This is a meeting of the owners to discuss the proposed budget and ask questions. Management, representatives of the PTCA Budget & Finance Committee and Board of Directors are expected to be present to assist in the discussion and answer questions. The meeting chair is expected to be the Board Vice President Michael Parrie who will bring the meeting to order, direct discussion, call on audience members to speak, and call for the meeting to be adjourned. Please be courteous and respectful to those called upon to speak. Wait to be recognized by the meeting chair before speaking.
It is expected the meeting chair will call the meeting to order and open the floor for questions and discussion regarding the proposed budget for the 2016/2017 fiscal year. After questions and discussion, it is expected the meeting will be adjourned.
2nd Floor Party Room
OPEN SESSION – Call to Order
The meeting chair will call the meeting to order and confirm that a quorum of Board Members is present. Please be courteous – no audience participation is permitted. Speakers will be recognized by the Meeting Chair.
Board Report: Board Vice President Michael Parrie
Action Items – New Business
Closed Session Business
This agenda item is provided should the Board have any business or resolutions to propose resulting from Closed Session discussion.
Minutes – Board Meeting December 14, 2015
Attached to the report for Board of Directors review, are the proposed minutes from the Board Meeting held on December 14, 2015, submitted by Timothy Patricio, Property Manager.
A sample motion follows: “I move the Board of Directors approves the minutes from the Board Meeting held on Monday December 14, 2015.”
2016 Holiday Schedule
The DK Condo holiday schedule (attached for Board Review) includes ten days off during the year and four days with an early close. These days may be taken on the actual holiday or used as a floating holiday.
The Board approved 2016 holiday schedule for the Management Office to be closed on 6 holidays – New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day, remaining open with a skeleton crew on the other holidays. Notice will be posted in advance for all early release days.
We request the Board approve a schedule for the 2016 calendar year.
A sample resolution, consistent with the 2016 schedule, follows: “I move the Board of Directors approves the following holiday schedule for the management office employees, with the Management Office to close on New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day, with a reduced staff and early close schedule as deemed appropriate by management for the balance of DK Condo’s scheduled holidays.”
Rules and Regulations Committee – Add Member
The Rules and Regulations Committee has unanimously recommended appointing Unit Owner Vince DiFruscio, Unit 4015, as a member of the Committee.
A sample motion follows: “I move the Board of Directors Unit Owner Vince DiFruscio to the Rules and Regulations Commission.”
Ad-hoc Committee Reviewing Decs & Bylaws – Appoint a Chair
Management has been advised the Ad-hoc Committee is planning to recommend the Board appoint a chair.
A sample motion follows: “I move the Board of Directors appoints _______________ as chair of the Ad-hoc Commission Reviewing the Decs & Bylaws.”
Ad-hoc Committee Reviewing Decs & Bylaws – Membership
Management has been advised the Ad-hoc Committee may recommend the Board make changes in membership.
Any resolutions needed can be proposed at the meeting.
2016 Riser Repair Program
Management and our Maintenance team have vetted bids to recommence 3 riser replacements over the course of 2016, starting with the low zone ’06 guest bathroom and ’07 kitchens. Three things to note/consider:
Bidding is as follows, with proposals attached for Board review, and our recommendation highlighted:
Fettes, Love & Sieben – $53,450
Midwest Plumbing & Heating – $45,900
Combined Mechanical – $50,180
ABC Insulation – $44,350
R.H.L. Insulation & Firestopping – $42,500
Dettman Industries, Inc. – $38,660
Arete Renovators – $59,050
JJMJ Custom Homes – $37,700*
We also recommend a provision of $30,000 for additional items. We expect about $8000 for the permit, $15,000-20,000 for materials, and funds for pipe clearing and other unknowns which arise.
The total proposed budget for 2016/2017 fiscal year is $555,000, to complete 3 risers. Any combination of the above keeps us in line with that projection. However, we are familiar with all of these vendors – most have done satisfactory work for us in one capacity or another in the past. So, for the ‘06/’07 riser, we would like to move forward with the low bidders, as highlighted, which would bring us in at a cost per riser of about $152,500, or $457,500 for all 3 risers. That will leave room in the budget for unknowns that may arise throughout the year.
We of course will not proceed until we have a permit, signed contracts and appropriate certificates of insurance.
*We are working with JJMJ to get a much more detailed proposal. Also, JLJ Contracting was disqualified after they failed twice to present a bid without errors. The most recent bid was for a cost of over $300,000, clearly in error. I have asked the staff to look for another viable contractor but in lieu of that, we are comfortable with JJMJ.
A sample motion follows: “I move the Board of Directors authorizes management to proceed with the 2016 riser repair program as proposed, with the plumbing performed by Midwest Plumbing & Heating, the insulation performed by Dettman Industries, the carpentry performed by JJMJ Custom homes, at a cost of approximately $152,500 per riser.”
The following unit owner submitted a request to conduct remodeling/construction:
Unit 3201: Self -installing laminate flooring.
A sample motion follows: “I move the Board of Directors approves the remodeling plans of unit 3201 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.”
Treasurer’s Report – Jean Shamo
November Financials (Accrual Based)
Total Revenue = $445,337
Total Operating Expenses = $316,818
Net Income from Garage Operations = $25,349
Net Income = $153,868
Reserve Contribution = $117,200
Net Surplus/(Deficit) = 36,668
Total Reserve Expenses = $76,139
November Bank Activity (Actual EOM Balances)
Operating Account Balance = $455,768
(Decrease of $52,511 from October.)
Reserve Account Balance = $1,373,613
(Increase of $117,261 from October.)
Total Cash and Investments = $1,829,381
Management Report: Tim Patricio
There being no further business, the Board will consider adjourning the January 11, 2016 Board Meeting.
A sample motion follows: “I move the Board of Directors adjourns the January 11, 2016 Board Meeting at PM.”
OWNER FORUM – 15 minutes, 2 minutes per person
The next meeting date is Monday January 25th at 7:30pm in the Party Room.
Also, a Unit Owner Forum is scheduled for Tuesday February 2nd, at 7pm in the Party Room.