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MINUTES OF THE BOARD OF DIRECTORS
December 4, 2003
President Dwight Clark called the meeting to order at 7:00 P.M. Board members Derek Drummie, Rebecca Kane, Joseph Morris, and
Elizabeth VanderPutten, and property manager Walter Krolman were present.
ACTION ITEMS
2004 Budget
The sole purpose of this meeting was to pass the annual budget. The Board approved a 4.5% increase in condominium fees. Operating expenses for 2004 are projected to increase. Energy prices have continued to rise, as have the building and health insurance premiums. Income from the capital reserve fund continues to be substantially less than in years past due to lower interest rates. In keeping pace with the findings of our Reserve Study, the projected annual contribution to the reserve fund has been increased to $158,184.
NEXT MEETING
The next meeting will be on Thursday, January 22 from 7:00 PM to 9:00 PM.
ADJOURNMENT
The meeting adjourned at
RESPECTFULLY
SUBMITTED
Elizabeth A. VanderPutten, Secretary
TO SUBSCRIBE
To receive e-mail copies Board Minutes, send a request to Property Manager Walter Krolman at manager@lauren.org