The Lauren Condominium Association
Minutes of the Board of Directors - November 13, 2000
President Elizabeth VanderPutten called the meeting to order at 7:00 PM in the Manager's Office. Present were other Board members Joe Morris, Deborah Becker, Dwight Clark and Matthew Eisenberg. Also in attendance were Property Manager Walter Krolman and Arthur Dubin from Zalco Realty, Inc.
Treasurer's Report
The treasurer reported on the budget for October.As of November 1, 2000 the Lauren had 725,689.39 net cash available and $609,952.95 in capital reserves. Income for the year totaled $578,609 with expenses of 547,687 for a year-to-date surplus of $30,882.
In October the Lauren had income of $61,024 compared with expenses of $75,413 for a monthly deficit of $14,389. Operating income was under budget by $3,331, while operating expenses were over budget by $19,121.
In October no capital expenditures were made.
During October one CDs rolled over. Two CDs are expected to mature in December.
Action Items
2001 Budget
The board reviewed the significant rate hikes for both heating and domestic gas and water sewer line items. The Board also made minor changes to the final draft of the 2001 budget.The board then adopted the 2001 budget, which includes a 2.0 % increase in condo fees.
The Property Manager will circulate a copy of the 2001 Budget to owners.
Zalco Realty - Annual Question and Answer Session
Arthur Dubin gave a brief overview of the benefits of having on-site staff versus staff supplied by a management company. Mr. Dubin described the differences of the Lauren's operations now that we have transitioned to Zalco Realty, Inc, and assured the board that things should run more smoothly now. Although Zalco is a much larger company, Mr. Dubin indicated that the Lauren would still receive the same standard of attention and service. Mr. Dubin also indicated that the Lauren's money would not be co-mingled nor misdirected to expenses inappropriately.Mr. Dubin and the Property Manger described the new system for payment of checks. A new coupon system and sending checks to a "lock box" will be more efficient than the current system. Owners will notice no change other than a new coupon.
Committee Reports
Technology Committee
StarPower marketing representatives will are currently in the building signing owners and residents up for phone, cable and Internet services.Reserve Study
The reserve study will begin on the afternoon of the 15th and the 16th of November.Property Manager Walter Krolman indicated that he would ask the reserve study representatives to take extra care investigating the Lauren's roof and plumbing systems.
Property Manager's report
The Property Manager had no news to report beyond those related to Zalco RealtyNext meeting
December 18, 2000.An Executive session followed.
The meeting adjourned at 9:00 pm.
