October Minutes 2007 >

Taberna Master Homeowners Association Meeting Minutes:  October 09, 2007

 

Bob Costanzo                                President (not present)

Bernadette McNulty                      Vice President

Suzanne Forsythe                           Treasurer

Alva Windham                                Acting Secretary

Representatives:

              Terry Smith

              Jim Krise

              Martha Daniels

Board members present:  Bernadette McNulty (acting Chair), Suzanne Forsythe, Terry Smith, Jim Krise, Martha Daniels, Alva Windham.

Guest:    Gene Peele

 

Meeting called to order at 5:30 PM by Vice President Bernadette McNulty (acting Chair)

Minutes to be taken by Alva Windham, Acting Secretary.

 

Motion made by Martha Daniels to accept the minutes of September 08, 2007, THOA meeting as submitted.  Motion seconded by Jim Krise.  Motion unanimously approved.

 

BEAUTIFICATION PROJECT:

Bernadette distributed two proposals concerning the renovation of the front island leading into Taberna totaling $21,058.  Total cost of the renovation including the plants and trees, stone wall, and signage will be approx. $23,058. 

 

Martha expressed continued concern as to why the sign changed from showing only the Taberna crest to one showing words Welcome to Taberna with the crest, as this appears to be redundant with the other entrance signs.  It was explained that Jim Wilson, B&G Chairman, had earlier reported that the sign at Taberna Way and Geneva Rd is deteriorating and is to be removed.  Therefore the new signage is appropriate.  Martha also questioned whether the project would be completed in October.  Bernadette responded that the project would get underway once the Board approved the proposal.

 

Suzanne made the motion that we accept Reed’s proposal of $18,514 for the removal of old shrubs/plants and the planting of the new shrubs, plants and trees.  Also to accept the proposal from Natural Stone Yard of New Bern to complete the stone wall on the island of $2,544.13.  Motion seconded by Terry Smith.  Approved unanimously.

 

TREASURER’s REPORT:

Cash and Accts. Receivable Update:

              As of 9/30/07 total cash available in the Master and Sub Assn. checking accounts was $124,185.  Total outstanding accounts receivable was $2,681.

 

Late Fees and Liens Update:

              On 10/6 nine late fee invoices were mailed out for a total of $180. 

              Seven liens remain outstanding totaling $1,900.  These are being billed monthly late fees.

 

Investment changes:

              The President and Treasurer met with BB&T representative to determine ways to earn interest on the significant balance that is in the Master checking account throughout the year.  A new account for the Master checking account funds was set up to act as an interest bearing depository account.  This account will have all Master receipts deposited into it by our accountants, and transfers

                                                                                                                                     Continued on page 2…

 

HOA minutes of 10/9/07, page 2 of 4

 

made from it by the Treasurer into the regular checking account as needed to pay bills and other disbursements.  Interest on this IDA account is flexible.  At opening was 4.4%, it is now 3.82%.  As long as we keep at least a $10,000 balance, we will not incur any service charges. 

 

Insurance change:

              The covenants require that we have bond/unlawful acts coverage on our check signer (Treasurer) equal to one year’s dues income.  Our current policy provides $150,000.  As the combined dues income for 2008 is projected to be approx. $285,000, the policy was increased to $300,000 effective Oct. 01, 2007.  Cost will be approx. $300/year for this increase.

 

Finance Committee changes:

              Suzanne made a motion that the Board accept the resignation of Dean McClatchey from the Finance Comm. and the appointment of David Pickens to the Finance Committee.  Seconded by Terry Smith.  Approved unanimously.

 

2008 BUDGET:

Suzanne introduced the proposed 2008 budget as reviewed and approved by the Finance Comm. that she had distributed to the Board prior to the meeting.    Two specific reporting changes made were: 
1)           Interest Income is not normally shown as a Budgeted item as the Budget is viewed as a picture of the Operating checking accounts and is required to show a bottom line of Receipts matching Expenditures (or zero).  As interest is becoming a significant figure due to increasing Reserves, the Treasurer prepared the 2008 Budget showing Est. Interest as a line item.  Instead of having the bottom line show “Zero”, the bottom line will now show the amount of Reserve Interest expected.  The accountant had been consulted on this change.
2)           Income tax expense is expected to increase over the years due to the increased interest earnings.  In the past the Master HOA has paid and absorbed all of the taxes.  Starting in 2008, the Sub-Assns. will be expected to repay the Master HOA for their share of the income taxes due based on their share of the taxable income. 

 

DUES: 

              Abbington Woods:  Dues will increase from $650 to $725 per year due to landscaping increases.   These properties are currently invoiced on a quarterly basis.

              Boleyn Creek Villas:  Dues will increase from $625 to $683 per year.   These property owners will be switched from an annual billing cycle to a semi-annual billing cycle.  The increase comes from the increase in landscaping costs and in the Replacement Reserves.

              One Taberna Way will have no increase in their dues of $2,000 per year.  The expected $1,185 deficiency will be paid from excess cash reserves from previous years.  OTW will continue to be invoiced on a quarterly basis.

              Taberna Landings:  Dues will increase from $1,000 per year to $1,355 due to a substantial increase in their Replacement Reserves to make up for prior under-reserving.  These property owners will be switched from an annual billing cycle to a semi-annual billing cycle.

             

              Master:  Dues will increase slightly in 2008.  The majority of the property owners will see their dues increase from $230/year to $235/year.  Overall, the expected deficit of $3,968 will be covered by utilizing excess cash reserves from previous years.

 

              LANDSCAPING:

                            Master Landscaping budgeted expense totals $91,240 made up of the recommended contract proposals from Reed, Young’s and Kut Rite.  The contracts are for two years and will not change dollar-wise in 2009.

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Minutes of 10/09/07, page 3 of 4

 

                            The B&G Committee requested that the Landscaping-Misc. budget be increased from $12,000 to $15,000 in order to complete some projects that had to be delayed in 2007.

 

                            The recommended bids for 2008 landscaping were identified by Suzanne and Bernadette.   After discussion, the attending members of the Board concluded that they did not have sufficient information in order to approve these contracts.  Suzanne made the motion: “The awarding of the landscaping contract(s) for 2008 is to be put on hold and not signed until the Board holds a special meeting to discuss and approve these proposals.”  Motion seconded by Alva Windham.  Approved unanimously. 

 

              Marketing Committee: 

                            Included in the budget under Misc. Expense is $2,500 earmarked for a proposed project for the setting up of a Marketing Committee that would research and suggest ideas to promote Taberna.  Gene Peele, a member of the Finance Committee, explained how this Committee would help the property owners of Taberna and some of the ideas that might be explored. 

 

A motion was made by Jim Krise to accept the 2008 Budget figures as presented.  Terry Smith seconded.  The motion was unanimously passed.

 

Dec. 17, 2007, ANNUAL MEETING PREPARATIONS:

Bernadette met with Mr. Wynn, West Craven High School, which will print and assemble the packets to be mailed to all Taberna HOA residents.  The packets will include, but are not limited to, an introduction letter from the President, the new guideline changes to go into effect at 1/1/08, budget and financial information.  The President will meet with the HOA attorney to discuss the issue of proxy voting.  To encourage attendance or proxy returns, reminder flyers may be distributed throughout Taberna.

 

 Martha Daniels made a motion to accept the revised wording for the Property Maintenance Guidelines.  Terry Smith seconded.  After discussion, the motion passed unanimously.

Alva Windham made a motion to accept Gene Peele, Steve Harmon, Bob Costanzo, and Suzanne Forsythe as the Board’s proposed slate of candidates for term 2008-2009.  Martha Daniels seconded.  Motion was unanimously approved.  This slate of candidates will be presented for the approval of the General Membership at the 12/17/07 HOA Annual meeting.

 

WEBSITE:

Alva will present design ideas for web links for the Board’s review at the next meeting.

 

VIOLATIONS:

A list of all violations for the month was distributed by Jim Krise.  The list will be kept on file, but not posted on the website.  The major issue at this time was a house/property on Taberna Way.  The residents have been sent two violation letters regarding their propane tanks.  At this time no correction has occurred.  The Board approved that Jim send the property owners a third letter stating that they will be turned over to the Adjudicatory Committee if the violation is not corrected.

 

Bernadette asked if real estate signs not of the approved Taberna style are a violation of the covenants.  Jim responded that if they are removed the same day as set up, there is not an issue.

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Minutes of October 9, 2007, page 4 of 4

 

Meeting adjourned at 6:45 PM.  Next scheduled meeting is 5:30 PM on November 13, 2007.

 

Respectfully submitted by:

 

 

Alva R. Windham, Acting Secretary