The Promontory at Soda Creek, Annual Meeting Minutes, May 9, 2024
Board members present: Angie Mays, Gretchen Stubenvoll, Chris Jenkins, Beth Hilquist, Dan Fesenmeyer
Homeowners present: Bruce Bernstein, Bob Cappaert, John Morrill, Matt Thompson, Brooke Murray, Dennis Keating, Joe Greenberg, Mike & Gretchen Paules, Dave Evans, Jeff & 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 6.38pm at Tuscany Tavern.
Agenda was approved by voice vote with no objection.
Minutes from prior meeting: The minutes from the prior board meeting (February 7, 2024) were reviewed by Chris. Meeting minutes were approved by voice vote without objection.
Treasurer report:
Gretchen presented the April YTD Balance Sheet and P&L, which was prepared against the 2024 Draft Budget (no dues increase) passed at the 02/07 meeting. She noted that the net income of $4128.00 on the April YTD P&L is misleading as the HOA is expecting $4500 earned CD interest (minus 30% taxes) to be rolled over with the CD renewal on 07/08, and the bookkeeper notes we can’t show this rollover as a transfer to the Reserve Fund. Gretchen reported that the HOA is already $1800 over budget due to a $300 increase in insurance, $1000 increase in snow plowing, and $500 increase in dumpster costs. The HOA will have to further tap into savings to meet additional operating costs.
The annual HOA meeting notice sent out on April 6 included a revised 04/03 Draft Budget reflecting the increase in insurance costs and proposing a dues increase to $400/lot/quarter and a $0/lot/quarter reserve fund savings beginning with 3Q2024. The 2024 Draft Budget was again revised on 05/02 to reflect the increase in snowplowing and dumpster costs. It also proposed an increase in transfer fees to $500 to be more in line with transfer fees charged by other local HOAs, and further included a transfer from savings of $5300 to help meet the estimated costs of repairing potholes and replacing street signs.
After much discussion about meeting increasing operating costs and paying for approved projects, a motion was made by Chris and seconded by Dan to approve the 05/02 Draft Budget (subject to raising transfer fees only to $300). This motion was voted on and unanimously approved.
As of 05/02/2024, the HOA checking account balance was $9,314.61, the savings account balance was $15,763.51 and the CD balance was $103,312.12. The Reserve Fund Total was $119,075.63 (savings account plus CD). The CD expires on 07/08. Based on increased operating expenses and proposed projects, it was suggested that the HOA roll over a portion of the expiring CD into another CD and open a money market account with the remainder of the rollover amount to give the HOA a little more flexibility in accessing funds while still earning a competitive interest rate. Gretchen made a motion to rollover $90,000 of the expiring CD into another CD and place the remaining amount of the expiring CD into a money market account. Angie seconded the motion, which was unanimously voted on and approved. Gretchen and Angie will go to USBank to review and execute investment options in line with this plan.
Finally, Mike Paules reminded the Board that fence replacement should be included in the HOA reserve schedule.
Grate: Dan discussed with Jefferson County the need to replace the grate (cattle guard entering Windom from 74) that is damaged and deteriorating. Unfortunately, the county is reporting that the grate is our responsibility because it is part of an easement. The board discussed bringing in the Stone House as a partner in either lobbying the county to replace it or sharing the cost with the HOA if the county denies.
Summer projects: The garage sale is scheduled for June 8th from 8am to 3pm. The dumpsters are scheduled for June 13-17. The board discussed reminding neighbors that there is no “free pile” in front of the dumpsters. The block party was scheduled for June 8th from 4pm to 7pm after the garage sale.
Signage: Brooke brought up the need for signage stating that there is no exit from Belford onto 74 as that is a one-way only over the grate. She stated that there is a problem with people continuing to exit from Belford onto 74. Chris stated that this has been brought up in previous meetings. There are signs noting that it is not an exit; however, the board agreed that perhaps the signs were too small. The board asked Dan to investigate packaging larger signs for this issue into the existing new street sign bid.
New business:
Brooke stated a concern that people were riding ATVs down Belford Court. This issue was discussed, and Brooke was asked to contact her neighbor to work out her concern.
Brooke requested that a speed bump be placed on Belford Court for safety reasons. Chris, along with two other lot owners, voiced objections to any speed bumps being installed in the neighborhood. This issue was discussed, and Angie requested that Brooke email her with her concerns.
ARC:
Dan reported that there were no new submissions.
Elections:
Angie was re-elected as President. She stated that she would serve on the board for the full term; however, she would like to transition out of the president role after one year.
Gretchen was re-elected as Treasurer. She stated that she would serve on the board for the full term; however, she would like to train a new treasurer and transition out of that role after one year.
Chris did not run for re-election. Gretchen Paules was elected as Secretary.
Three new members were elected as At-Large members of the board: Brooke Murray, Bob Cappaert, and Dennis Keating.
Chris agreed that he would continue to post the minutes and meeting notifications on the website.
The next meeting will be 6:30pm August 13th at Gretchen Stubenvoll’s home, 32560 El Diente Court.
The meeting was adjourned at 8:00pm.
Submitted by: Chris Jenkins, Board Secretary
Approved July 10, 2024