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The Park at Montgomery Farm HOA 2 nd Annual Meeting February 16, 2010

The Park at Montgomery Farm HOA 2 nd Annual Meeting February 16, 2010. theparkhoa.org. Agenda. Welcome Reading of previous minutes Committee Reports 2009 Financial Review 2010 Budget Reserve Study Election of officers Discussion and questions Adjourn. theparkhoa.org. Welcome.

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The Park at Montgomery Farm HOA 2 nd Annual Meeting February 16, 2010

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  1. The Park at Montgomery Farm HOA 2nd Annual MeetingFebruary 16, 2010 theparkhoa.org

  2. Agenda • Welcome • Reading of previous minutes • Committee Reports • 2009 Financial Review • 2010 Budget • Reserve Study • Election of officers • Discussion and questions • Adjourn theparkhoa.org

  3. Welcome • Please remember to sign in and check your contact information, including e-mail address. theparkhoa.org

  4. Minutes from prior meeting theparkhoa.org

  5. Committee Reports • Community Events – Kristin Schneider • Landscaping – Randy Rosman • Communication – Carolyn Hastings • Crime Watch – Gerald McGee • ACC – Celeste Walz theparkhoa.org

  6. 2009 Financial Review • Income Statement • Balance Sheet theparkhoa.org

  7. 2009 Actuals • Income Statement (for the year ended 12/31/09) • Revenues of $107,798 were about $1,000 higher than budget due to interest income and late fees that were not budgeted. • Administrative expenses of $17,565 were $365 higher than budget as a result of slightly higher property taxes. • Utilities expenses of $16,318 were about $6,000 higher than budget due to water overages. • Infrastructure and maintenance of $170 was $650 lower than budget. • Landscaping of $61,059 was about $400 higher than budget. • Reserve contribution for the year was $6,183. theparkhoa.org

  8. 2009 Actuals • Balance Sheet (as of 12/31/09) • Cash - $52,598 Represents both operating and money market funds and includes $44,000 in prepaid assessments. • Other Current Assets - $3,964 Includes $2,300 in fixed assets and $1,500 of assessments receivable. • Current Liabilities - $44,044 Represents the prepaid assessments which will become revenue in 2010. • Reserves and Equity - $12,518 theparkhoa.org

  9. 2010 Budget The 2010 budget is based on the actuals from the 2 prior years, adjusted for any changes anticipated for the coming year. • Revenues are budgeted at $106,800; same as prior year • Administrative expenses are budgeted at $17,984; about $400 higher than 2009 actuals. Includes mgmt company, insurance, community events and legal fees. • Utilities are budgeted at $16,200; slightly lower than 2009 actuals. • Infrastructure and maintenance is budgeted at $7,000; higher than 2009 due to higher common area maintenance and improvements. • Landscaping is budgeted at $59,437; $1,200 lower than 2009 actuals. • Reserve contribution is budgeted at $6,000; in line with 2009 actuals. theparkhoa.org

  10. Reserve Study • Purpose: To ensure adequate funding of our Reserve Fund for long-term maintenance of our community assets • Status: • Draft has been received • Board has reviewed and returned with changes based on our expectations • Final study has not yet been received theparkhoa.org

  11. Election of officers • Elect up to 7 officers • Lyle Addicks • Carolyn Hastings • Randy Rosman • Celeste Walz • Kristin Schneider • Write in _________________________________ • Write in _________________________________ theparkhoa.org

  12. Discussion and questions theparkhoa.org

  13. Adjourn theparkhoa.org

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