HOA Board of Managers
Meeting Summary
September 21, 2006

Call to Order

• approximately 30 homeowners present to observe meeting
• decision by homeowners on agenda (see Homeowners to Speak) that their comments could be heard by the public and not restricted to only the Board

Homeowner to Speak

• 2 homeowners on the agenda; both raised concerns and questions regarding the special assessment for the mansard and soffit project
• Request from Board to homeowners who were not on the agenda: please delay questions and comments until after the Board meeting, so that meeting business on the agenda could be properly addressed

Approval of Meeting Minutes

Financial Report

• Some special assessment payments have already been made by homeowners
• Unclear at this time if a bank loan will be necessary to finance the mansard project, or if enough homeowners will adhere to assessment schedule to meet roofing payments.
• John reported that it will still be possible to secure a loan from Vectra Bank if the Board determines a bank loan is necessary.
• Two CDs are maturing in mid-October; suggestion by Carol and the Board to move balance to checking

President's Report

Managing Agent's Report

• Boilers were turned on September 21, 2006 to account for cold temperatures projected for the weekend; boilers were inspected and repaired beforehand.
• Completed projects
  • painted inside of carports #6,7,8
  • rebuilt rail along steps between 3315 and 3300
  • winterized swamp cooloers
  • annual fire extinguisher inspection
  • mowed, trimmed, and edged grass
  • replated motor in elevator in 3150
  • winterized sprinkler system
  • replaced springs on garage door 3240 west
• Projects planned for next month
  • clean gutters
  • begin mansard project
  • winterize lawn equipment
  • rake leaves

Unfinished Business

• Pool cover
  • concern that the high utility expenses for the clubhouse building (approximately $22,000 per year) are largely due to the pool
  • expected expenses and savings with a pool cover:
    • $12,000-$15,000 for the pool cover
    • recurring expense of $150/month for security guard to remove the pool cover at 5am when the pool opens for the day
    • savings on utility costs are unknown: the gas bill for the clubhouse cannot be separated into pool and building components; when pool is covered (7 hours/day), it is expected that about 1/2 of current gas usage would be saved, but we don't have knowledge of current pool gas usage.
  • subcommittee will ask other Boulder properties with indoor pools about their pool covers, and explore possibility of securing a trial period on a pool cover so we could better assess the utility savings vs. cost

New Business

• Mechanics of the budget:
  • Dan wanted to give the Board advance notice that the October and November meetings' business will be dominated by planning the 2007 HOA budget.
• Interest rate on special assessment:
  • John wanted to revisit the 8% finance charge on assessment balances not paid as of December 1, 2006.
  • Discussion: the Board had unanimously decided at the August meeting how to arrange special assessment financing, and that any attempts to take the 8% finance charge (which would compensate for a bank loan) out of reserves would deplete reserves below minimum levels specified in bylaws and would put the property at risk.
  • Motion: John Kaluza moves to consult our CPA to investigate what it would cost the HOA to rebate the 8% finance charge to the homeowners using reserves.
  • motion was not seconded, motion died at 7:53pm

Meeting Ajourned