View the printable and official published version of these minutes.
Board Members: Lauren Dame, Jean Kern, Clyde Horn, Rick Lowen, Jesse Fittipaldi
BMC Personnel: Tom Weaverling, Diane Sollinger
Owners: Roll and proxy count—completed Initial count of 40 proxies and 19 attending = 59 = quorum.
Packets sent to absentee owners, email version of packet sent to all owners, multiple phone call/email solicitations of proxy completion and submission.
Supplied hard copies to attendees.
Moved to accept the minutes waiving a reading, seconded – unanimous.
Vote to have the Board approve the annual meeting minutes on the behalf of the owners so that an approved copy of the minutes can be sent to owners in a more timely manner. Passed unanimously.
[see added spreadsheets for more details]
Total income for 2018 was $358,831.44 vs budget $355,296 (line 8)
Total operating expense was $200,799.84 vs budget $216,720.00 (line 44)
Significant savings occurred in our Utilities budget (line 15) approx. $7,800
EWEB (line 10) approx $5,500 and Garbage (line 14) approx. $1,650
Additional savings occurred in our Maintenance budget (line 43) approx. $8,100
The net operating balance was $158,031.60 vs budget $138,576 (line 45)
$130,000.00 was transferred to Reserves Funds (line 46). In addition $33,471.25 was used to cover a portion of the $97,471.25 Reserve Plan Maintenance expenses (line 47).
The balance of Reserve Plan expenses was covered by a transfer of $64,000.00 from Reserve Funds (line 48).
The Net Balance from Operations was -$5,439.65 (line 49).
The opening cash balance for 2018 was $2,783.33. The closing cash balance was $2,153.68.
In 2018 it was possible to establish a Cash Reserves Fund in addition to the Maintenance Reserves Fund that we have funded for the past several years.
Cash Flow (line 4)
The opening balance was $176,324.59. Cash transfers from the operating budget were $120,000.
Withdrawals included $64,000 transferred to the operating budget to cover Reserve Plan expenses and $120 for Morgan Stanley account fees.
Income was $651.82.
The closing balance was $232,856.41.
The total Reserve Plan Maintenance expense was $98,159.50.
The Cash Reserves Funds was created in December 2018 with a $10,000 transfer from our operating budget. The Cash Reserves are currently allocated for the 2019 roof safety project.
2019 Budget (spreadsheet #3)
The 2019 Operating Budget was approved by the BOD 11/27/2018.
A copy of the approved 2019 budget was sent to owners along with the notice of increase of 2019 HOA assessments.
The Budget has a $36,860 surplus. The surplus was included to provide additional funds for the roof safety project as needed. Any of the surplus that is not used for this project would remain in our newly established cash reserves.
The projects this year have been discussed previously in the President’s and Financial reports.
The Garage renovation will be starting in May and will continue for approximately 6-9 weeks.
Didn’t do anything last year because of budget constraints. We want to revive the Committee and start evaluation of possible projects needed.
We didn’t have any projects either due to budget constraints.
Our “wish list” for future projects:
Jesse Fittipaldi and Hal Dillon elected.
Rick thanked for his 10 year term on the Board with a commemorative mug.
Animal By-law Amendment vote. Failed due to lack of participation since it needs a super-majority to pass instead of just a quorum/majority. Not enough participation in the Meeting by proxy plus attendance to reach the necessary voting numbers.
Roof Safety upgrade project needs owner approval to continue. Vote passed with 20 in- person Yea votes, none against.
It was also decided to vote on having the HOA financial records reviewed by a CPA as instructed by Oregon State Condo Law [instead of waiving it as usual] at a cost of $1000-$2000. 11 Ayes / 5 Nays. Passed.
The full 2019 Annual Meeting Packet, including agenda, budget spreadsheets, and other related items.