Present from the Board were John Gensinger, Toby Terrell, Mark Selz, Tiffany Alexy and representing Wilson Property Management were Jeb Black and Joe Stewart.
Acting President Toby Terrell called the meeting to order at 6:14 PM.
A quorum was established with at least 51% of the homeowners present or by proxy.
Mark Selz moved to accept the prior meeting minutes as written – the motion was seconded by Toby Terrell and was approved.
There is currently no active Treasurer on the Board. The prior Treasurer, Amber Stotesbury, has moved and is no longer serving as Treasurer of the Board.
The Treasurer’s Report as given by Wilson Property Management shows cash on hand as approximately $220,000+ with about than 1% less in assessment revenue than budgeted which is within normal range. Given that the water bill costs the HOA close to $250,000 per year, once the water is sub-metered the savings will be significant. The insurance policy is still a problem but in order for the bylaws to be changed, it requires a 75% vote. This year, there was also approximately $46,000 in insurance claims from homeowners that the HOA was responsible for.
A CPA is hired every year by Wilson Property for a 3rd party audit of the books.
The HOA’s focus has been two fold: 1) to find ways to increase contributions to the reserves, and 2) reduce expenses. The largest looming expense in the future will be siding replacement.
Water sub metering is to begin in July 2017 though the contract with Guardian Water & Power has not yet been signed (as of this meeting). Any incoming tenants who take possession in August or after must be notified that they will be responsible for the water bill. The water bill will come from Guardian and they charge a $3.75 service fee. It is estimated that the water bill will be approximately $60-$80 per unit, based on an average of current usage.
According to the Management Report, new sidewalk has been poured in front of 3770 Wolftech. Handrails are being repaired as they break. Concrete and pedestals have been installed for the parcel boxes which have not yet arrived. The sprinkler heads that were painted over have been addressed, they are just now awaiting inspection by the City of Raleigh.
There are an additional 3 homeowners who have joined the HOA Board which will bring the member total to 9. Officer elections will occur at the next meeting.
Acting President Toby Terrell declared the meeting adjourned the meeting at 7:17 PM.