HHCI Finance Committee

May 21, 2008

 

Attending:

George Field, Kay Franklin, Jean Herr, Nick Karanikas(visitor), Ginny McCardle, Ed McEnroe, Warren Miller, Ed Plummer

 

The Minutes from the April 16, 2008 meeting were reviewed and approved.

Warren Miller reviewed the overall budget shortfalls which are expected to total $31,000. This should be covered by the $16,000 contingency amount currently in the budget, $5,000 from the Lennar closing agreement, and the rest ($10,000) to be from other budgeted categories not expected to be used by budget yearend closing. Warren did indicate that this would be a worst case scenario.

The group reviewed the check disbursements .

The group reviewed contracts that are due and the latest renewed.

The group discussed the utility expenses and delinquent account procedures.

Pending contracts:

Roofing:

 Summit roofing has provided a contract to address the roof issue of water shooting off the roof in areas where there are large valleys. Also, a contract to put vinyl clad aluminum on the Barclay units. This is because there are current leaks when the wind drives the rain onto those areas. This is a proactive approach to cut down on extended maintenance that would be required each year. The initial expense should be  recovered in later year savings on maintenance  to these units.

Discussed the water leak situation in B306 that was fixed by Summit Roofing and now requires that the ceiling in the master closet needs fixing where the water entered.

Warren indicated the previous  items would be funded by the reserve fund.

There was a discussion regarding the future budget and projecting an increase in the condo fee for next year.

The contract with ESSI was discussed. This is to provide service, maintenance, programming, & updating of the monitoring systems and door entry systems for both buildings. Currently there are two contracts one for each building.

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The meeting was closed at 3:29 PM

The next scheduled meeting will be the third Wednesday in June, The 18th at 02:00 PM. Place to be announced.

 

Respectfully submitted,

 

George Field