View the official pdf version of the minutes

Willamette Towers Board Meeting

November 21, 2024 @ 5:00 PM

ATTENDEES:

Board members (in person): Clyde Horn, Jesse Fittipaldi, Hal Dillon
Board members (via Zoom): None

BMC Personnel (in person): Diane Sollinger
BMC Personnel (via Zoom): Dave Saraceno

Owners (in person): Richard Bomball, John Rose
Owners (via Zoom): None

Call to order: 5:08 PM

Motion to approve today’s agenda: Clyde, 2nd: Hal; Unanimous

Motion to approve minutes from 10-29-2024: Clyde, 2nd: Jesse; Unanimous

Treasurer’s Report:

Month ending October 31, 2024

Operating Account Summary (aka Trust or Checking account)

Beginning Cash Balance 10/01/2024] $22,574, prev: $12,253
Ending Cash Balance [10/31/2024] $29,747, prev: $22,274

Budget–Comparative

Month-to-Date Details

BUDGETED Total Operating Income: $22,793, prev: $22,793
ACTUAL Total Operating Income: $22,264, prev: $23,378

ACTUAL Total Operating Expense: ($30,990), prev: ($27,090)
BUDGETED Total Operating Expense: ($22,143), prev: ($29,943)

Year-to-Date Details

BUDGETED Total Operating Income: $227,933, prev: $205,139
ACTUAL Total Operating Income: $230,275, prev: $208,011

ACTUAL Total Operating Expense: ($298,213), prev: ($267,224)
BUDGETED Total Operating Expense: ($229,233), prev: ($207,090)

Notable Expenditures:

$10,696 for flood insurance premium
$2,870 for 4th quarter elevator maintenance
$2,000 common area carpet cleaning
$1,575 for 206 electrical panel replacement

Reserve Account Summary

Opening Balance [10/01/2024] $276,746, prev: $278,353

Credits this Period $0, prev: $19,743
Debits this Period ($0), prev: ($22,165)

Change in Value this Period $783, prev: $815

Closing Balance [10/31/2024] $277,529, prev: $276,746

Notes about Reserves:

Primary Reserve balance: $275,317, prev: $274,502

Plumbing Reserve balance: $1,492, prev: $1,492

End of Treasurer’s Report

Motion to approve treasurer’s report: Clyde 2nd: Hal Unanimous

Owner’s Forum:

No comments

Committee Reports:

MMRC (Major Maintenance and Repair Committee):

Elevator shaft “Exhaust Air-Filter” issue:
Jesse will contact Systems West Engineering and ask about the seriousness of the “dirty air filter” issue.

Big Plumbing Project (BPP):
The MMRC is reaching out for bids.

Painting yellow parking lines at the north end of the building.
Postponed until we have reliable dry weather.

Green Committee:

We will contact the city and Friends of Trees to get a list of trees that we may choose from.

Budget Committee (Jesse, Alex, John Rose):

The committee submitted their 2025 Budget.
It includes a 5% increase in HOA dues. It was approved by the Board.

Motion to approve 2025 Budget: Clyde, 2nd: Hal; Unanimous

Unfinished business:

All the Zinsco electric panels have been replaced.
Dave will confirm that we have all the documentation of this fact.

We voted to approve the $225 water-shutoff fee.