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Board Meeting
October 19, 2006

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SUNWATCH ON ISLAND ESTATES
CONDOMINIUM ASSOCIATION, INC.
Board of Director's Meeting
October 19, 2006

CALL TO ORDER

President Jo Warn called the meeting to order at 6:30 PM. Board members present were Bob Burwell, Sue Clark and Joe Giacomini. Excused - George Powers.

GUEST SPEAKER

Adam Lopatin from Acordia Insurance gave a presentation on the insurance crisis in Florida. Our windstorm coverage with our current carrier, QBE, will not be renewed when our policy expires December 6, 2006. The only windstorm coverage available is with Citizens Property Insurance which was established by the State of Florida as the insurer of last resort. This means that our total insurance premium will increase from approximately $100,000 to $300,000. Adam finished his talk by answering questions from the floor.

MINUTES

Minutes of the May 15, 2006 Board Meeting were approved as presented.

FINANCIAL REPORT

Treasurer Bob Burwell reviewed the Financial Report for the nine (9) months ending September 30, 2006. The Operating Account had a balance of $36,620; however $16,478 of that amount was in Prepaid Owners Fees. The Reserve Account had a balance of $435,258. Expenses and Reserve Funding exceeded Income by $12,473 for the nine (9) months. There were no delinquencies in monthly maintenance fees.

MANAGEMENT REPORT

Ray Sturgis presented the Board with his written Management Report dated October 19, 2006.

CORRESPONDENCE

There were no notes in the Suggestions Boxes.

A letter was received from Sheron Nichols - Unit 809 suggesting that because of the insurance crisis the annual budgeting process contain alternatives to Fully-Funded Reserves. She suggested three (3) proposed budgets showing Fully-Funded, Partially-Funded, and Not Funded Reserves.

A Budget Workshop will be scheduled in early November and will include the three (3) alternatives for comparisons. It takes a vote by a majority of the owners to waive the Fully-Funded Reserve requirement by the State of Florida.

COMMITTEE REPORTS

Covenants Committee - No report.

Emergency Committee - Ten (10) security cameras have been installed. The entrance code system has been eliminated. Bars are being installed across the garage crawl spaces. An additional fuel tank has been installed for the emergency generator which will allow up to sixty (60) to seventy (70) hours of operation before a fuel refill is needed.

Guest Unit Committee - No report.

Landscaping Committee - One tall palm tree is dead, but it will not be removed until the annual palm trimming because of the cost of renting the needed eguipment.

Social Committee - No report.

Maintenance Committee - Ongoing maintenance projects are being continued.

Newsletter Committee - No report.

Welcome Committee - No report.

SALE & LEASE APPROVALS

It was moved and seconded to grant confirming approval for the following sale:
   Unit #904 to Jim and Tammy Maurice
Motion carried unanimously.

OLD BUSINESS

It was moved and seconded to grant confirming approval for a contract in the amount of $79,460 with Economy Caulking, Inc. to recaulk all exterior doors and windows with the funds to come from the Painting Reserves. Motion carried unanimously.

It was moved and seconded to grant confirming approval for a contact in the amount of $5,900 with Welch Tennis Courts, Inc. to resurface both tennis courts with the funds to come from the Tennis Courts Reserves. Motion carried unanimously.

It was moved and seconded to grant confirming approval for a two (2) year contract beginning October 1, 2006 in the amount of $2,280.51 per month with Cut-Rite Lawn Service. Motion carried unanimously.

It was moved and seconded to grant confirming approval for a contact in the amount of $995 with I P Risk Services, Inc. for a current on-site insurance appraisal as required by the insurance carriers. Motion carried unanimously.

It was moved and seconded to grant confirming approval to hire John McCurdy effective July 5, 2006 as a full time maintenance person. Motion carried unanimously.

It was moved and seconded to grant confirming approval to increase Laurie Parrot's hourly rate 5% beginning August 10, 2006. Motion carried unanimously.

NEW BUSINESS

A budget workshop will be scheduled the first part of November.

NEXT MEETING

The next meeting will be the Annual Meeting on Thursday, December 7, 2006 at 6:30 PM.

ADJOURNMENT

There being no further business, the meeting was adjourned.

Robert A. Burwell, Secretary/Treasurer