Location: Maloney Home-West Linn, Oregon
In Attendance: Karl Malo (President), Rich Janulis (Treasurer), Dennis Maloney (Secretary)
The meeting was called to order by Karl Malo at 10:00 am.
Topics:
- The June 2008 Board Meeting Minutes were reviewed and approved.
- Budget Discussion-the annual budget is the sum of the road, paint and roof reserves plus the annual expected expenses for landscaping, tree trim/removal, insurance and water overage. The budget set for 2009 is:
- $6000.00Landscaping (18 Homeowners),
- $6000.00Roof Reserve (Original 10 homeowners only),
- $0.00Paint Reserve (Original 10 homeowners only)
- $1800.00Road Reserve (18 Homeowners),
- $2000.00Trees (18 Homeowners)
- $750.00Water Overage (18 Homeowners),
- $625.00Insurance (18 Homeowners),
- $520.00Miscellaneous (18 Homeowners), $17695.00Total
- Dues for 2009
- $1260.00 x 10=$12,600Homeowners,
- $650.00 x8=$5,200Lot Owners, $17800.00Total
- Notes On Budget Items:
- Road Reserve-our original budget called for $5000.00 for road repair. The actual bill was $8288.82. Charges are very dependent on oil costs. We will need to increase the annual budget amount in order to reach $9000.00 budget estimate in five years. The annual amount required is now $1800.00.
- Roof Reserve-The original estimate for roof replacement was based on a Portland example that is not relevant to beach properties. When Holly Heights roofing is replaced, it will be necessary to remove existing shingles. That more than doubles the cost. We estimate we have 13 years left for the roofing on the original 5 units (10 homeowners). At our current accrual rate, we will fall very significantly short of the anticipated need. The rate of accrual and the impact on dues will be discussed at the next annual meeting. The $6000.00 this year is $2000.00 more than our original plan. Karl Malo has gotten one estimate in today’s prices for reroofing. He will get a second estimate before the next annual meeting. That will be the basis of the forecasted replacement costs.
- Paint Reserve-We currently have in excess of $12,000 in the paint reserve.i.We think we can get three more years without painting. We will not add to the paint reserve this year.
ii.No amount is budgeted for the two new homes at the present time.The board anticipates that those new homes will cost more than the original 5 townhomes to paint. When they do join the reserve process, the amount they will be charged will be the same as that of the other units. At time of payment, their share of those reserves will be paid to reduce their bill and the individual homeowner would be responsible for any difference over and above the average cost. - The water overage budget matches actual 2008 expenses.
- Tree topping-we did not spend the $2000 planned for 2008. We do expect some approvals to remove trees from neighbors below this year and we should be able to complete the topping process during 2009. Karl has a new local person that is bonded and can do the topping work. Dennis will contact Katy at Brewin in the Wind about topping of the five trees on her property.
- Landscaping-The board voted to continue employing Ron Randolph to continue the landscaping work.North Coast Lawns is his competitor and could be contacted for a second bid once we get Ron’s bid for 2009.
- Rich will send out dues invoices in December for January payment. He will also include a notice to have homeowners send proof of insurance to Dennis as outlined in previous correspondence with homeowners.
- The meeting ended at 1:30 pm.