MINUTES OF THE BOARD OF DIRECTORS’ MEETING
SECTOR 2A AT SNOHOMISH CASCADE ASSOCIATION
7 P.M. TUESDAY JANUARY 6, 2015
CALL TO ORDER / PRESENTATION OF MINUTES
NEW BUSINESS
MEETING ADJOURNED AT 7:46PM.
__________________________
Steve Yandl, Secretary
SECTOR 2A AT SNOHOMISH CASCADE ASSOCIATION
7 P.M. TUESDAY JANUARY 6, 2015
CALL TO ORDER / PRESENTATION OF MINUTES
- Suzan Miller called the meeting to order at 7:07pm. Present were Suzan Miller, Steve Yandl, Tim Day and Ralph Kouri.
- Minutes of the December 2014 meeting were presented and unanimously approved.
- Steve Yandl reported on current financial status and forecast through the end of 2014.
- Currently $21,312 in checking. After anticipated expenses through the end of the year (including the transfer of funds to the long term reserve) we will deplete checking to nearly 0.
- The usual amount budgeted to go to the long term reserve for 2014 is $9,139. We are in the next to last year of also needing to transfer $11,115 to restore the account after borrowing to cover unexpected legal costs several years ago. The amount going to long term reserve is to be reduced by the amount spent with Town and Country Fence for repairs in 2014, $4,431.47, plus $1363 for a cluster box (mailbox) replacement in December. Thus, when the CD with the long term reserve is renewed we will transfer $14,460 from checking.
- There is $70,686 in the long term reserve. After the transfer, we will have $85,146 plus any additional interest accrued as we begin 2015.
- We have $5,694 in operational reserve. We are unable to increase that by $6,000 as proposed in the 2014 budget but we didn’t spend down the existing reserve.
- Currently $21,312 in checking. After anticipated expenses through the end of the year (including the transfer of funds to the long term reserve) we will deplete checking to nearly 0.
- Steve Yandl reported that he was unable to complete a review of the reserve funds for presentation but will attempt to have that completed for the next board meeting.
- There was a discussion of strategies for dealing with chronic late payers or homeowner’s who have failed to pay for multiple years.
- We are out of replacement locks for mailbox repairs. Steve Yandl will investigate to see if we can acquire a small number to have in inventory should locks become unworkable.
- Windstorms caused some unexpected fence damage. Repairs are less than $1k and will be spend from reserve, reducing the amount ultimately going to reserve for 2015 collections.
- Ballots for budget ratification will solicit opinions on options for fence repair over the next several years. We don’t have sufficient reserves to replace the entire fence in 2015 but we could begin a partial replacement and have the improvement span multiple years. The current preference for new fence is using pre-stained wood and cost for entire fence, including tax would be in the neighborhood of $124k. No vote taken but board preference is to split the job into three phases and spread replacement over the next 3 or 4 years but we will wait to vote until we get member feedback.
- No response from Aziz Mohammad regarding the non compliance notification sent by certified mail. Fines are accruing.
NEW BUSINESS
MEETING ADJOURNED AT 7:46PM.
__________________________
Steve Yandl, Secretary