BOARD OF DIRECTORS MEETING
Management Report and Agenda
Monday December 11, 2017 7:30pm
2nd Floor Party Room
7:30PM – OWNER FORUM – 15 minutes, 2 minutes per person
The meeting chair, expected to be Board President Michael Parrie, will call on audience members to speak. Please be courteous and respectful, and do not interrupt speakers who have been acknowledged by the chair.
OPEN SESSION – Call to Order
The meeting chair will call the meeting to order. Please be courteous – if applicable, the meeting chair will entertain questions as may be applicable to each Agenda item; all speakers shall be recognized by the chair if necessary.
Roll Call – Confirm Quorum
The meeting chair will confirm a quorum of Board Members are present. Board Members and representatives from Management will be introduced.
Committees will be invited to give updates to the Board on business and activities.
The meeting chair may make comments or provide updates on Association business and activities or otherwise address the Board and Owners present.
Action Items – New Business
This agenda item is provided for any resolutions proposed resulting from Closed Session discussion.
Attached to the report for Board Member review, are the proposed minutes from the Board Meeting held on Saturday November 11, 2017, budget meeting #2, as submitted by Timothy Patricio, Property Manager.
A sample motion: “I move the Board of Directors approves the minutes from the Board Meeting held on Saturday November 11th, 2017.”
Attached to the report for Board Member review, are the proposed minutes from the Board of Directors Meeting held on Monday November 13th, 2017, as submitted by Timothy Patricio, Property Manager.
A sample motion: “I move the Board of Directors approves the minutes from the Board Meeting held on Saturday November 13th, 2017.”
Attached to the report for Board Member review, are the proposed minutes from the Board Meeting held on Saturday November 18, 2017, budget meeting #3, as submitted by Timothy Patricio, Property Manager.
A sample motion: “I move the Board of Directors approves the minutes from the Board Meeting held on Saturday November 18th, 2017.”
Before the Board can adopt the proposed budget for the upcoming fiscal year, Unit Owner review is required for a period of at least 25 days, but no more than 30 days. Considering the present Board Meeting schedule, we propose the following:
– Budget to be mailed for Unit Owner Review, Week of December 26th, 2017
– Special Unit Owner Meeting for Open Review of Proposed Budget Monday January 8th, 2018, 7:30pm
– Board Meeting with final Unit Owner comments and questions, and consideration of budget adoption Monday January 22nd, 2018, 7:30pm
A sample motion: “I move the Board of Directors approves scheduling a Special Meeting of the Unit Owners to be held on Monday January 8th, 2018 at 7:30pm, for open review of the proposed budget for the 2018/2019 fiscal year”
Attached to the report for Board review, is the Proposed Budget for the 2018/2019 fiscal year. As directed at the budget review meetings, changes to individual income and expense items were tracked and inputted. The accumulated dollar amount resulted in a $7800 net increase in the reserve contribution, with no change in the proposed assessment adjustment of 3.5%.
Before the budget can be adopted, it must be mailed to Unit Owners for a 25-30 day review period. Considering the schedule for the Special Meeting and upcoming Board Meetings, we would plan to mail the budget the week of December 26th.
NOTE – Management needs to revise the forecasting for each category to recognize the new YTD figures uploaded in our app, and several errors were identified with some of the YTD figures which need to be corrected before mailing. The work is underway. This is expected to be done by the date of the proposed scheduled mailing.
A sample motion: “I move the Board of Directors approves mailing of the proposed budget with a proposed assessment increase of 3.5% and reserve contribution of $1,640,100 for the 2018/2019 fiscal year, such that the unit owners have a minimum 25 days but no more than 30 days to review the budget prior to consideration for adoption of the budget at the Board Meeting scheduled to be held on Monday January 22nd, 2015.”
The purpose of this action item is by request, in the eventuality the Commission is prepared to aske the Board to consider membership appointments.
A sample motion: “I move the Board of Directors approves appointing unit owners ________________, ________________, and _________________, to the Ad-hoc Commission known as the Taskforce Examining Property Values.”
As the project draws to a close, following is a review of the change orders to date:
Change Order number 7 is the accumulated result of the added quantity of concrete work throughout the project. Consistent with the contract, the quantities were approved by WJE engineers during the course of the project, as work was identified as necessary. Although the contract was approved and specified how additional concrete would be handled, we recommend the Board approve the change order as a formality.
Change Order number 8 is the result of a request by maintenance. The current panel the exterior roof level outlets are on, can only accommodate one 240v outlet. This work allows all the outlets to be used, which will provide efficiencies for future projects requiring swing stages or access to multiple outlets at once. It is also safer, since it will eliminate the need for extension cords to run multiple stages. Our assistant engineer Matt Brown said he believes for the work being done, the proposed dollar amount is a very good deal.
A sample motion: “I move the Board of Directors approves roof project change orders #7 and #8 at a cost not to exceed $14,625 and $4875 respectively, as proposed by the contractor Berglund Construction and change order 7 recommended by the roof engineer with Wiss, Janney, Elstner, and change order 8 recommended by the management and the staff.”
(Members may notice a discrepancy in the Change Order numbers, versus past ‘requests’ for change orders from Berglund. The above list of change orders are the actual numerically ordered, approved change orders corresponding with billing. There have been a handful of other ‘requests’ throughout the project which were not approved by WJE. For the permanent payable record however, the above change order numbers will be associated with the actual invoices to be processed.)
Attached to the report for Board Member review are remodeling packets for the following Unit Owner construction projects:
1112 Window Retrofit
3706 Window Retrofit
3909 Bathroom Remodel
5306 Remodeling and Hard Flooring
5308 Remodeling and Hard Flooring
5504 Remodeling and Hard Flooring
A sample motion follows: “I move the Board of Directors approves the remodeling plans of units 607, 1112, 3706, 3909, 5306, 5308, and 5504 as submitted by the unit owner, following the recommendations of the chief engineer as outlined in their written specifications and in accordance with the Rules and Regulations and remodeling guidelines of the Park Tower Condo Association.”
Board Treasurer Jean Shamo is expected to review key financial data for the month.
Fund Balances End of October 2017
Operating Funds $409,369 (increase of $47,633 from prior month)
Reserve Funds $1,902,031 (increase of $60,528 from prior month)
Total Cash and Investments $2,311,400 (increase of $108,151 from prior month)
October 2017 Revenue and Expenses
Total Operating Revenue: $502,742
Total Operating Expenses: $359,080
Income From Garage: $28,629
Contribution To Reserve: $131,417
Total Surplus: $40,874
Property Manager Tim Patricio is expected to review current PT business and activities and recent sales activity.
There being no further business, the Board will consider adjourning the meeting.
A sample motion: “I move the Board of Directors adjourns the December 11, 2017 Board Meeting at _ _ PM.”
OWNER FORUM – 15 minutes, 2 minutes per person
Next Meeting Dates Monday January 8th and 22nd