3/26/08, 7:20 PM
 
Meeting called to order.  No annual meeting, no quorum.
 
7:21  Gina reads Lee's Treasurer report.  
 
7:22 - 7:28  Chris reads Budget.  Chris explains budget and balance sheet.
 
7:28 - 7:30  Van explains Gazette and extra surplus.  We are taxed on this under new tax law.  Chris explains why we cannot reduce the HOA dues at this time.
 
7:31  Pat Kerr explains why $600 needs to stay as is because we need that money in the future.
 
7:34  Van explains more of the why we need $600 dues because we need to catch up on all repairs and maintenance.
 
7:38   Matt Ryan mentions that if anyone needs help paying those annual dues, the board will work with them.
 
7:39  Pete L. - the neighborhood seems so much more stable and fixes are being done.  His explanation of the good use of the $600 HOA fee.
 
7:40  Chis asks for volunteers.
 
7:43  Matthew Long (Tipperary) has questions:
The numbers don't add up on reserves.  2008 "Recommended Annual Funding" list of #'s do not add up.  Van will correct and post on website. 
Money - is it all being used correctly and being "banked" accordingly?
7:49  Reserve $ stays in reserves.  We do not spend it.
 
7:51 - 8:00  Legal Fees?  Are we paying a lawyer $20,000 to look at our paperwork?  Van and others explain.  $11,000 was spent in '07.  Lots of leans on homes as well as other legal fees.  Van, maybe you can explain more.
 
8:03  Motion to accept 2008 budget and move $43,000 surplus into "Deferred Maintenance".  I made motion and Ed 2nd it.  Motion carried.  Van will write it up.
 
8:05  Budget meeting adjourned.
 
Five minute break and then the regular board meeting begins.
 
8:06  Dee Ryan has a nomination for office on board.  It is explained to her that there will be no Annual meeting as we only had 39 people (proxy) and 28 (in person).
 
8:10  Organizational meeting begins.
 
8:21  Ed S. makes motion to keep HOA the same with the board members and everyone agrees.
 
8:22  Meeting is adjourned.