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Dakota Ridge Homeowners Association
Board of Directors
February 13, 2014
A regular meeting of the board of directors of the Dakota Ridge Homeowners Association was held on February 13, 2014 at 8:30 a.m. in the Board Room of The Commercial Property Group, LLC at 3001 S. Lincoln, Steamboat Springs, Colorado.
Board Members: Mindy Williams
Guests: Medora Fralick
The meeting was called to order at 8:30 a.m.
The first item on the agenda was the Financial Report. Medora presented the Financials and noted that the association is ahead of budget to the positive. The contribution to the capital reserve account is $49,500 annually plus any operating excess at the end of the fiscal year. The water reserve account is funded with $16,000 and $70, 000 will be added to the capital reserve account at the end of the fiscal year.
Under the Water Report, there was discussion of the water line replacement. Tom Valicenti reported that he had two bids for the project. One bid was for the entire 9,200 feet of line for $800,000 with a contingency of $200,000. The other bid was for 40% replacement of the line at $464,000 per year until complete. There is a discount in the price if the project is done at one time. There was discussion of doing a five year plan and allocating $200,000 per year which may include patching the line if breaks occur. There was also discussion of a special assessment or raising the annual dues. Several options of payment and progression of the repair were discussed. A copy of the neighborhood map will be at the annual meeting to explain the plan of repair.
A motion was made by Jim Simon to budget for 1,000 feet of repair to the water line per year which allows enough for a contingency to repair any breaks that occur also. It was seconded by Mindy. A vote was taken with all in approval and none opposed. The motion was approved.
The board agreed that the 2014 Annual Meeting packet will be mailed by March 3rd at the latest. A capital reserve reconciliation will be included with the packet.
The next item on the agenda was the 2014 proposed budget. Jim asked if Treasurer, Carrie Hayden reviewed all checks written on the association’s checking account. Medora said that she does not. Nancy Kounovsky of the Commercial Property Group joined the meeting to answer accounting questions from the board. There was discussion about finding ways to be more effective concerning the administrative costs to the association. It was suggested that the board meet every other month and use email as much as possible in conducting association business and decisions. The board asked that ways be found to save the “controllable” costs. Medora stated that the association is consistently ahead of budget and that there is excess for the capital reserve. She offered that the board members take over certain duties as a way to cut costs. Jim asked if the administrative monthly cost could be $1,000 per month. Medora will review the duties and provide a list to the board for consideration agreeing that $1,000 per month of administrative cost is the target between the board members and the management company. There was discussion of the landscaping expense line. Two trees will be planted in memory of H.C. Pace and Dale Morris It was agreed by the board to increase the amount to $3,000 for the year.
A motion to approve the 2014 Budget with the increase to the landscaping expense for a total of$3,000 was made by Mindy and it was seconded by Jim. All voted in favor with none opposed. The motion was passed.
Under the Road report there was no new update and there is no change in the contracts for the road from the previous year.
There is no update under the ARC report. The solar recommendations for the guidelines are still in progress.
The Board reviewed the 2014 Annual Meeting packets. Jim asked if one report could be done for the meeting instead of each member providing a separate report. All agreed that this “master” report would be done and sent out with the meeting packet.
The next meeting is the 2014 Annual Meeting on March 13, 2014.
There being no further business the meeting was adjourned at 9:30 a.m.
Secretary for the meeting