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MINUTES OF THE BOARD OF DIRECTORS
December 2, 2004
President Derek Drummie called the meeting to order at 7:00 P.M. Present were Board members Joseph Morris, Elizabeth VanderPutten and Dwight
Clark; property manager Walter Krolman; and for portions of the meeting unit owners Eileen Collins and Brian Larkin.
ACTION ITEMS
TREASURER'S REPORT
Net cash available at the end of November was $742,098.74;
For year to date operations, through the end of November:
- total income was $779,197 which is under budget by $13,193;
- total operating expenses were $651,664, which is over budget by $3,497;
- capital expenditures were $37,525.
Fund Balances
- operating fund balance as of the end of November 2004 is $82,942
- reserve fund booked balance as of the end of November 2004 is $640,247
Certificates of deposit activity during November was as follows:
- NONE
Certificates of deposit activity during October was as follows:
- New South Federal Savings. 3 month CD. Renewed 10/22/04 with a maturation date of 1/22/05. Renewal amount was $46,709.46. Interest rate is 1.999% with a yield of 2.000%
2005 Budget
The sole purpose of this meeting was to pass the annual budget. The Board approved a 4.0% increase in condominium fees. Operating expenses for 2005 are projected to increase. Energy prices have risen sharply but will be partially offset by equipment and measures recently installed as a result of the engineering study. Staff costs will follow the expected Federal Government pay increase. In keeping pace with the findings of our Reserve Study, the projected annual contribution to the reserve fund has been increased to $161,184.
NEXT MEETING
The next meeting will be Thursday, January 20, 2005
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