The meeting was opened by Chairman Andy Habe, Jr. at 7:05 PM with all members (Tom Fermi, Bill Patten, Tom Rogers and Merle Ray present). Also present was resident Roger Lange.
Chairman Habe asked that at the December meeting with the residents that each board member say something about their particular area of interest.
The cash flow position as of October 31 was reviewed and found to be good. We should finish up the fiscal year ending December 31 in good financial condition. The FY 2007 Budget and Cash Flow Estimate are both being finalized for the December meeting.
The amended Rules and Regulations were presented by Tom Rogers and the Board approved the changes. Next to be completed are the Declaration of Trust and the Master Deed. There was a discussion on how to obtain approval by the residents. Even though the proposed changes were approved previously by the residents at individual meetings, they have not approved the re-written documents. The method of obtaining final approval will be a door to door canvassing of the owners to obtain their signatures.
Financial responsibility of the Condominium Association for mitigation of radon gas and foundation water leaks was discussed by the Board. There was agreement that radon gas elimination was the individual owner's responsibility and the Association would be responsible for water leaks.
Tom Fermi advised that Marinella has responded verbally to our request for reimbursement for repair of the water line on Nature View Drive. He maintains that the lines are out of warranty and he is no longer responsible for the repairs. Our position is that the leaks are caused by poor workmanship when the lines were initially installed. We will continue the discussion.
Tom Fermi advised that we have an agreement with the new snow removal contractor to plow and remove snow prior to the effective date of the new contract (December 1) if we have a storm in November. He also advised that there will be discussions with Waste Management to obtain a more favorable price in FY 2007 for trash pickup and removal.
Merle Ray advised that he is in contact with CPA Dawn Kay to negotiate a price for doing an annual review of our accounting system and prepare necessary tax forms. He also advised the group that an additional $10,000 CD had been purchased for the Reserve Account. We now have five CD's with varying expiration dates. Bill Patten asked about other investment choices such as Ing. These will be considered at a later time.
Tom Fermi advised that the new snow plowing contractor will first plow driveways of those residents who have to leave early to go to work. Tom Fermi will compile a list with estimated departure times for the contractor. A notice will be put on the circle bulletin board and in the newsletter to obtain this information. The FY 2007 Budget will be completed for review at the December meeting. This will include a review of the current condo fee structure.
The meeting was adjourned at 8:40 PM.
1. The meeting was opened at 7:03 PM by Chairman Andy Habe, Jr. with Tom Fermi, Tom Rogers, Bill Patten and Merle Ray present.
The main purpose of the meeting was the final review of the Fiscal Year 2007 Budget for Olde Canal Village. The starting point was a discussion of an email from a board member questioning whether we should consider an increase in the Condominium fees for the Fiscal Year. This was based on the fact that our income remains static while expenses keep going up. However, Chairman Habe cited the fact that the new snow plowing and landscaping contract effective December 1, 2006 was for a fixed price for three years with a follow-on renewal clause for an additional three years. These two areas represent the majority of our expenses each year. Tom Fermi also advised that we would soon begin discussions with the trash hauler to try to get a reduction in the costs in this area. It was also pointed out that in FY 2006, all decks and building fronts and been painted and would not require re-painting for at least two years. Chairman Habe pointed out that by doing these and other actions, the Trust would not have to utilize reserve funds as soon for major repairs as might normally be required. Tom Fermi also pointed out that the roads would again be sealed in 2008 thus furthering the life of the asphalt by a number of years. By keeping up with maintenance on an annual basis, the life of the facilities will be extended a number of years.
Although not required for FY 2007, the Board must keep in mind that sometime in the future, an increase in condo fees will be required. Our job as trustees will be to keep any required increases at the minimum required to continue keeping the facilities in good shape. All trustees then voted to accept the FY 2007 Budget as presented. The budget will be presented to the residents at the December meeting.
Other business discussed was as follows:
A request was received from one residence concerning deficiencies which have existed since purchase of their unit from the builder (approximately five years ago) as well as some repairs needed which are their responsibility. Tom Fermi will prepare a response advising them of this responsibility and of sources for the repairs. Resolution of the deficiencies must be obtained by the residents from the builder/builder‘s vendor. The Trust is not responsible in either instance.
5. The meeting was adjourned at 8:30 PM.