May 2008 HOA Board Meeting
Homeowners Forum
A unit owner was present to discuss fines levied against the unit for rules and regulations violations. The board considered the matter and the fines will be reduced.
Treasurer’s Report
For period ending April 30th, 2008
Bank, Savings and Investment Accounts
Checking $37,264.56
Insurance Reserve $4,742.33
Replacement/Special Assessment CD $251,778.60
Other Assets
Petty Cash $100.00
Total Assets $294,852.66
Committee Reports
The homeowner votes have been tabulated. We have selected an option for our elevator car remodel. We will give plenty of notice for the day the elevator will be out of service for interior upgrades. The Board is hopeful that the elevator will be easier to keep clean. The elevator car remodel is a Replacement Reserve funded upgrade. Styling option ‘A’ was selected by fellow homeowners with selection ‘C’ colors. The engineering company is being scheduled for the upgrade. The upgrade will happen within 6-10 weeks due to permits and will take a single day.
Security
There were no security concerns for the month of April.
Rules
An ongoing noise violation issue is nearing an end. The Board will be working with both owners to come to an agreement that is satisfactory to all parties concerned.
Old Business
Change in janitorial service. We have contacted 4 agencies and received 2 bids. One more bid is expected in the very near future – the Board will be waiting to receive the third bid before selecting and engaging a new vendor.
The Board has voted to do repairs on a deck unit that was not resurfaced when the exterior (not courtyard) decks were re-surfaced a little more than 2 years ago. E-Rein construction will perform the repairs.
New Business
The Board has approved the FY 2008-2009 budget. Homeowners will be receiving details in the mail shortly. Due to a substantial increase in property taxes and increased pricing in nearly all contracted services, the budget increase this year will be 10%.
The Washington State Legislature has passed a new law (S.B. 6215) that requires all condominiums to obtain regular Replacement Reserve studies (Replacement Reserves are funds that cover expenses outside of the yearly operating budget). A small percentage of the budget increase is to comply with the legislature’s requirement for annual study updates and a full study every 3 years. The Board has a 4 year old Reserve study. We believe we are current with our Replacement Reserve needs. The Board will be getting a new reserve study sometime in 2009.
First half of garage taxes paid in April – $10,692.84.
Ambassador I HOA annual common area dues are coming in this month.
Management met inspector for the earthquake insurance underwriter on-site.
Meeting Adjourned: 8:10 PM
Next Meeting is May 9th, 2008 at 6:30pm in Unit E-406