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Home Newsletter > Current Minutes Board of Director's Meeting October 23, 2007 Maintenance Committee Marina Association Archive Who's Who What's New Forms Online Rules Online Key Phone Numbers |
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SUNWATCH ON ISLAND ESTATES President Jo Warn called the meeting to order at 9:32 AM. Board members present were Bob Burwell, Sue Clark, Joe Giacomini and George Powers. MINUTESMinutes of the April 30, 2007 Board Meeting were approved as presented. FINANCIAL REPORTTreasurer Bob Burwell reviewed the Financial Report for nine (9) months ending September 30, 2007. The Operating Account had a balance of $82,158; however $20,306 of that amount was in Prepaid Owners Fees. The Reserve Account had a balance of $442,001. Income for the nine (9) months exceeded Expenses and Reserve Funding by $46,448. Two owners were delinquent a total of $1,143 in monthly maintenance fees. MANAGEMENT REPORTPaula Nielsen from Resource Property Management presented her Management Report for October. CORRESPONDENCEThere were no notes in the Suggestion Boxes. Covenants Committee - No report. It was moved and seconded to grant confirming approval for the following sale: None NEW BUSINESSThe Annual Meeting of the Association is scheduled for Thursday, December 13, 2007 at 7:00 PM. It was moved and seconded to grant confirming approval for refunds paid $429.00 to John McDonnell, $99.00 to Glenn Miller and $115.50 to Betty Furniss for painting their balcony railings just prior to painting all of the balcony railings by a contractor. Motion carried unanimously. It was moved and seconded to grant confirming approval to repair a wall in unit #205 for $565.00. Motion carried unanimously. It was moved and seconded to grant confirming approval to re strap all of the pool lounge chairs for $1,653.15. Motion carried unanimously. It was moved and seconded to approve a contract with Fast Fire Alarm & Security in the amount of $1,878.00 to replace the defective Tele-entry System at the 670 entrance. Motion carried unanimously. Treasurer Bob Burwell presented the Proposed 2008 Budget which will be voted on at the November meeting. The Maintenance Committee Report was presented by Joe Giacomini. He stated that over the summer months he and Jo Warn had met several times with Brian Keiter, Senior Structural Engineer with Kerns-Whitehouse & Associates, Inc. (KWA) with whom we had contracted to obtain and review bids for the Restoration and Waterproofing of Common Walkways and Decks. Brain Keiter presented his review and recommendations of four (4) bids by qualified contractors. The highest bid was $983,875 and the lowest bid was $681,145 by Structural Preservation Systems. Brian recommends a 20% contingency to cover unforeseen conditions when the old surface is removed. In addition KWA presented a proposal for a Construction/Contract Administration Services not to exceed $62,510. The total cost of the project would be (contractor $681,145 + 20% contingency $136,229 + engineer $62,510) $879,884. Bob Burwell informed the Board that as of September 30th there was about $340,000 in the General Property Reserves plus Deferred Maintenance and Unallocated Interest, therefore an Assessment will be necessary to pay for part of the project. Bob presented a chart showing that an assessment would run from $848.75 for the smallest units to $1,318.89 for the largest units per $100,000. As an example, if the Board approved $279,884 to come from reserves the balance of $600,000 would come from an assessment which would amount to $5,092.50 (6 x $848.75) for the smallest units to $7,913.34 (6 x $1,318.89) for the largest units. It was moved and seconded to ask the Maintenance Committee to review the proposed bid in detail with Brian Keiter and report their recommendations to the Board at the November meeting. Motion carried unanimously. NEXT MEETINGThe next meeting will be Thursday, November 15, 2007 at 9:30 AM. ADJOURNMENTThere being no further business, the meeting was adjourned at 11:40 AM. Robert A. Burwell, Secretary/Treasurer |