Completed Meeting
PLEASE NOTE: THIS IS FOR PLACEMENT AND TEMPLATE REFERENCE. THIS CAN BE EDITED OR DELETED.
Date: [Insert Date]
Time: 6:30 PM – 7:30 PM
Location: Community Center, Main Conference Room
Attendees:
- Board President
- Treasurer
- Board Member
- Board Member
- Community Manager
- Facilities Director
Absent:
- Board Secretary – Excused
1. Call to Order (6:30 PM)
Meeting called to order by _____ at 6:30 PM. Quorum confirmed with 6 of 7 members present.
2. Budget Review – Q4 Performance (6:31 PM – 6:38 PM)
Presented by: Treasurer
Current Financial Status:
- Total Revenue (Year-to-Date): $287,450
- HOA Dues: $245,000 (98% collection rate)
- Amenity Fees: $32,450
- Late Fees: $10,000
- Total Expenses (Year-to-Date): $251,200
- Landscaping & Grounds: $89,500
- Utilities: $45,600
- Insurance: $38,200
- Administrative: $28,900
- Maintenance & Repairs: $49,000
- Current Surplus: $36,250
Discussion Points:
- X noted that we are running 12% under budget on overall expenses, primarily due to favorable weather reducing landscape maintenance costs
- Y raised concerns about deferred maintenance on playground equipment that may need addressing before year-end
- Z confirmed that three pieces of playground equipment have been flagged in safety inspections and should be prioritized
Decision: Board approved allocating $8,500 from surplus for immediate playground equipment repairs/replacement.
3. Proposed 2025 Budget Overview (6:38 PM – 6:45 PM)
Presented by:
Key Proposals for 2025:
Revenue Projections:
- No increase in HOA dues proposed (remains at $245/month)
- Projected total revenue: $295,000
Major Expense Categories:
- Landscaping Contract Renewal: $95,000 (5% increase from current vendor)
- Pool Resurfacing Project: $45,000 (critical maintenance item)
- Security System Upgrade: $22,000 (includes camera upgrades and monitoring)
- Reserve Fund Contribution: $35,000 (per reserve study recommendations)
Discussion:
- X questioned whether we should seek competitive bids for landscaping contract
- Emily noted current vendor has been reliable for 3 years, but agreed to get 2-3 comparison quotes
- Z advocated strongly for the pool resurfacing, noting it’s been delayed two years and surface deterioration is accelerating
- Robert confirmed this is now a safety and liability concern
- Y asked about timeline for security system upgrade
- Robert indicated it could be phased over Q1 and Q2 2025
Decision: Board directed Michael and Emily to:
- Obtain competitive landscaping bids by November 15th
- Get detailed pool resurfacing proposals with timeline
- Present final 2025 budget for approval at December meeting
