2006 Annual Meeting

 

For those of you unable to attend the annual meeting, here are the highlights:

The meeting was called to order at 7:45.

Unit Owner concerns from the 2005 Annual Meeting were reviewed in order to track any progress in resolving those concerns:

Ø      Odors from the Sewer Treatment Plant

Ø      Keeping Landscaping Costs Down

Ø      The Special Assessment Contribution to the Reserve

Ø      Condominium Fees

Ø      Security and Loitering Around the Sewer Treatment Plant

2006 Accomplishments were reviewed

Ø      A balanced budget

Ø      Reserves were increased by 62%

Ø      Completed staining & painting on Doyle, Leman & Weybridge - with $47,000 in savings over 2004 (in part because we replaced fewer clapboards)

Ø      Renewed landscape contract with Riverside (negotiated $5K reduction in price and additional savings on landscape maintenance items totaling $10K)

Ø      Changed Banks for Reserve Account with potential for $8K in additional interest in 2007 (the interest rate floats with the value of 3-month treasury bills).

Ø      Improved communication: newsletter and website

Ø      Improved lighting around Sewer Treatment Plant

Ø      Trimmed trees and underbrush from behind Lilac 1-4 for security

Ø      Replaced safety fence behind Lilac Units 5-12

Ø      Provided chimney cleaning opportunity at best bid pricing

Ø      Renewed pest control contract with no increase

Projects for 2007 were outlined for the unit owners:

Ø      Staining of remaining decks on Birchwood, Turnbridge, Rosewood & Lilac

Ø      Building Maintenance Cycle based on need

Ø      Replacement and enhancement of ventilation system in STP

Ø      Replacement of ceiling in STP

The Treasurer reviewed the Projected Financials for 2006 vs. year-end 2005

Ø      Condominium dues for 2007 will not be increased. 

Ø      The Assessment for Reserves will be reduced by 50% with the caveat by the Treasurer that this would be subject to review by the Board should the need arise.

Open Discussion of Unit Owner concerns

Ø      Need to replace STP ceiling – lengthy discussion took place regarding the construction of the existing building vs. the proposed repairs and improvements

Ø      There was a discussion of how large the Reserve should be.  (Goal is just above the 2000 level.)

Ø      What is the biggest concern to be covered by the Reserve monies?   Pat suggested the greatest unknown with the highest cost is probably the roofs.  Steve Dannin reviewed for all what is involved in roof replacement. 

Ø      What other expenses would the community have that are not covered by insurance?  Roadway and sidewalk repair, STP increases, water costs, permits and rubbish which is up 8% for next year.