MEETING NOTIFICATION Notice posted on the website for several months and repeated in several HOA News updates.

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1 Village at Monument HOA HOA Board Quarterly Meeting Tri-Lakes Chamber of Commerce Conference Room 166 Second Street, Monument, CO November 8, 2018 MEETING OPENING Meeting called to order at 6:00 PM by acting President Savage. MEETING NOTIFICATION Notice posted on the website for several months and repeated in several HOA News updates. ROLL CALL Board attendees in attendance: Phil Savage, Paul Baerman, Daryl Richmond, Carolyn Ihrig, Joseph Rubinstein, John Williams, and Jim Fitzpatrick. Other members in attendance: Laura Kronick, JoAnne Hilton-Gabeler, Janet Savage, Guenter Ihrig, Carolyn Hodges, Carol Richmond, Dana and Kathi Park, Dorothy and Denny Myers, Stan Thrift, Collen Williams, Lorraine White, Normadale McLean, LaNell Stovall, Gail Muzzy, and Linda Baker. Also in attendance were Tressa Bishop from CB Insurance and Bryce Meighan, the HOA lawyer. READING OF MINUTES Paul Baerman, HOA Secretary, read the minutes of the August 8, 2018 quarterly board meeting. There were two minor corrections dealing with a house number and a date for the Oktoberfest. He also read the resignation from Joanna Anaradian dated September 19, 2018 indicating her resignation as HOA President effective October 5, REPORTS HOA Insurance: Tressa Bishop from CB Insurance (new provider of insurance to the HOA) outlined the Village insurance coverage. She discussed the Village Master Policy which includes the following coverages: General and umbrella liability Worker s compensation and employer s liability Fidelity and crime Property Association Professional Liability (formerly Director and Officer). Ms. Bishop also had suggestions for additional coverage (HO-6) needed by west side homeowners and possible unit coverage that might be helpful for the east side (see handout, Attachment 1, to these minutes.) In particular, her discussion of loss assessment coverage dealing with wind and hail damage and consequent deductibles (see Attachment 1) should be reviewed by all owners. Importantly, Ms. Bishop offered at any time to discuss any insurance issues with residents. 1

2 Snow Removal: Jim Fitzpatrick reviewed Village snow procedures to include weather and snow totals and priority of snow removal. Metco s snow removal contract has been renewed. Cost Saving Efforts: Carolyn Ihrig noted that efforts to reduce waste disposal costs has prompted Waste Management in competition with Rocky Mountain Disposal to offer a new contract at a savings of approximately $3,000 dollars/year compared to the previous contract. This new contract has been signed and includes recycling for all residents. President Phil Savage noted other cost saving initiatives (Aspen tree cutting by volunteers at an approximate savings of $1,500 and snow stake emplacement by volunteers, exact savings TBD. A discussion ensued concerning other volunteer efforts and Phil Savage requested any recommendations for the Village in this regard be communicated to him. A number of volunteers (Erby Youngblood, Denny Myers, and Guenter Ihrig) agreed to form a landscaping committee to determine where and how funds could be saved. Other committees may be suggested shortly with the same purpose. New landscaping bids will be solicited in early Proposed Meeting Calendar: The Board quarterly meeting schedule has been posted to the Village website and more frequent meetings as necessary may be scheduled to improve communications within the Village. Treasurer: The Treasurer presented and explained the HOA Balance Sheet as of October 31, 2018 and the Profit and Loss YTD Budget Performance report. The Treasurer then reviewed and answered questions reference the proposed 2019 annual budget (see Attachment 2). Several items of note: The Reserves Study Committee led by the Treasurer has reviewed the Replacement Reserves section of the Financial Planning and Procedures document (Exhibit F of the Rules, Regulations, Policies and Procedures). The committee s objective was to correct long-standing financial planning shortcomings, e.g., failure to reserve funds from the beginning of the HOA to handle long-term needs (roof replacements, weather misfortunes, etc.) Discussion of the impact of: o The Camarco theft of funds o The lack of fidelity and crime insurance coverage o Failure to pay association dues by some residents o The result of these problems have reduced what would have been in reserves. They are not contributing to the budget increase. Increased costs in 2018: o Water costs o Irrigation repairs and aging irrigation system o Painting o Deck repairs o Requirement to add to reserves o It was made clear in the discussion that increased costs for 2018 noted above were the reason for the increase in association dues ($570/quarter for the east side, and $945/quarter for the west side). Phil Savage reiterated that board members were ready and willing to discuss any of the above issues with members at any time and listen to cost saving suggestions and recommendations. 2

3 Per C.R.S as summarized by Mr. Meighan, a hand vote was taken on the boardapproved 2019 budget with the following results (proxies were sent out by on October 9 newsletter); of the 23 members present, to include proxies: o For the 2019 budget: 16 (to include one proxy) 70% o Opposed to the 2019 budget: 4 (to include two proxies) 17% o Abstain: 2 9% o Not voting: 1 4%. REPORT OF COMMITTEES None. OLD BUSINESS None. NEW BUSINESS None. CLOSING REMARKS Acting President Savage again emphasized the board s willingness to entertain questions and suggestions and urged members to volunteer in the HOA. ADJOURNMENT Daryl Richmond moved that the meeting be adjourned, seconded by Paul Baerman. The Board unanimously approved and the meeting was adjourned at 8:23 PM. BOARD APPOINTMENTS Following the adjournment, the board met in open session to appoint officers: President Phil Savage, Vice President Joseph Rubinstein, Secretary Paul Baerman, and Treasurer Daryl Richmond were appointed as indicated. Submitted by: Paul Baerman, HOA Secretary, November 9, Attachments Attachment 1: Insurance Handout Attachment 2: Approved 2019 Budget with notes 3

4 Attachment 1

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8 Attachment 2

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