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

Join us for the annual meeting covering committee reports, financial review, budget, reserve study, election of officers, and discussions on community matters. Please sign in and update your contact information.

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The Park at Montgomery Farm HOA 2nd 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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