Date: Tuesday, January 11, 2022
Time/Location: 7PM via Zoom
Those in attendance: Ken Schiewetz, Larry Barlow, Lisa Martinez, Anne Mesick
Those absent: Eric Leonheart, Rod Martinez
President: Ken Schiewetz
Ken reported that the law suit is still in the discovery phase. the board is collecting more information to present to our attorney.
Vice President: Eric Leonheart
No Report
Treasurer’s Report. Gary Mesick
2021 Budget: As of January 1 2022, one household is paying dues in installments (for an additional fee). All other households are completely paid up.
As of January 1, the Operating Fund (checking) has $5455.92, and the Reserve Fund (savings) has $39,868.76.
The 2021 budget finished the year $8700 over the original 2021 budget, all of which is due to substantial legal fees, totaling more than $11,000. Since back dues have been paid this year, the budget funds received exceeded projections by about $5000, so cash flow offsets $5000 of the budget shortfall. The remainder of the shortfall was covered by the balance held in the checking account. The board expects to recover the legal fees in litigation or through an insurance claim, but this is by no means a certainty.
The community has contributed $16000 to the Reserve Fund (savings) for 2021. The community has spent $19,760 from the Reserve Fund so far this year on maintaining community property. There is enough money in Reserve to address current and projected repairs.
2022 Budget: The draft proposed budget for 2022 holds dues at $720 per household, and it calls for $16,000 in contributions to the Reserve Fund. It raises the amount projected for legal fees by reducing other discretionary spending and by eliminating any cushion for other unforeseen expenses. A final proposal will go out to homeowners as part of the 2022 annual meeting information.