December 17, 2012



December 17, 2012

The association President, Jan Barkman called the meeting to order at 7:06 p.m. in the meeting room at the Tuscany Tavern, Evergreen, Colorado.

Board members present: Jan Barkman, Chan Pollock, Leanne Fesenmeyer, Brian Reece

Board members absent:  Roxanne Smith, Christin Helander

Other attendees: Anita Barkman, Rita Pollock, Mike Paules.

The agenda was approved as submitted. The minutes from the September 24, 2012 meeting were approved as previously distributed to all owners.

Treasurer’s Report

Chan Pollock presented the Promontory at Soda Creek HOA Calendar YTD 2012 Financials compared to Budget through November 30, 2012 as provided by Evergreen Bookkeepers.

Full year revenues are projected to be on or slightly above budget due to additional transfer fees and late payment fees.  Total operating expenses are projected to be $32,349 with overages in Grounds & Maintenance of $1,221 and under spending in Snow Removal of $750.

As such, Net Income is expected to be $11,351 for the fiscal year, which is $182 budget.  Allocation to the reserves will be determined after the year is over.

There are no major dues delinquencies. Five owners are behind by one quarter. There a few overpayments.

There is currently $49,855 in the bank accounts and, if we meet assumptions for the remainder of the year, we will have approximately $52,805, which is on target.  We must be cognizant of the potential need for about $100,000 for road repaving in 10+ years (it could be as soon as 8 or as long as 12+ years depending on weather conditions and regular maintenance).  As such, the goal for 2012 was to put aside $10,600 to the deferred road maintenance fund at the end of 2012. Current projections of the full year result are in line with this target.

Acceptance and approval of the newly updated professional report was requested and approved.

2013 Budget

Chan Pollock shared a proposed 2013 budget for discussion purposes.  Operating dues are projected to be $44,722 which is $3,023 higher vs 2012 as a result of the higher dues ($210 per lot per quarter) kicking in for the full year.

In terms of expenses, Chan will verify projections for a few items including Accounting Services, Auditing Services and Repairs & Maintenance.  Specific expenses are projected to increase including Snow Removal (+$750 vs 2012) and Waste Removal (+$602 vs 2012 due to purchase of EDS by Waste Management and potential rebidding).  Grounds and Maintenance (projected at $9,800 for 2013) was discussed including the due diligence that is applied to the monthly invoices that are received by Roxanne for the specific charges with a focus on ensuring that budget overages are avoided or at least proactively managed.  Of note, tree spraying and fertilizing expenses have decreased as the trees have matured.  However, Road Maintenance fees might warrant an increase for shoulder work, particularly at corners of Belford and Windom and other street corners where traffic travels in both directions.  Crack filling might not be prudent or warranted. This will be investigated and expert advice sought.

Projected Net Income is $11,057, which is sufficient to cover the recommended reserve requirement for an allocation to long term Road Maintenance of $10,600.  It was agreed that we would further discuss this topic during the first quarter meeting.

Other potential expenses included the creation of a website which would include HOA CIC documents, a directory, etc.  A key benefit would be that we can leverage a website to gather pertinent documents required for new state compliance requirements. Robin Black has previously volunteered to develop a regular newsletter, which could be posted on the web site. Potential cost would be $20-30/month for maintenance and hosting with development costs of under $1000 (all of which will be added to the budget for 2013).  Jan and Chan will contact Tom Hushen to get a quote for developing a website and will potentially meet with him to discuss further in mid-January.  Tom is an experienced web site developer, who has created both the Evergreen Newcomers and the Evergreen Rodeo sites.

Additional changes included an increase to the Social budget of $150 (from $600 to $750) and an increase of $1,300 over the 2012 budget for Grounds and Property Maintenance.

Date for Next Meeting

It was proposed that we meet again on Tuesday, February 19th at 7 pm at Tuscany Tavern.

Other Issues

There was discussion about cars and trucks exiting through the right-in only entrance at the Stone House.  The point was made that the violators appear to be mostly tenants and other vehicles from the Stone House.  Jan will approach Doug Kinzy, owner of the Stone House, to alert his tenants of this issue.  If violations continue, we could lose this entrance to the Promontory from Evergreen Parkway.

With nothing further to discuss the meeting was adjourned at 8:04 pm.

Respectfully submitted by

Leanne Fesenmeyer, Secretary