BUDGET & FINANCE COMMITTEE
MINUTES OF MARCH 7, 2007, MEETING

Meeting took place in unit B210 at 2:12PM.

Present: Betty Licitra, George Field, Warren Miller, treasurer

Also presnt: Bill Massarella, Ed Plummer, Bill Goetz, Gloria and Glen Kassing.

Minutes of Jan 5, 2007, were read and corrected. Instead of replacing light fixtures it should have read lamp shades.

January Financials:

Warren Miller said that $3000 in uncollected monthly fees is currently in the hands of the lawyers. This applies to one unit owner only.

 

Compared to recent months, the cash flow has improved greatly because of the increase in monthly condo fees.

 

Questioned SCS about a January check for $444.00 for "violation letter fees." What is the cost per letter?

 

Warren asked SCS to correct line items which are under repair and maintenance and should be under contract fees and some items under contract costs should be included in repair and maintenance.

 

Plan to identify all CDs as earmarked for Replacement Reserves and Painting Reserves, so that there is no mistaking this cash as excessive and is not to be used for operation costs.

 

Old Business:

The trash removal and compactor leasing contract with AAA is due expire in July, 2007. Also, housekeeping contract.

 

Bids for condo roof inspection were given to the condo board. Tkhey were in excess of what the board felt was reasonable for the job required.

 

The cost to replace water meters that Prince William County will recognize is still ongoing. The committee feels tha the cost will pay for itself over the next few years.

 

New Business:

The Budget and Finance Committee would like to recommend to the Board of Directors that the late charges be increased from ten dollars ($10.00) per month for each monthly assessment in arrears to twenty-five dollars ($25.00) per month for each monthly assessment in arrears.

Open Forum:

Glen Kassing had some comments about the heaters in the ceiling in the garages. George Field asked Glen to accompany him the next time he makes measurements of the temperatures in the ceilings.

 

Bill Goetz had some questions about the increased costs. He was given a copy of the transition study which has a detailed schedule of repair and replacement costs. These costs are in excess of the costs cited in the Public Offering Statement made by the developer in 2001.

 

The meeting was adjourned at 4:25PM.

Respectfully submitted, Betty Licitra

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