The Promontory at Soda Creek, Quarterly Meeting Minutes, February 7, 2024
Board members present: Angie Mays, Gretchen Stubenvoll, Chris Jenkins, Beth Hilquist, Dan Fesenmeyer
Homeowners present: Steve Mays, Leanne Fesenmeyer, Bob Cappaert, Dan Donoho, Dana Schrader
Five of the five board members were present. Per section 6.6 of the Amended Bylaws, this constitutes a majority of the board for a quorum.
The meeting was called to order at 7:00pm at Tuscany Tavern.
Agenda was approved by voice vote with no objection.
Minutes from prior meeting: The minutes from the prior board meeting (November 8, 2023) were reviewed by Chris. Meeting minutes were approved by voice vote without objection.
Treasurer report:
Gretchen presented the January through December 2023 Profit & Loss Budget Performance report. The HOA finished the year with a Net Ordinary Income of $428.22, which will be rolled over into 2024 Operating Expenses by means of a HOA membership vote at the upcoming annual meeting on May 9. Most expense items were within the 2023 budget, but for legal expenses (an overage of $717 for revised governance documents) and road maintenance (an overage of $8400 for crack filling). It was noted that the road maintenance overage was mainly covered by funds not spent for miscellaneous maintenance and repair, snow removal and waste removal. Gretchen also presented the December 2023 Balance Sheet, which stated end of year assets of $118,185.37. As of Feb. 7, 2024, the checking account balance was $13,207.26, savings account balance was $16,761.53 and the CD balance was $102,066.25. The Reserve Fund Total was $118,827.78 (savings account plus CD).
During prior meetings, the board had discussed upcoming projects for 2024, including continuing fire mitigation (phase 2A, firm quote of $4200), repairing several asphalt holes in the roads (estimated quote of $10,000) and replacing the aging street signs (estimated quote of $13,000). With these projects in mind, Gretchen presented a draft 2024 budget, which included the current $10/lot/quarter reserve fund amount for 1Q (already collected) and a $0/lot/quarter reserve fund amount for the remaining three quarters in 2024. This reduction in reserve fund savings contributes to the proposed budgeted $62,758 for 2024 operating expenses, which only provides funds for the fire mitigation and asphalt road repair projects. There was unanimous board consensus that the road signs need to be replaced, but to do so along with meeting the anticipated rising costs for HOA services in the near future, it will be necessary to raise dues at least $100/lot/quarter and transfer fees (TBD) starting with 3Q24. After a productive discussion, Dan motioned to approve the presented draft budget and Angie seconded(so that we could begin functioning under a 2024 budget), with the understanding that a revised 2024 budget will be presented and voted on by the entire HOA membership at the upcoming annual meeting. It was noted that the current board could vote to raise dues and transfer fees at this time, but it was agreed that such increases should be presented to the entire HOA membership for approval.
Fire mitigation:
The board discussed the current fire mitigation project. The current approved project will be complete in 2025.
Signage:
Dan presented possible signage examples. There was a discussion of the different types of materials for the new street signs (reflective metal, cedar, etc.) and the price points. Dan provided estimates for each of these types of signs.
Roads:
Dan provided an update on the condition of our roads and the crack filling project. The board discussed future road needs. A motion was made to approve budget A related to roads. The motion was approved.
Summer projects:
The garage sale will be June 8th and the dumpsters will be here June 12-17.
Sunshine committee:
The board discussed budgeting for ways to welcome new neighbors.
ARC: no new requests
Cattle guard/grate on Windom:
Dan will call the county to discuss the replacement of the current guard/grate. It is owned by Jefferson County; thus, it is their responsibility to replace.
The next meeting will be 6:30pm May 9th at Tuscany Tavern.
The meeting was adjourned at 8:00pm.
Submitted by: Chris Jenkins, Board Secretary
Approved May 9, 2024