The Park at Montgomery Farm HOA 2 nd Annual Meeting February 16, 2010 - PowerPoint PPT Presentation

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The Park at Montgomery Farm HOA 2 nd Annual Meeting February 16, 2010. theparkhoa.org. Agenda. Welcome Reading of previous minutes Committee Reports 2009 Financial Review 2010 Budget Reserve Study Election of officers Discussion and questions Adjourn. theparkhoa.org. Welcome.

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The Park at Montgomery Farm HOA 2 nd Annual Meeting February 16, 2010

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The park at montgomery farm hoa 2 nd annual meeting february 16 2010

The Park at Montgomery Farm HOA 2nd Annual MeetingFebruary 16, 2010

theparkhoa.org


Agenda

Agenda

  • Welcome

  • Reading of previous minutes

  • Committee Reports

  • 2009 Financial Review

  • 2010 Budget

  • Reserve Study

  • Election of officers

  • Discussion and questions

  • Adjourn

theparkhoa.org


Welcome

Welcome

  • Please remember to sign in and check your contact information, including e-mail address.

theparkhoa.org


Minutes from prior meeting

Minutes from prior meeting

theparkhoa.org


Committee reports

Committee Reports

  • Community Events – Kristin Schneider

  • Landscaping – Randy Rosman

  • Communication – Carolyn Hastings

  • Crime Watch – Gerald McGee

  • ACC – Celeste Walz

theparkhoa.org


2009 financial review

2009 Financial Review

  • Income Statement

  • Balance Sheet

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2009 actuals

2009 Actuals

  • Income Statement (for the year ended 12/31/09)

    • Revenues of $107,798 were about $1,000 higher than budget due to interest income and late fees that were not budgeted.

    • Administrative expenses of $17,565 were $365 higher than budget as a result of slightly higher property taxes.

    • Utilities expenses of $16,318 were about $6,000 higher than budget due to water overages.

    • Infrastructure and maintenance of $170 was $650 lower than budget.

    • Landscaping of $61,059 was about $400 higher than budget.

    • Reserve contribution for the year was $6,183.

theparkhoa.org


2009 actuals1

2009 Actuals

  • Balance Sheet (as of 12/31/09)

    • Cash - $52,598 Represents both operating and money market funds and includes $44,000 in prepaid assessments.

    • Other Current Assets - $3,964 Includes $2,300 in fixed assets and $1,500 of assessments receivable.

    • Current Liabilities - $44,044 Represents the prepaid assessments which will become revenue in 2010.

    • Reserves and Equity - $12,518

theparkhoa.org


2010 budget

2010 Budget

The 2010 budget is based on the actuals from the 2 prior years, adjusted for any changes anticipated for the coming year.

  • Revenues are budgeted at $106,800; same as prior year

  • Administrative expenses are budgeted at $17,984; about $400 higher than 2009 actuals. Includes mgmt company, insurance, community events and legal fees.

  • Utilities are budgeted at $16,200; slightly lower than 2009 actuals.

  • Infrastructure and maintenance is budgeted at $7,000; higher than 2009 due to higher common area maintenance and improvements.

  • Landscaping is budgeted at $59,437; $1,200 lower than 2009 actuals.

  • Reserve contribution is budgeted at $6,000; in line with 2009 actuals.

theparkhoa.org


Reserve study

Reserve Study

  • Purpose: To ensure adequate funding of our Reserve Fund for long-term maintenance of our community assets

  • Status:

    • Draft has been received

    • Board has reviewed and returned with changes based on our expectations

    • Final study has not yet been received

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Election of officers

Election of officers

  • Elect up to 7 officers

    • Lyle Addicks

    • Carolyn Hastings

    • Randy Rosman

    • Celeste Walz

    • Kristin Schneider

    • Write in _________________________________

    • Write in _________________________________

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Discussion and questions

Discussion and questions

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Adjourn

Adjourn

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