682.93. Total expenses for the first month were $40,108.25 compared to a budget of $31,317. Large payments on the elevator contract and insurance were the cause of being over budget. No owners were delinquent over 30 days in monthly maintenance fees. MANAGEMENT REPORT Bill Martin from Rampart Properties reviewed his February 17, 2003, Management Report. CORRESPONDENCE Received a letter dated February 12, 2003 from Sunwatch attorney advising that he is closing his file on Sunwatch on Island Estates Condominium Association, Inc. vs. Sun Watch, Inc. per the Board's instructions. The following notes were from the Suggestion Boxes: Bud Myers #1001 - Reported that a dog left it's "gift" just outside the 670 elevator and Bud stepped in it. The Board took no action. Anita Johnson #709 - Requested that the unused bicycles with flat tires be removed from the garage. The Board will tag the bicycles with flat tires and remove them in thirty days if the tires are NOT pumped up. SALE AND LEASE APPROVALS None COMMITTEE REPORTS Emergency Committee - Tim Wukie reported that the Clearwater Fire Department has inspected the public rooms at Sunwatch and based on size, use and exits have placed the following capacity limits: Meeting Room 49 persons Party Room 53 persons Exercise Room 8 persons Billiards Room 14 persons Holiday Decorating Committee - Vice President Ben Givens reported that Sunwatch won 1st place in condominium decorations. 680 Entrance Enhancement Committee - Bob Burwell announced that the enhancement project is just about finished. A/C Noise Reduction Committee - Terry Werner presented the Board a seven (7) page written report. The Board will read the report at a later date. OLD BUSINESS President Lars Warn presented a report on the 2002 financial impact of the two guest units. Total cash expenses for 2002 were as follows: Monthly maint fees to Sunwatch $3,054.96 Electric 1,087.83 Cleaning 1,155.00 Fees to rental agent 500.00 New floor tile and stools 3,044.57 Total Expenses $8,842.36 Rental Income $10,120.00 NEW BUSINESS Bill Martin presented a bid dated February 17, 2003 from Complete Property Services, Inc. for waterproofing the kitchen window perimeters of the "05 and 06" units for $2,985 and the walls of meeting and storage room for $3,990. Bill Martin was instructed to obtain other bids as the Board was dissatisfied with CPS for the way they handled their seven year warranty when the outside storage doors needed to be repainted. NEXT MEETING The next meeting is scheduled for Tuesday, March 18, 2003 at 7 PM. ADJOURNMENT There being no further business, the meeting was adjourned. Robert A. Burwell, Secretary/Treasurer