Waterford Lakes Homeowners Association

Waterford Lakes HOA Minutes

Friday, January 29, 2016

January 2016 Board Minutes


       Waterford Lakes HOA Meeting Minutes January 2016
Meeting was called to order at 6:30 pm and the Pledge of Allegiance was recited by all.
Board: Maggie Jones, Suzie Jamerson, and Don Ulrey were present. Cathy Winterrowd and Mike Barr were absent. PSG Management: Larry Edwards and Susan Keene were present.
Minutes from last meeting were approved.           

Don Ulrey's treasurer's report: no meeting in December  
 
Nov./ Dec. income:...$13,264.95 / $13,645.97        
Nov./ Dec.  Expenses:...$12,427.87 / $4615.41
Nov./ Dec.  Net income…$13,264.95 / $13,645.97       
Nov./ Dec .  Checking account balance:....$7,894.47 / $16,324.06
Nov./ Dec.  Net Worth:......$146,078.82 / $155,154.38           
 Nov./ Dec.  Reserve Fund: ........$146,078.82 / $155,154.38
Architectural Report :  none
Social Committee Report: Suzie continues to visit residents with flowers and get well wishes.  New Bible study group meets every Wednesday 10:30am to 12pm at the club house, all residents are invited. Suzie informed those in attendance at the HOA meeting that two new residents are now welcomed to our community:  they are Peggy Burke (Waterford Ln) and Debra Wolven (Lakewood Ct). 
New Business/Old Business: No old business.  New:  A discussion was held concerning a 2016 budget line item removing money for fertilization.  The Board responded by saying that a budget meeting was held in Oct and all members approved this measure.  It was then discussed at the November meeting with residents prior to voting on the 2016 budget.  The Board explained that this is a one year temporary solution to help with the roofing project that will be starting in 2017.  Residents put in their suggestions that were put under advisement.  The board is faced with the task of facing a $700,000 cost to replace roofs within the next 6-9 years.  Therefore, some budget cuts are necessary to meet this cost.  The Board is now informing all residents that an HOA fee increase is inevitable and will occur this coming January 2017 resulting in a fee INCREASE of approximately $25.00 per month.  The HOA fee will then be $150.00 a month replacing the current fee of $125.00 per month.   All residents should prepare now for this increase to occur beginning January 1, 2017.   With this increase we will be able to start fertilization again along with our roofing project in 2017.  The board has a plan to put this increase income into our reserve account which is now our roofing account.  The plan is to have all the roofing done in approximately 9 years with a positive balance in our accounts.
The Annual meeting will be held on April 21, 2017 at 6:30 p.m at the clubhouse.   We encourage all residents to attend and to vote.   We would also like to inform you that there will be a vacant spot on the board to elect a new member at this annual meeting.   If any resident is interested and would like to represent our community by becoming a board member, please contact Susan Keene at PSG to have your name placed on the ballot for election.   
Attention:  FYI 2016 is a leap year, February has 29 days.
PLEASE: remember to pick up after your pets after they do their business, including common areas.
Motion made to Adjourn. Next meeting, February 18th, 2016 @ 6:30pm
Minutes prepared by Suzie Jamerson HOA secretary.