Burningtree Valley Homeowners Association. Annual Community Meeting February, 2017

Transcription

1 Burningtree Valley Homeowners Association Annual Community Meeting February, 2017

2 Agenda Grounds and Facility Update Maintenance update Budget Review Current Projections Collections / Liens Board Nominations Tomahawk Exit Petition

3 Board of Directors Officers President Larry Leightley Vice President Joe Carton Treasurer Amy Giuntini Secretary Roger Logan Board Members Buster Williamson Ozzie Mullins Mike Giuntini

4 Maintenance Update Overview of Grounds and Landscaping Major issues Ongoing Irrigation repair Total of $3,177 Pool / Restrooms Tennis / Basketball courts Not in best shape Resurfacing required Estimates Re-surfacing - $14,400 Surface replacement $35,700 Basketball Court resurface - $2,100

5 Future / Pending Issues Maintenance / Repairs Long term maintenance Landscape upgrades Front Entrance review Common area drainage Not Probable Tennis court / Basketball court resurfacing Pool / Pool house Deck cleaning Furniture replacement Replace Intakes

6 Accounting / Finance Accounts Payable All routine bills on Auto Pay Decatur Utilities / Joe Wheeler Secured PNC Credit Card Controlled by President & Treasurer $1000 limit All non routine bills on Bill Pay Elimination of paper checks Accounts Receivable Upgraded software to manage books

7 Maintenance / Repairs Extraordinary Repairs July June Pool-major $4,276 $1,791 $1,800 $800 Entrance $6,136 $15,097 General grounds $6,862 $2,900 $25,000 $500 Tennis Courts $6,1241 $3,610 $475 Irrigation $6,862 $3300 Misc. Repairs $9,441 $4,062 $2,364 $1,836 $400 Total Repairs $13,717 $16,322 $21,071 $10,489 $2,900 $26,800 $5475 $13,800 average cost of repairs since the Association assumed ownership from the developers.

8 Operating Expenses 11 year summary $ 30,450 Average Operating Costs $ 10,000 Average Extraordinary Repairs $40,450 Total Spend $42,600 Total Collections $2,150 Net

9 Current Status Outstanding Dues / Liens Total outstanding payables $9,980 / 8 properties Over 2 years - $7,180-2 properties Liens Filed Legal action required to get current Association has limited resources Limited experience in litigation / collections Over 90 days - $2,400-6 properties - Expecting full payments - Property re-sale communication

10 Contingency Update Ongoing Repairs / Maintenance Community is over 20 years old $10,00 contingency for unforeseen issues Major issue would require assessments Community was designed for 600 properties Property values and long term sales at risk Supported by both the 2009 and 2011 Surveys Recreation facilities in need of critical repair Tennis Court / basketball court resurfacing Drainage in Common area Volunteers very little or diminishing

11 Board Nominations Nomination committee required: Chairman current elected board member 2 volunteers from the membership Current Members re-up for next term 7 directors required for a one year term Only 6 on board currently Voting for fewer than 7 is not required

12 Tomahawk Petition 03/2016 Members petition to exit the Association Board utilized attorney experts in HOA issues Tomahawk 17 members voted 100% to exit Tomahawk would assume all associated costs: Transfer of property, formation of separate HOA Assumption of utilities and maintenance Any delinquent obligations not forgiven to BVHOA All members are current with dues through 07/2017

13 Tomahawk Petition Reasons for Petition Original intent to connect Tomahawk to Summmerwind Not likely based on city growth emphasis Only the construction of elementary school makes this probable Logistics BCC facilities comparable at less cost BCC Pool membership $250/season 2.5 miles to utilize recreation facilities Revenue versus cost of upkeep $550/year cost versus $6800 of revenue

14 Tomahawk Petition Impact to Association Membership Reduction to 91 Lost revenue $6,800 Utilities / Landscaping cost reduction - $550 Routine revenue with 89 members is $35,600 Will continue to stay in the Black Average last 5 years is $30,650 Very little room for major issues» Pool, Irrigation, tennis court repairs

15 Tomahawk Petition Next Steps Special meeting scheduled on March 2 10% attendance at meeting for a qualifying quorum Votes only counted for members attending meeting and their proxies Limit of 3 proxies per member Must be in attending members possession at the meeting One vote per association member / property Members that pay for 2 lots counts as 2 votes Must be current on dues for a qualifying vote Proxies will not count if attending member is not current with dues Letters with proxy to be mailed week of Feb 13 Motion must carry at least 2/3 of the attendees/proxies to approve

16 Thanks for your attendance