Tuesday, July 30, 2013

ECA Board Minutes June 25, 2013


THE ELIZABETH CONDOMINIUM ASSOCIATION
4601 North Park Avenue
Chevy Chase, MD 20815

 Minutes of the Board of Directors Meeting, June 25, 2013 

Board Present:
David Robinson               President
Steven Schattman............Vice-President
Jim Vuko.........................Secretary
Ted Ariev .......................Director.
Alfred Muller        ...        Director

Board Absent:
Jim Jones.......................  Director...
John McNerney ............  Treasurer

Others Present:
Gregory Roby ..............   Senior Vice-President, Legum & Norman
James M. Santos ..............ECA General Manager, Legum & Norman
 Jana Bowcut Recording Secretary, On the Record

On May 28 and 29 2013, and June 12 and 18, 2013, in accordance with Section 11.109.1 of the Maryland Condominium Act, the Board met in executive session to conduct personnel and legal issues.

Call to Order: Dr. Robinson called the meeting to order at 7:36 p.m.

Approval of Meeting Minutes:
MOTION       Mr. Schattman moved, Mr. Vuko seconded that the amended minutes of the meeting of the board of directors on May 28, 2013 be approved. The motion passed with all in favor (5-0-0). 

President’s Report: Dr. Robinson reported that this meeting is the last of the fiscal year. He also thanked Mary Catherine Curran and James Jones for accepting committee responsibility to help Management coordinate cleaning of the storage rooms.

Treasurer’s Report: The following report was provided by Mr. McNerney prior to the meeting:

The amounts included herein are rounded to the nearest $1,000.

·      As of May 31, the Association had $3,066,000 in cash and investments, a decrease of $26,000 from the prior month.

·      The Replacement Reserve Fund at the end of May was $2,663,000, a decrease of $26,000 from the prior month.

·      Expenditures from the Reserve Fund in May totaled $31,000. The amount expended from that fund so far this fiscal year is $465,000.

·      Delinquencies through the end of May were $80,000, an increase of $4,000 from the prior month. Five accounts are in collection, including one that is in bankruptcy.

·      Five Certificates of Deposit (CDs) in the total amount $975,000 matured in early June. $750,000 of that was reinvested in short-term (three months or less) CDs in anticipation of the need for those funds later this year for Maintenance, Repair and Replacement program.

·      Management has solicited line of credit proposals from four lending sources. They have received two proposals. The leading candidate has been provided additional information necessary to prepare loan documents, which should be ready for review by the Association’s lawyers for presentation to the Board within the next several weeks.

·      The final audit by DeLeon and Stang for FY2012 was delivered to the Association on June 21. Copies are available in the management office.


Copies of the Balance Sheet and Statement of Income and Expenses as of May 31 will be available at the front desk.

Management Report: Mr. Santos reported on the following:
·      Current work order delinquencies total $907.50, of which $551.00 is at or greater than 60 days.
·      The final audit was just received, and hard copies are available in the management office. Owners may also have a PDF version e-mailed to them if requested.

·      The arcade canopy work is about 90 percent complete; metal coping along the top and lettering are still needed. The west garage demolition is complete.

·      The Maintenance Repair & Replacement program is progressing with upcoming work on the roof anchors, chiller, sewage ejector/sump pumps, roof ventilation and duct cleaning. Mr. Santos is concerned about interruption of A/C during the day and a temporary pump may be needed to maintain it. Work on the sewage injection and sump pumps will begin in July. Roof ventilation and duct cleaning work is ongoing.

·      A new electricity-provider contract for January 1, 2014 is being prepared. Suppliers are providing information to a third party, who will do the analysis and will present its recommendation in July. The Association’s current contract is a two-year contract, but a new one could be for one, two, or three years.

·      47 condominium owners have signed up for the fan coil replacement plan. Management can begin getting specifications for prices. Dr. Muller asked whether once the initial estimates are received, additional owners could decide to participate. Mr. Santos responded “yes” and he will advertise the information when it is available.

·      Dr. Muller inquired why the stairway signage project has been on hold for a while. Mr. Santos stated that is an expense that was not budgeted for until 2014.

Committee Reports:
Website: Mr. Schattman reported that he is currently leading work on the website, and will have some help from an additional staff member in the office. As of yesterday, only 16 residents had signed up for the website, and he encouraged more residents to participate. Those who were registered on the previous site are not automatically registered on the new one. Mr. Schattman requested that the office distribute a flier with the website address. Owners will need their Legum & Norman account number to register and will need to create a password. Information on upcoming events from committee chairmen should be given to the office so they can be entered onto the calendar. The website will be a valuable tool as it will hold documents of the Association, will be able to process work orders, and communicate with residents.

Library: A donation from Irene Ladwig provided the library with about 100 books of art and travel. Ms. Ladwig’s niece, Connie Hartsfield, was thanked in obtaining the donation. The committee requests that residents not donate any more books since there is no more space for them.

Social Committee: The cookbook compiled from the Food Fest will be ready within a week and will be distributed to the donors and the workers. The remaining will be in the Management office and will be available on a first-come, first-served basis. The committee thanked all those who were involved.

Old Business:
Mr. Santos provided an update on options for the wireless microphone system. At the previous board meeting, after presenting a proposal for an $11-12,000 system, Mr. Santos was asked to seek more options. Another option that would replace 10 microphones with antennas on the ceiling, would cost $9,086. If board members shared microphones, and only five microphones were purchased, the cost would be $6,866. Mr. Ariev asked about the life expectancy of a new system. Mr. Santos was unsure and will get some specifications on this.  

New Business:
1. Garage ventilation fan replacement: As part of the Maintenance, Repair and Replacement plan, improvements to the garage ventilation system were suggested. A bid from the Densel Company was received to replace the current 16 garage fans with 8 energy efficient fans, which will be connected to an automatic timer to run at varying speeds throughout the day. A Carbon Monoxide detection system was not included in the proposal, but is still being considered. The amount budgeted for this work is $108,000.

MOTION       Dr. Muller moved, Mr. Schattman seconded to approve the proposal from the Densel Company to install 8 new energy efficient garage fans on levels G1-G4  at a cost of $117,094.60. The motion passed all in favor (5-0-0).

2. City water pump/filtration: Of the three water pumps that are involved in this system, two of them are original, and the third is 16 years old. The equipment is in various degrees of corrosion, and some valves cannot be closed or isolated. Originally, only two pumps were recommended for replacement now (the third in several years), however, Mr. Santos recommended replacing the third pump as a replacement was found that would be at a lower cost than if purchased later, and the contractor can more easily install it while replacing the other pumps.

Dr. Muller expressed concern that only $133,000 was budgeted for this work, and adding the additional work puts the Association about $100,000 over budget, and the report did not state that a new pump was needed. Mr. Ariev responded that by doing the work now will help the Association to save money in the long run. Dr. Robinson stated that throughout the program, there will be other opportunities where it will make sense to do unplanned work that will be the best value for the Association. Mr. Schattman agreed that it does not make sense to disconnect everything twice.

Comments from the floor were invited. One resident expressed that incurring this cost now ignores the budget and the ten-year plan. Another resident inquired what the expected life of the third pump is. Mr. Santos responded that it should last another nine or 10 years. A question was also asked whether the Board sees whether this might affect future condominium fees. Mr. Ariev stated that contingency funds are built into the program to cover this. Dr. Muller was concerned that this fund was being used incorrectly and should be reserved for when there is unexpected cost with the work, not doing additional items earlier than planned.

MOTION       Mr. Ariev moved, Mr. Vuko seconded to approve the proposal from Noyes Air Conditioning, Inc. to replace the city water pump/filtration system for $235,140.00. The motion passed with Dr. Robinson, Mr. Schattman and Mr. Ariev in favor, and Dr. Muller and Mr. Vuko opposed (3-2-0).  

3. Garage Concrete Membrane Repairs/Resurfacing: This work is proposed for the turn areas of levels G1 to G3 and the entrance ramps for both entrances. Mr. Santos stated that this scope of work includes the turn areas were the surface receives the most wear. This work is necessary to prevent expensive damage to the concrete.

MOTION       Dr. Muller moved, Mr. Ariev seconded to accept the engineer’s (Wiss, Janney Elstner Associates, Inc.) recommendation of Choice Restoration Services, Inc. for performing concrete membrane repairs and resurfacing (G-1 to G-3) for the amount of $21,754.00. The motion passed unanimously (5-0-0).

4. Fire Alarm System Upgrades: This work includes the replacement of the main control panel and pull stations on floors. Bids received so far are not similar in scope, and prices are too far apart. Mr. Santos has been working with the contractors and the engineer to make the bids comparable. This should be done within the next seven days. Dr. Muller inquired if a signed agreement was received from the fire department, to which Mr. Santos responded that it has. This agreement gives the Association five years to upgrade its equipment. $300,000 is budgeted for Phase 1 and 2.

5. 2014 Capital Improvement Plan: Mr. Santos stated that he has a list of additional improvements that he would like to recommend in the coming fiscal year. This includes improvements to the fitness area, computer upgrades and doors needing replacement. The items on the list cost an estimated $118,000; the list was provided to the treasurer and finance committee during the FY2014 budget preparation. Dr. Muller expressed concern that the contingency fund is for unexpected costs, not additional items. He added that the engineering consultants did not indicate any of these suggested things and new projects should not be considered. Dr. Robinson stated there will always be additional needs that cannot be budgeted for. Mr. Santos added that these capital improvement items are projects for daily operations and outside the Maintenance Repair & Replacement projects.

Resident Comments:
Rita Miller, Unit #607, stated that the pool water is cloudy. Mr. Santos stated that the cloudiness is due to an imbalance of chemicals used to treat the water and Winkler Management assured him that it had been fixed. The resident stated that it has not been fixed and has been a problem from Friday through today. Mr. Santos stated that he has told the owner of Winkler Management that performance has been substandard and this will be put in writing in the July management report.

Alexandra Kielty, Unit #1121, stated that the door leading to the arcade from the elevator lobby is difficult to open and is getting worse. Mr. Santos will inspect the door. Ms. Kielty also asked about the impact the HVAC replacement will have to residents located in the same tier. Mr. Santos stated that it will not impact those residents above or below.

Pam Dillon, Unit #718, stated that the correction to the budget discussed in last month’s meeting has not been corrected. She is concerned that the Board is not running the Association in a financially sound way.

A resident requested that a group be convened to address questions regarding the fan coil replacement project. Mr. Santos stated that prices should be obtained first, and then an information session can be planned.

Judi Barth, Unit #209, suggested that the contractor supplying the fan coil units could bring in a unit to show to residents and brief them before any decisions are made. Ms. Barth also asked if the concrete work will fix the flooding that occurs on the G-2 level of the garage. Mr. Santos stated that the approved work is for the surface only, and the engineer is working on a solution, which involves the help of PEPCO. Ms. Barth also requested that the holes in the West garage wall be fixed.

Residents expressed concern about items littering a wall on the G-2 level, cars stored by people who do not own a condo. Mr. Santos stated that notice will be given to violators.

Adjournment: The President adjourned the meeting at 9:17p.m., with the Board to meet immediately after for an executive session, in concordance with section 11.109.1 of the Maryland Condominium Act.

The initial draft of the minutes, upon which these minutes are based, was prepared by Jana Bowcut of On the Record.

Respectfully submitted,
_____________________________________
Jim Vuko, Board Secretary

Monday, July 29, 2013

Summary of July 25, 2013, ECA Board Meeting


Board Present: Dr. David Robinson, Jim Jones, John McNerney, Dr. Alfred Muller, Steven Schattman, Jim Vuko

Board Absent:  Ted Ariev

President’s Report

Management: Jim Santos has been promoted to Legum & Norman Regional Director. Terence Lee is the new ECA General Manager. The ECA Board reviewed many applications before selecting Mr. Lee.
  
New members appointed to the Budget Committee (John, McNerney, Woody Cunningham, Peg Downey, Jerry Feldman, Joe Salcetti, and one more) and the Design Control Committee. New members invited to work with other committees.

Mail Box Hall: new design under consideration due to damage caused by congestion in the hallway.

Committees

Social Committee now headed by Judy Gann and Linda Robinson. Deborah Ariev resigned. Social events planned include: Halloween party, Winter Holiday Party, reception for Annual Meeting in May,  Spring picnic. Other events may be added if volunteers come forth.

Old Business

n  Archive canopy repair completed.
n  Storage space clean up nearly done.
n  Cleaning of Ducts and fans almost completed.

New Business
--Fire alarm agreement with Montgomery County done. As part of the new fire alarm system, cameras will be installed on each floor.
--Carbon monoxide detection system is now tied to a new ventilation system for all garage levels.
--An improved system for roof anchors was agreed upon, with an additional eight anchors need,
--3 new Dell computers for management office will replace the the two extant computers that are ten years old.
--61 owners are interested in exploring purchase of new fan coil units. Price will soon be available.

--Two treadmills need repair, parts are ordered.

Comments from Floor
--Smoking on Balconies, information offered about 8101 Connecticut Ave that have a ban on smoking contrary to our legal advice.
--Some issues with pool staff, especially in the evenings. Management will contact pool management company.
--Parking on G1—commercial units have been given access to guest parking at no cost in accordance with house rules.
--Eco Beco will return for more energy savings.
--Issues with renters who improperly dispose of unwanted items. Can owners be fined? Can renters be given orientation about use of trash rooms, recycling, disposal of unwanted items.

Thursday, July 18, 2013

Summary of June 25, 2013


Here are some notes from the June 25, 2013, meeting

Board Present: Dr. David Robinson, Dr. Alfred Muller, Steven Schattman, Jim Vuko
Board Absent:  Jim Jones, John McNerney

HVAC --General Manager Jim Santos gathering info on pricing & process for replacement of HVAC systems based on minimum of 50 units. Some options like having a door into the unit for full access may be offered. Note: responsibility for replacing the McQuay units belongs to unit owners.

City water access upgrade including filtration into building will help preserve life of our faucet filters etc

Replacement of garage fans: reducing number with higher efficiency fans. Also better carbon monoxide detectors.

Santos presented specifics on budget for items that are small but requires board approval. T

New Elizabeth website with new features. To gain access use your Legum & Norman account number.

ECA Board Minutes May 28, 2013


THE ELIZABETH CONDOMINIUM ASSOCIATION
4601 North Park Avenue
Chevy Chase, MD 20815



 Minutes of the Board of Directors Meeting, May 28, 2013 

Board Present:
David Robinson                President
Steven Schattman............Vice-President
John McNerney ............  Treasurer
Jim Vuko.........................Secretary
Ted Ariev .......................Director.............
Alfred Muller        ...        Director

Board Absent:
 Jim Jones.......................  Director....

Others Present:
Gregory Roby ..............   Senior Vice President, Legum & Norman
James M. Santos ..............ECA General Manager, Legum & Norman
 Jana Bowcut Recording Secretary, On the Record

On April 23, 2013, in accordance with Section 11.109.1 of the Maryland Condominium Act, the Board met in executive session to conduct personnel and legal issues.

Call to Order: Dr. Robinson called the meeting to order at 7:37 p.m.

Approval of Meeting Minutes: 
MOTION Mr. Schattman, moved, and Mr. Vuko seconded, that the amended minutes of the meeting of the Board of Directors on April 23, 2013 be approved. The motion passed with all in favor except for Dr. Muller, who abstained (6-1-0).

MOTION Mr. Vuko moved, and Mr. Schattman seconded, that the amended minutes of a special meeting of the Board of Directors on May 14, 2013 be approved. The motion passed unanimously (7-0-0).

President's Report: 
Dr. Robinson reported that the meeting schedule for board meetings for the year has been changed slightly. In the past, the Board has not met in December; but this year will meet on December 17th, and no meeting will take place in January 2014. Regular monthly Board meetings will be held on fourth Tuesday of each month at 7:30 p.m.

Treasurer’s Report: Mr. McNerney provided the following report:
The amounts included herein are rounded to the nearest $1,000.

As of April 30, the Association had $3,092,000 in cash and investments, an increase of $27,000 from the prior month.

Expenditures from the Reserve Fund in April totaled $101,000. The amount expended from that fund so far this fiscal year is $434,000.

Delinquencies through the end of April were $71,000, an increase of $16,000 from the prior month. Five accounts are in collection, including one that is in bankruptcy.

With the April reporting period, ten months of data now project a deficit of $45,000 in the operating account. This compares with the March projection of a deficit of $156,000. Most of this favorable reduction of $111,000 is attributed to a favorable variance of $84,000 in the utilities account.

Copies of the Balance Sheet and Statement of Income and Expenses as of April 30 will be available at the front desk.

At a special board meeting on May14, the Board approved a four-percent increase in condominium fees effective on July 1, 2013, the beginning of FY2014. Copies of the approved budget containing that notice were mailed to all owners on May 16.

The 2012 audit creeps closer to finality. A representation letter was sent to the auditors last week, and we expect a final report before the end of this fiscal year.

22 members of the Association have expressed interest in participating in a loan program to the Association at three percent interest. The board will determine whether or not such a loan program will be initiated. If so, the program would begin in early calendar year 2014, at about the time that the Association begins to draw funds from a bank line of credit.

At the last regular Board meeting, the board directed that $100,000 of funds be invested for a one-year period. Those funds were invested in a CD yielding 0.35 percent interest.

Respectfully submitted:
John McNerney 



Management Report: Mr. Santos reported on the following:
 The current work-order delinquency totals $903.00 of which $488.00 is at or greater than 60 days. 
 Management mailed the final/approved Operating Budget for FY2014. 
 The canopy work at the west entrance will begin the second week of June. 
 Management has performed an initial inspection of all resident storage rooms. Additional lighting will be added to the rooms the week of May 27, 2013. 
 A structural engineer is beginning to start work on the window and door project. A unit has been identified to install a mock-up window to understand what will be involved with installation. Work on the roof anchors, chiller, sewage ejector/sump pumps, roof ventilation/duct cleaning should begin in June. 
 Mr. Santos received an estimate for a more dependable microphone system for the west lobby, which would involve installing four handheld microphone systems, a custom wall plate and a 24-space rack in the storage room to hold equipment. The estimate from Audio Video Group is for $10,497. Concern was expressed about how high the quote is and board members asked if the work would come with a warranty, which it would. Board members agreed that additional estimates should be sought.

Committee Reports: 
Social Committee: Recent committee activities include: election night, a talk by Brian Murphy and the recital. The Committee thanked Linda Robinson, Karen Sollazo, Rita Miller, Marge McNerney, Wanda Powell, Ted Ariev, and Lynn Thayer.

Old Business: 
Mr. Schattman stated that new benches were approved in the April meeting, and asked what the status is. Mr. Santos stated that they will arrive in two weeks.

New Business: None.

Resident Comments: 
 Molly Frantz, Unit 1007, expressed concern about the 2014 budget in relation to the 2010 and 2011 audits. Mr. McNerney stated that the reasons for replacing the auditors were discussed at the last Board meeting. The Board is still awaiting the 2012 audit numbers. 
 Rita Miller encouraged the Board to adopt a rule prohibiting smoking on balconies, as she has smelled smoke in her unit. A nearby condominium building recently adopted this rule and it is working. 
 Karren Alenier, Unit 301, inquired how balcony activities are policed, as she recently smelled lighter fluid from someone grilling on a balcony. She suggested that signs be posted in the elevator to remind residents to be considerate of their neighbors. 
 Pam Dillon, Unit 718, stated that grilling on balconies is a violation of the fire code and residents should call the fire department if they observe this occurring. Ms. Dillon also expressed concern about the budget in that it shows a planned deficit of $95,674. Mr. McNerney stated that this will be balanced by $95,000 being taken from the operating reserves to the general account. Mr. Ariev expressed concern that doing this does not balance the budget. Board members discussed the need for a balanced budget and spending only as much as is brought in. Concerns were also expressed that the transfer of from the reserves will underfund the improvement project for the year. All condominium owners were mailed copies of the budget, but copies are also available in the office.
 Elin Winthrop, Unit 1114, expressed concern about odors wafting into her apartment, which she has not experienced before in the 11 years she has lived in the building. Dr. Robinson stated that duct cleaning and replacing exhaust fans should help this. 
 Joan Rosenbach, Unit 1517, expressed interest in exploring air conditioning units in individual apartments. Mr. Santos stated that a letter will be sent to owners with options available. 
 Vicky McDowell, Unit 1721 inquired how the Elizabeth Condominium Association is incorporated. Mr. Roby stated he was not sure, but he can find out.

On behalf of the Board, Dr. Robinson presented gifts and words of appreciation to previous board members Herman Stekler and Ilo-Mai Harding.

Adjournment: The President adjourned the meeting at 8:42 p.m., with the Board to meet immediately after for an executive session, in concordance with section 11.109.1 of the Maryland Condominium Act.

The initial draft of the minutes, upon which these minutes are based, was prepared by Jana Bowcut of On the Record.

Respectfully submitted,
_____________________________________
Jim Vuko, Board Secretary

Wednesday, June 5, 2013

Summary of May 2013 ECA Board Meeting


Present: Directors: David Robinson, Ted Ariev,  Jim Jones, John McNerney, Alfred Muller, Steven Schattman, Jim Vuko, ECA General Manager Jim Santos, ECA Assistant Manager Wanda Powell, Legum & Norman Community Manager Greg Roby, recording secretary

Important topics of the May 28, 2013, ECA Board Meeting included: the Elizabeth loan program, revised budget, demolition of West canopy and repair of East canopy, cleaning of dryer vents, microphone/sound system upgrade.

If the loan program is approved, there will be a 3% return on investment for those participating and it would start early in 2014.

There was extensive comments on budget process that included change of auditors.

Not everyone was happy about the demolition of west canopy.

In the next two weeks, the main venting system will be cleaned including venting conduits within the individual apartments. Management will notify owners for this service.

An upgrade to the public address system was approved.

ECA board meetings will be on the 4th Tuesday of every month except for December 17 meeting and no meeting scheduled for January 2014.

ECA Special Board Mtg. May 14, 2013


THE ELIZABETH CONDOMINIUM ASSOCIATION
4601 North Park Avenue
Chevy Chase, MD 20815

Minutes of the Special Board of Directors Meeting   
May 14, 2013

Board Present:
David Robinso                President
Steven Schattman............Vice-President
John McNerney ............  Treasurer
Jim Vuko.........................Secretary
Ted Ariev .......................Director

Jim Jones.......................  Director.................

Alfred Muller        ...        Director

Board Absent:
 All members were in attendance. 

Others Present:
Gregory Roby ..............   Senior Vice President, Legum & Norman
James M. Santos ..............ECA General Manager, Legum & Norman



Call to Order: 
President Robinson called the meeting to order at 7:30 p.m.

MOTION: Dr. Robinson moved that all the tabled and amended motions from the April 23, 2013 Board of Directors meeting be cleared from the table to make way for new business. Mr. McNerney seconded the motion. The motion passed (7-0).

New Business: 
Information Briefings
Dr. Robinson listed the three options before us for increasing the assessments, and asked three board members to summarize each.

Mr. McNerney summarized the 3% option as follows:
The current 10-year financing plan, approved by the board of directors last October, is based on an annual increase of condominium fees of 3% for the next 7 years, with an annual contribution to the Replacement Reserve Fund of at least $1.5M. This ten year plan envisions spending over $16.5M over that time period.  

Despite underfunding of the current budget in the amount of approximately $150,000, that financing plan remains viable. The Operating Fund had excess cash available to absorb that deficit, and there are options to mitigate the effects of any future shortfalls, not least of which are the delay of low priority projects. The current plan calls for the expenditure of nearly $5M in FY2014, followed by expenditure of another $4M in the two succeeding years, FY2015 and FY2016. That means that $9M, or 55%, of the total program cost will be expended in the next three years. Those expenditures cover all of our major programs, including repairing the balconies, replacing all the sliding glass doors, and all the unit windows, as well as the corridor renovation.

Mr. Schattman summarized the 4% option as follows:
We are approving one year of expenditures based on three options. This Board cannot compel future Boards to follow a plan approved today. At the previous Board Meeting there were two factions: one favoring 3% as proposed by McNerney and the other favoring a 5% as proposed by Ariev. Schattman proposed the 4% option as a compromise in order to achieve a productive outcome within the Board.

Mr. Ariev summarized the 5% option as follows:
Ariev said the issue was fundamentally a money-in versus money-out question. Current projections show that we will spend $18.5 million over the next 10 years on MRR and other capital projects, while at the same time the current plans project only $17.5 million in income. There is a $1 million shortfall that has to be funded which is why the 5% increase on assessments is necessary.

President Robinson invited comments from the floor:
Judy Gann #711: Contrary to what Muller thinks, I can understand budgets. The Elizabeth is very marketable. Buildings in the neighborhood are being assessed large amounts. We need to redo the hallways.

Molly Frantz #107: This discussion is confusing. I disagree with Ariev. 3% should be sufficient. The decision tonight is really about how large the operating reserve should be.

Charles Bressler: Reminded the Board that we do not yet have the line of credit approved. And, the size of our Operating Reserve should equal 3 months of operating expense. Approved-FINAL 

Mr. Mark #419: We look for stable, clear projections. We dislike the large, one-time assessments that are common in neighboring buildings. A 1% or a 2% difference is really a small amount.

Mrs. Sebeok #419: Our experience is that any endeavor will always take longer and cost more than you plan.

Diana Brosnan #1402: At the Carrollton, owners have to buy their own windows. I would rather face a 5% increase now than a 10% increase later.

Elin Winthrop #1114: We could increase our condo fees in mid-term if we agree on 3% today and then discover later that it was not enough. We can stretch out MRR expenditures if needed. It might be wise to slow down.

Karren Alenier #301: If you have new information, we will have to accept info whenever it arrives. It’s better to fix things and make the place livable. We live in a building that does not allow for large one-time assessments. That’s great! We need to go forward, don’t live in the past.

Dorothy Marette #1701: We need to make improvements. We can do without the contention. Let’s talk about what is on the table.

Mr. Marette #1701: John McNerney was chosen by the board as Treasurer knowing that he favored a 3% increase. Why not follow his recommendation?

Herman Stekler #708: The Board assured us last fall that we would not exceed a 3% increase. We should continue to support a 3% increase for moral reasons.

President Robinson closed discussion on the floor.

MOTION: Dr. Robinson moved that the budget be approved with a three (3%) increase. Mr. McNerney seconded the motion. Only three voted in favor (McNerney, Schattman and Muller). Motion failed.

MOTION: Dr. Robinson moved that the budget be approved with a four (4%) increase. Mr. Schattman seconded the motion. Four voted in favor (McNerney, Schattman, Robinson, and Vuko). Motion carried.

Adjournment: The meeting was adjourned without objection by President Robinson at 9:00p.m.
Respectfully submitted,
_____________________________________
Jim Vuko, Board Secretary