Date: January 11, 2013
Location: Mukilteo City Hall
Introduction
Treasurer’s Report:
- Treasurers distributed copies of the December 31, 2013 bank statements, the January treasurer’s report, and the comparative analysis form.
- Checking and Savings account registers were checked and confirmed to the be same as the bank statements.
- HOA documention requires a periodic audit of accounts by an outside CPA. This was last done on November 8, 2006. Treasurers have contacted a firm.
Financial Statement:
- Treasurers report that they are often asked for a financial statement. These requests are made by insurance companies, the Secretary of State, Real Estate agents, and contractors. However, the REHOA has never prepared one.
- Treasurers distributed copies of report and proceeded to explain what it is, and what it indicates that we need to improve on.
2014 Budget
- Treasurers distributed copies of the 2014 Budget Worksheet.
- Several line items were rolled over from 2013, and do not need additional funds in 2014.
- Insurance for Common Areas, Mail Box Rental, Incorporation fee, Office Supplies, Mailings, Meetings, Website fee were expected to remain the same. At the time of the meeting, no increases had been announced. However, treasurers reminded everyone that we often receive announcements of increases only just before time the next payment is due.
- Treasurers discussed the amount needed Fence Replacement. Since 2007, the REHOA has been assigning $7000 per year for this line item. Funds not used in any particular year have been set aside for future use in a reserve fund. While the REHOA still needs considerable funding for fence replacement, Treasurer’s proposed reducing this amount to $6000 for 2014 and future years.
- Maintenance of common areas commands the largest portion of the REHOA budget. Rather than lump these projects into one large line item, the treasurers suggested that each be given it’s ownThese line items include:
- Entranceways – We currently employ a groundskeeper to clean the entranceways of all five division three times a year (Spring, late Summer, and pre-holiday.)
- Stairs – Clean up of the stairs and weed-eating of area around the entire stair structure (top to bottom).
- Detention system – In addition to maintenance of the detention pond, the association has an extensive underground system to maintain, including three vaults. One is located on tract 988 (division 4), and two are located on tract 994 (division 1). These are quite large, measuring 128” by 83”, and are 97, 99, and 101 feet in length. The county has mandated that we clean the inside of these vaults and remove any “spoils” from the downstream catch-basins.
- Treasurers explained how increases in the budget would be reflected in the annual dues.
- Homeowners discussed budget and made suggestions.
- Budget was reviewed, and an increase of $25.00 per homeowner was recommended.