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November 17, 2010

November 17, 2010. Annual Homeowner’s Association Meeting. Meeting Purpose. Communicate past achievements and coming changes Review the 2010 budget Adopt the 2011 budget Community communications: (Two way dialogue & Q / A) Nominate & elect two board members. 2. AGENDA.

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November 17, 2010

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  1. November 17, 2010 Annual Homeowner’s Association Meeting

  2. Meeting Purpose Communicate past achievements and coming changes Review the 2010 budget Adopt the 2011 budget Community communications: (Two way dialogue & Q / A) Nominate & elect two board members 2

  3. AGENDA 7:00 to 7:15Call to Order Introductions Accept 2009 Annual Meeting Minutes 7:15 to 7:45Presentations Highlights of 2010 Changes in Common Interest Ownership Act 7:45 to 8:15Budget Review 2010 - Plan vs. Actual Adopt 2011 Budget 8:15 to 8:45Community Communications 8:45 to 9:00Nominate & Elect Two Board Members 9:00Adjourn & Refreshments 3

  4. BOARD MEMBERS in 2010 PresidentMarie MacDonald 6 Timothy Lane Vice PresidentBobby Woods 22 Arrowwood Lane Treasurer Jeff Olmstead 15 Timothy Lane Secretary Ann Hanks 36 Arrowwood Lane AssistantPatrick DeLorenzo Secretary 15 Timothy Lane 4

  5. 2010 Highlights • Balanced Budget • Funded Reserve Accounts • Ownership of Knoll Area Researched and Discovered • Home Designations Corrected on Town Records Notable activity: Achieved best possible financial outcome in difficult economic times 4 of 5 Board Members attended CIOA meetings this year Three home resales completed in subdivision Completed the final phase of the root collar excavation on the common area trees 5

  6. Common Interest Ownership Act • Act was amended and signed into law by Governor Rell • (effective July 1, 2010) • Requires additional insurance (‘fidelity’ policy) • Specific requirements for meetings, recordkeeping, notices and governing documents -- most of which we were already meeting • Allows some discretion in enforcing rules … most comprehensive overhaul in laws for associations in 25 years … 6

  7. Other Highlights • Welcoming Committee –Visited and welcomed 2 new neighbors • Covenant Committee –Reviewed and approved homeowner improvement projects • Tag Sales –Spring sale was small, but successful • Community Event –Picnic get together was held in July at the free concert on the Bloomfield Town Green • Website –News, updates and info are easily accessed • Beautification –Russo planted flowers at entrances and in several cul-de-sacs 7

  8. 2010 Plan vs. Actual 8

  9. 2011 Budget Proposal 9

  10. Current Account Balances Checking Account(cash) $5,073.09 Reserve Fund(money market)$18,259.60 Capital Expenditure Fund(money market) $9,906.03 Capital Expenditure Fund (CD)$10,304.10 Total Liquid Assets$43,542.82 as of November 15, 2010 10

  11. Fund Definitions Reserve Fund - dollars reserved for unplanned projects (i.e., emergency situations) Capital Expenditure Fund -dollars accumulated for planned future projects (i.e., road repaving) 11

  12. Outstanding Maintenance Fees(More than one quarter late, including acceleration and penalties) as of November 15, 2010 12

  13. Overdue Maintenance Fee Breakdown(By Street) as of November 15, 2010 13

  14. Homeowner Input & Questions 14

  15. 2 Board Positions Are Open for Election Nomination & Election 15

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