Board Members in Attendance:
- President – MJ Jones
- Vice President – Ron Alford (absent)
- Treasurer – Jon Lee
- Secretary – Brenda Campbell
- Board Member – Janet Cummings (absent)
- Additional Households in attendance – 0
The meeting was called to order by President Mark Jones at 7:09 pm.
Old Business:
Financial – Budget on target for this year. Still have 6 homes owing current years dues, with an additional 2 homes still owing interest only. Current capital reserve balance is $17,327, which is less than one year’s expenses.
New Business:
2010 Budget Approval – Mandatory pool repair estimates were reviewed and bid of $5,000 which will include draining, replacement of drain and repainting was approved. Separate water cost to refill is estimated at $150. Estimates for replanting of holly bushes along back fence around pool added into the general landscaping line item. Increase in Social budget to include costs for planned Pig Picking family gathering around the pool opening date, as well as the supply purchases for luminaries in December. The estimate on cost of the Progressive Supper would be limited to flyers.
Review of past years expenditure and planning for future normal expenses required the increase in annual dues. Considering our low dues rate and the need to keep a minimum of 6-months in reserves we foresee the need to increase rates again for 2011. Our HOA bylaws prevented dues from being raised further this year, so we present this financial trend to the annual meeting in February.
Vote was passed 3-0 to increase dues the maximum allowed without full association vote, which was 5%, adjusted for the consumer price index as of July 2009, which was -0.2% for Raleigh. Dues will be $168 for 2010.
Secretary was directed to mail out invoices no later than December 12th to all homeowners.
Meeting adjourned at 8:40 pm.
Next Meeting: Annual HOA Meeting, February 2, 2010 at the Golden Corral on Millbrook Road, at 7 pm. Board to hold position elections immediately following the annual meeting adjourns.