Present: Directors: Ted Ariev, Charles
Bressler, Ilo-Mai Harding, David Robinson, John McNerney, Steven Schattman,
Herman Stekler, ECA General Manager Jim Santos, ECA Assistant
Manager Wanda Powell, Legum & Norman Community Manager Greg Roby,
recording secretary
Important
topics of the April 23, 2013, ECA Board Meeting included: report on replacement/repair of windows/balcony doors/ balconies,
approval of roof anchor system, naming of new auditor, budget issues &
condo fee, canopies, upcoming annual meeting.
The biggest concern of the topics mentioned is the percent increase in the condo fees. In
order to move forward with our big renovation projects, some members of the sitting board, based on how the expenses are being managed that precludes adding to the reserve fund, have determined that a 3% increase will NOT be sufficient for a healthy financial
status. Our reserve fund is in jeopardy of not having ample funds if we have a
high-dollar emergency repair situation. However, no decision was made to set
the condo fee increase higher in this meeting. This was left to the new board that
will be elected at the May 1 annual meeting.
In order to save money, we need to move forward with the replacement/repair of windows/balcony
doors/ balconies. Water penetration as a result of old windows and
balconies doors is costing the ECA huge amounts of money in repairs and puts
our building insurance in jeopardy for increased premium costs. According the
report delivered at this meeting by Ken Kosteva of Wiss, Janney, Elstner
Associates, we can expect work to begin on the balconies and doors first by the
end of 2013.
In this meeting we also got approval
to go ahead with the roof anchor system, which is important in making
window/door/balcony repairs/replacement economically efficient.
Approval was established to hire Weyrich, Cronin & Sorra
Chartered as our new auditor. Our old auditor was causing us problems by not carefully
coordinating our asset information with our needs for major improvements.
Canopy repair on the East side and demolition on the West side
was approved but not without controversy. This matter was discussed thoroughly
in the March meeting but those concerned in the April meeting had apparently
not bothered to get their views represented in the March meeting.
The annual meeting is set
for Wednesday May 1, 2013 and as always participation is necessary to meet quorum.
Every year, the ECA risks not being able to go forward with the annual meeting
because not enough Association members are participating either by live
attendance or submission of their proxy ballots. Urge your neighbors to attend.
1 comment:
Here's a comment of interest from Marge McNerney. I made a slight adjustment to my text after reading her message:
John does not agree that 3% is not enough, so your comment about the sitting board is inaccurate. He has figures to show how this can be done. The issue is a difference in philosophy about spending. John 's proposal brings our reserves very close to zero and involves a line of credit but his proposal shows how this will work on a 3% increase. If some unexpected expense arises, his proposal recognizes some projects might be delayed for a short time while we catch up. Other board members don't like living on the edge so they want a cushion-hence a bigger increase in condo payment. In a community where there is such a mix all positions are understandable. People living on fixed incomes should be considered. Investors seem okay because they can raise the rent- see current offers on our bulletin board. Those who are not concerned about the difference between 3 and 5 % deserve a vote. Jim Jones's comment that we are in trouble is wrong. Condos are selling quickly. Rents are up. Our location is incomparable. When the improvements are completed we will be more than competitive on the real estate market. Promises were made about increases in relationship to the plan. That was probably the biggest mistake. I think future boards should be careful about committing their successors to budgets. Who could predict the $90,000 cost overrun for utilities in February which is still unexplained !
I really appreciate your blog. I believe we will all be fine if we survive the noise and inconvenience of this much needed update.
This is solely my opinion.
Margie McNerney
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