The meeting was called to order at 6 PM by Gary Moore, the HOA President. The minutes of the previous meeting were approved. Jeb Black gave a financial report.
The Association finished the year in the black even though there were a multitude of deferred maintenance items that were acted on during the year. A sum of $43,106 was moved to the reserves at the end of the year. This is the first time that has happened in a number of years. See attached financial documents.
Joe Stewart gave the management report. During the year the buildings were power washed, trees were removed, there were gutter and roof repairs, drainage issues were addressed and general building upkeep was performed. A major fire department fire inspection was passed. Fines were assessed for violation of the Association rules, primarily trash violations.
There was a discussion of water sub-metering. The general consensus of those in attendance was that sooner or later the Association will have to move to water sub-metering since the cost of water in Raleigh will continue to rise. When water sub-metering is enacted the association dues will be reduced but the unit owners will be responsible for paying the water bill for their unit. The Board will continue to gather information and study the situation.
Since there was not a quorum of the homeowners present or who had submitted proxies, it was not possible to vote on the proposed bylaw changes or covenant changes. A motion was made to adjourn and reconvene in 5 minutes. According the North Carolina HOA statutes a reconvened annual meeting only requires 50% of the previous quorum. The motion was amended to adjourn but have another meeting in the near future (in hopes of obtaining a quorum). The amendment passed and the amended motion passed. At the next meeting the required quorum will be 50% less.