Annual Meeting Recap

Pocatello Creek Townhouses Annual Meeting of 4-26-2017, 6 p.m., at Marshall Public Library

Meeting Notes:
Attending: Kathy Peterson, Louise Crawford, Gene Crawford, Adam Wood (B), Jared Marchand (B), Cathy Roberts (B), Dannis Adamson (5 Star), Kevin Hulse (5 Star)
Handouts: 2016 Profit & Loss, 2017-2018 12 month Budget Overview, and 2017 Ballot for Board Seat
Agenda:

  1. Reviewed 2016 revenue and expenses:
    • $18,000+ from insurance for electrical fire damage. Repair costs $13,000+
    • Half of siding costs will be in 2017, since that was when the final bill was submitted
    • Late fees, fines, lien filing income did offset part of the management fee
    • Our mowing contractor submitted some 2016 charges by April 2017
    • Our original 2016 budget did come in $2,000-ish under our 2016 estimated budget, mainly due to no asphalt seal (excluding fire costs and insurance disbursement)
    • PCT is in pretty healthy financial condition
  2. Reviewed 2017 Budget:
    • 10 % contingence is built into monthly budget. Lending institutions are requiring this in Association budgets, for new owners to be financed.
    • The Board gives direction to Five Star for property improvements, major upkeep projects
  3. Budget questions:
    • Bank balances: $18,064-ish for operations, $15,230-ish for roof account
  4. Open forum for owners’ questions/discussions:
    • No questions came in early from owners not in attendance
    • Clarification of broadcast email of Dec 31, 2016 regarding renter’s payments due on 1st and late on the 5th of the month. That email had not been intended for Pocatello Creek Townhouses owners.
    • One unit recently changed ownership. It should be going back up for sale and not be a rental.
    • Board guides Five Star regarding 2017 projects/improvements, Board is working on priority and evaluations of potential projects. North entrance being rocked is currently priority one.
    • Those present approved of not keeping hard copy of Flood Plain map from the 1980’s. Updated maps can easily be found on-line.
    • What would new roof cost in 4-5 years? Contractors won’t quote out that long from now. Estimating on previous history with another HOA, it could be in the $25,000+ range, if it was today.
  5. Insurance quotes:
    • Quotes were within $80-ish of Allstate’s quote. Five Star recommends staying with Allstate and paying in full for the premium. Attendees agreed.
  6. Single Board seat is open:
    • ? Adam Wood was nominated and elected to return as Board member for 3 years
  7. Meeting adjourned at 6:49 pm
  8. Jared Marchand approved as President of the Board – 1 year term
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