June 26th, 2017 – Annual



Monday, June 26th, 2017

 BOARD MEMBERS PRESENT: Dave Young, Chan Pollock, Mike Dobson, Gretchen Stubenvoll

BOARD MEMBERS ABSENT: Eric Helander, Scott Smith.

OTHER ATTENDEES: Amanda Small, Angela Mays, Dan Fessenmeyer, Bruce Bernstein.

A quorum constituting at least 10% of the lot owners were present in person constituting a valid Annual Meeting.  The meeting was called to order at 6:45 pm at Tuscany Tavern by HOA President, David Young. Subsequently, meeting attendees introduced themselves.  Copies of the current 2017 Agenda and the prior Board Meeting and Special Board Meeting minutes were available at the meeting. A motion by Stubenvoll, seconded by Dobson, to approve the Agenda and minutes was approved without objection.  All meeting minutes are available at the HOA website.

The Board first took up the matter of Leanne Fessenmeyer’s request that she have her remaining term for her Board seat, which expires at the 2019 annual meeting, and her chair on the Architecture Review Committee (which is nominated each year by the Board) be filled by her spouse Dan due to her limited available time.  Dan was present at the meeting and said he was willing.  After a short discussion, the Board nominated Dan to fill Leanne’s remaining term and it was approved without objection.  With this, Dan was provided Board voting privileges at this Annual Meeting.

TREASURER’S REPORT: Treasurer Scott Smith forwarded the report to the Board in advance of the meeting, as Scott was unable to attend.  Chan Pollock provided a broad overview:

·         2016 year-end financials provided $1.3K more in income than budgeted due to greater interest on reserve funds (due to our reinvestment in 2016), and more transfer fees, late fees and interest charges than budgeted.  On the expense side, we overspent our budget by approximately $8.7K in total.  Overages were due to an additional landscape watering cycle due to a dry summer, the decision to complete the fence staining project, and higher than anticipated waste and snow removal expenses .  Although the road repair expense didn’t occur as planned, the money was instead spent on fence repair.  Net income, in total, was $7.4K less than budgeted and contributed to a net decrease in retained reserves in line with expected long term maintenance expense.

·         A reserve analysis indicates approximately $87,500 cash on hand spread amongst an operating checking account, interest bearing money market savings account and higher yielding Certificate of Deposit.  Current assumptions include road maintenance in 2017, with subsequent road repair every 4 years and fence repair every 9 years.  The road replacement assumption continues to be 2021-2022 with a replacement cost of $120,000; still deemed conservative by the Board given current oil prices and their effect on asphalt.   The reserve analysis indicated that we will have enough funding to fulfill maintenance and road replacement assumptions provided operating expenses continue to be controlled per past practice.  No dues increase was recommended for 2017 and that would be revisited in 2018.

Fessenmeyer motioned for approval of the Treasurer’s Report, seconded by Young with no objections.

SOLAR ARRAYS: A discussion regarding Solar Arrays took place.  Synopsys: Earlier in 2017, a homeowner approached the ARC and the Board regarding the possible acquisition of rooftop solar panels.  A review of the HOA Covenants provided no guidance and at a special meeting of the Board, it was determined that we’d reach out to the Board legal counsel regarding appropriate action for this or any future alternative energy request.  Outside counsel provided a draft Resolution regarding the installation and placement of Solar Arrays (per Colorado statute) which was subsequently approved by all Board Members,  signed by the President and posted at the website.  The original request by a Homeowner was later dropped, but we are now aligned with state law.  At the Annual Meeting, someone mentioned that some HOAs have invested in solar farms and in return, get discounted electrical rates for all HOA members.   Although Board support was mixed, little was known about this.  Homeowner Angela Mays volunteered to look into this as an educational opportunity for the Board.

PROJECTS:  The fence staining was completed last year as reported in prior meeting minutes.  A compiled telephone list was passed out at the meeting and will be forwarded as a PDF with the next all neighborhood e-mail blast.  Road Maintenance was deferred last year due to contractor availability.  Dan Fessenmeyer, with assistance from homeowner Donoho would solicit new bids for complete shoulder resurfacing and repair of several washout areas.  Work would be targeted for after the rainy season (likely September/October, 2017).

ARCHITECTURE REVIEW COMMITTEE (ARC): No other notable requests beyond repainting/repairs.

BOARD ELECTIONS: The 3-year Board terms for Dobson, Helander and Smith expired as of this Annual Meeting.  Dobson was not seeking re-election. The Board re-nominated Helander and Smith to 3 year terms per their request, and Amanda Small accepted a nomination request from the Board.  Helander, Smith and Small were all elected without objection.  The 2017 Board Members and their term expiration date is as follows Chan Pollock (2018), David Young (2018), Gretchen Stubenvol (2019), Dan Fessenmeyer (assuming Leanne’s seat, 2019), Scott Smith (2020), Amanda Small (2020) and Eric Helander (2020). Officer roles for 2017-2018 will be selected from and by the Board Members at the next Board meeting, scheduled for August 15th, 6:30 at Tuscany Tavern.

A motion was made to adjourn the meeting at 8:05 pm which was seconded and approved with no objection.

Submitted by: Chan Pollock, Secretary