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

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1. Call to Order (6:30 PM)

Meeting called to order by _____ at 6:30 PM. Quorum confirmed with 6 of 7 members present.

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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.

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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:

1. Landscaping Contract Renewal: $95,000 (5% increase from current vendor)
2. Pool Resurfacing Project: $45,000 (critical maintenance item)
3. Security System Upgrade: $22,000 (includes camera upgrades and monitoring)
4. 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:

1. Obtain competitive landscaping bids by November 15th
2. Get detailed pool resurfacing proposals with timeline
3. Present final 2025 budget for approval at December meeting