La Grande Provence Condominium Association
Minutes of 10/23/17
Board Attendees: Dave Luenzmann, President, Bob Mathis, Vice President, Anne de Ocejo, Secretary, Kathy Thomas, Treasurer, Jodi Mansfield, Director, Dan Needham, Director, Jean Armstrong, Director, Mary McGowan, LCAM, Lea Stokes, LCAM, and one unit owner.
Meeting was called to order By Dave Luenzmann at 10:00 am at the office of Vesta Property Services.
A Quorum was confirmed.
Meeting Minutes of 9/25/17 were approved.
Agenda
Budget Workshop
Lea Stokes reviewed the line items included in the proposed 2018 budget. Many line items are fixed expenses due to contractual obligations.
Our reserves are going to be reduced by expenses caused by Hurricanes Matthew and Irma as well as planned expenses such as the elevator in building 2 and the painting. Additionally, our buildings are over 25 years old. Repairs and replacement have been covered by operational monies. There are many items that need to be addressed for safety and to prevent further damage. As the Long Range Capital Planning Committee determine what needs to be addressed and the timing, costs will need to added to the budget. Lea will review and revise the budget to be presented to the board later.
Meeting Adjourned at 12 noon.
Budget Workshop, 11/2/17, at Vesta Preferred Management Services, Flagler Beach, FL
Board Attendees: Dave Luenzmann, President, Bob Mathis, Vice President, Anne de Ocejo, Secretary, Kathy Thomas, Treasurer, Jodi Mansfield, Director, Dan Needham, Director, Jean Armstrong, Director, Mary McGowan, LCAM, Lea Stokes, LCAM, and 5 unit owners.
Lea presented the revised budget with the revised line items that were discussed on October 23. The question of how to finance the coming expenses for work that needs to be done was debated. After discussion and input from the property owners, Dan moved we adopt the budget that we have and look at March to do the capital improvements. The motion and further discussion was tabled for a later date.
Budget Workshop, 11/6/17, at Hilton Garden Inn, Palm Coast, FL
Board Attendees: Dave Luenzmann, President, Bob Mathis, Vice President, Anne de Ocejo, Secretary, Kathy Thomas, Treasurer, Jodi Mansfield, Director, Dan Needham, Director, Jean Armstrong, Director, Mary McGowan, LCAM, and Lea Stokes, LCAM.
Dan withdrew his motion from the 11/2/17 workshop.
Lea presented a new budget with the reserve calculation as required by Florida law. The result was an increase in reserve funding of $13,000 because of the roof and elevator expenditure. The budget as revised would result in the monthly fees increasing.
Jodi moved that we approve the budget with the adjustments to the operational expenses (5405, 5100) and keep the current monthly assessment as is, with the recognition that we will come back to discuss the status of the finances no later than March 2018 in order to determine or ascertain if we need an additional assessment for specific projects which we will communicate to the owners during that time.
The motion passed unanimously.
The meeting adjourned at 12:30 p.m.