Minutes from the Meeting

Annual Budget Meeting for Ocean Manor on 12/16/2008 at 7:00 p.m.

Shelly, Charlie, Frank, and Carolyn were present.

This meeting is to discuss the budget and the short fall at the end of the year. To avoid the short fall, Frank tried giving 2-3 assessments per year. Problem is 80% of people not paying. Average assessments on the Galt have been between $30K-60K per unit. We only have 2 assessments, because the board members are magicians. If anyone else thinks they can do better, they can run in April or February, or whenever there is an election.

Our water, electric, and insurance has all went up 15-20%. They are only raising our maintenance 15%, but we will still need 2 assessments a year to cover the short falls. Then Frank mentioned that people aren’t paying their assessments because of the people in the lawsuit who are sending out letters warning them that the board is stealing.

Frank then went on to tell how much he has done to cut our expenses.

Valet went from $6k to $2k because Frank charges the people who come, which as he claimed hurts his business but he does it for the benefit of the condo.

Cut payroll from $6k-3k per week

Gas bill lower because of newer (he finished that statement)

Lenny interjected and asked where the certified financials were. Frank said he would give us the same certified financials as he did last year.

When asked about the $87K in legal fees, he said he hasn’t received any reimbursement from the insurance company yet, but has put in a claim.

When asked if Balconies are common area, Frank said yes, but then threw in he paid for the penthouse balconies himself, and he could show the cancelled checks.

When asked if all board members are paid up to date, Frank said their maintenance fee’s were, but not on the special assessment.

When asked multiple financial questions, Frank invited anyone to come in and sit with Rick to look at all the bills and make copies of every check they write.

The board then went to motion

Posted by
Donald J McLoughlin