Minutes
of Meeting – 09/15/03
Call to Order - The meeting was called to order at 7:10 PM by Finance Committee Chair, Bea Spindler. Budget worksheets, the August balance sheet and income statement, and monthly income/expense summaries for 2002 and 2003 were distributed to all in attendance.
· Attendance – Bea Spindler, Monroe Miller, Laura Szabo.
· 2004 Budget – The purpose of the meeting was to review all current income and expense categories and begin preparing a preliminary budget for fiscal year 2004. Our goal is to meet again before the October board meeting and have a draft of the budget ready for presentation to the board members and homeowners. The following list summarizes our initial estimates for the income categories:
q ASSESSMENTS – We are currently showing assessments remaining at the 2003 amount.
q INTEREST INCOME – We have reduced this category due to reduction in overall interest rates.
q HOMEOWNERS DOCK INSURANCE PREMIUM – We have added this category to reflect the contribution of those homeowners who have a dock and are required to contribute their share of the association insurance premium. Previously, these contributions were just shown as miscellaneous income. The new category will more clearly reflect our insurance costs.
q GOLF TOURNAMENT INCOME – We have added this category to reflect proceeds and expenses associated with the community golf tournament.
q NEWSLETTER ADS – Unchanged.
q CABLE – This figure was increased to reflect raise in rates per the contract.
The following list summarizes our initial estimates for the income categories:
q IRRIGATION MAINTENANCE – Unchanged, Bea will call Boca Irrigation to verify.
q LANDSCAPE REPLACEMENTS – Unchanged.
q LAWN MAINTENANCE/TREE TRIM – Unchanged, Bea is obtaining additional bids from other contractors.
q LAKE & DOCK MAINTENANCE – Unchanged, Bea will call to verify rates with contractor.
q PLAYGROUND MAINTENANCE – Slight reduction based on 2003 anticipated expense.
q SECURITY – Increase of $4,000 to reflect Wackenhut renewal contract.
q MISCELLANEOUS MAINTENANCE – Slight reduction based on 2003 anticipated expense.
q STREET SIGN MAINTENANCE – Reduced significantly to reflect decrease in storage cost and completion of the major installation. Expenses for 2004 should consist of routine maintenance/repair.
q CABLE – This figure was increased to reflect raise in rates per the contract.
q UTILITIES/ELECTRIC – The figure was increased slightly to reflect 2003 anticipated expense.
q ACCOUNTING FEES – Unchanged.
q GOLF TOURNAMENT EXPENSE – This category was added to show expenses related to community golf event.
q INSURANCE – This figure was increased based on anticipated increase in premiums. We are looking into bids from other carriers.
q LEGAL – Increased from $5000 to $6000.
q OFFICE SUPPLIES – Reduced slightly based on 2003 anticipated expenses.
q POSTAGE – We have kept this figure at $3,900 in anticipation that we may resume mailing the newsletter. Details of this possibility need to be coordinated with the Communication Committee.
q HOLIDAY LIGHTS – Unchanged.
q MEETING ROOM FEES – Unchanged.
q NEWSLETTER PRINTING – Unchanged.
q MANAGEMENT FEES – Unchanged.
q TAXES/LICENCES/PERMITS – Unchanged.
· General Discussion – Concerns were raised over the problems associated with newsletter ads and timely distribution. Currently, ad revenue is collected by Pointe Management, however, we are experiencing significant problems regarding record keeping. An audit of ad revenue including money collected from advertisers, size of ad, and number of issues paid for is highly recommended. Although distribution via block captains has saved money in postage, it is not a significant sum when compared to the overall budget. It may be worthwhile to resume mailing of the newsletter to avoid distribution delays and problems associated with delivering newsletters to advertisers and homeowners that are not residents.
· Adjournment - The meeting was adjourned at 9:00 PM. Next meeting prior to October board meeting, exact date not yet decided.
Respectfully submitted,
Laura Szabo, Finance Committee Member