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SNAKE RIVER VILLAGE
PERSONS PRESENT:
MIKE MAGLIOCCHETTI – Property Manager MEMBERS PRESENT:
CARL STIEHL – Secretary HOME OWNERS PRESENT: DICK GRANT The meeting was called to order @ 7:05 P.M. Financial Review Mike Magliocchetti presented the year to date financials. Snake River Village is currently over budget by approximately two thousand dollars. This is mainly due to the high cost of snowplowing/snow removal that was required due to the high snow fall experience this past winter. Snake River was approximately $4000.00 over budget last year we have a total deficit of approximately $6000.00 year to date. In order to have sufficient cash flow, the reserve transfers have been held in the operating account and represent $15000.00 of the $18000.00 in the accounts payable. Mr. Magliocchetti continued by explaining the variances of the following accounts:
Reserve Budget: Year to date, $10,046.00 has been spent from the reserve budget. $2346 was spent on heated mats for spa area and the remainder of $7700 was used to install irrigation in common area near the spa. The board decided not to replace the hot tubs at this time. Building touch-up paint is scheduled to happen before winter and the window washing is scheduled for August. Mike Magliocchetti suggested installing summer mats over the spa wood deck planking to keep the wood from the warping and prevent the splintering of the wood from causing injuries. The mats could also help to prolong replacing deck for as long as 3 to 5 years. These mats would be used in the summer only and would be replaced by the heated mats in the winter. Board approved the project with a spending limitation of $1000.00. Repair of the deck is budgeted for 2007 but can be moved out to a later date with the installation of the summer mats. Water Damage Unit 2811 had a water break due to boiler failure. The lines from the boiler burst within the walls of the property which prompted a discussion of responsibility for the repair (the association’s responsibility or the owner’s). The Declarations state that the association insurance insures interior appliances (such as the boiler). The board decided to implement boiler and water heater inspections. Mike recommended that the boilers, water heaters, and gas stoves be inspected on a yearly basis to prevent the carbon dioxide buildup within the properties and to prevent leaks due to boiler failure. In the future the inspections will be included in the budget but any repairs identified in the inspection will be the responsibility of the individual unit owner. Mike will arrange for bids from local plumbers to perform the inspections and will present them to the board on 8/23/06. Mike will also write a informative to the homeowners explaining the inspections. All units will be inspected by 11/15/06. Internet Service Board decided against providing high speed internet to all of the properties. Bulk internet service was found to be cost prohibitive and it is the board’s opinion that the owners can set up service if they choose to have it. Banking The banking institution has been changed from Bank of the West to Alpine Bank. Alpine bank provides higher interest rates for the reserve savings accounts and more personalized service. Key to the Rockies has also implemented ACH dues withdrawals in an effort to ensure prompt dues collection. Jackie from KTTR will forward a list of any homeowners not yet signed up for ACH withdrawal. There being no further business to discuss, the meeting was adjourned @ 8:45 P.M. Respectfully submitted,
Jackie Gottschalk |
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