Opening of Business Meeting @ 10:20 am
a. Quorum established
b. President’s comments –
– welcomed new homeowners, Vassilios and Joanna Magginas
– introduced Bob Wheatley from The Whayland Group, LLC to discuss the Reserve Study performed for the community
Mr. Bob Wheatley discussed the Reserve Study that was performed for the Willow Lake Homeowners association for almost 1 ½ hours. He stated that it was our fiscal responsibility to have a capital budget and reserve fund that is adequately funded. He stated that our community is a maturing one and would need repairs in the future to the infrastructure that we have. He said that real estate agents and home buyers have become more fiscally educated when buying in mature communities in regard to asking for information about any reserve studies that have been done for the community, capital budgets and reserve funds that reflect the capital budget. This information helps to maintain property values and assists in the preservation of the assets of the community. Mr. Wheatley reviewed the process and sources that he used to arrive at the funding time lines and costs. He stated that line items could be changed in regard to cost estimates, time lines and inclusion/exclusion in the reserve study. Several members were concerned with the line item for seal coating. The majority of time was spent on this subject as well as the time line for resurfacing the community road. A committee was formed that would revisit the issue of seal coating as well as several items that were costed at less than $3,000. A decision will be made regarding these issues and costs as to their status in the reserve study. The 2017 assessment will reflect these decisions. Mr. Thom Allen wanted to postpone the vote on the budget until the committee had made changes to the reserve study. It was decide to go forward with the budget vote. The reason for this was that the changes in the assessment would be very small and would be addressed in next year’s assessment.
Financial Review
2015 budget reviewed for the community members, $1,940 added to the reserve fund
2016 budget presented and reviewed for the community members
