Resolution of the Board at the 4/4/2017 meeting.

T. Maglienti gave a good description of what is in the HOA budget for next year. The proposal has been given to the board.  He stated based on the current proposed spending plan, all items can be funded with a homeowner’s dues amount of $198.50.  P. Hayden made a motion that we set the Maintenance fee at $200 per month. G. Eagan added that the proposed budget is over what we would collect.  Tom did not feel we would have to take the extra money out of the non-liquid savings accounts and that it is expected and acceptable to pay for the upcoming infrastructure work on Alana and Caitlin by using our reserve funds.  However it would be taken out of the business checking account and our liquid savings and not our certificates of deposit (CD’s).  More discussion followed. Tom said we have enough in reserve to cover the capital expense that we expect from the upcoming water supply changeover for Alana and Caitlin when the city upgrades the water and the street of Maine Road. Tom stated that we would still have enough funds to cover the new water work, roof repair, and other needed maintenance items for the next fiscal year. The audience also provided some suggestions and comments and expressed thanks for all the board is planning to do.  Peter Hayden then amended his motion to keeping the HOA Maintenance Fee at $205 per month which was seconded by B. Turek. The vote was 4-1 in favor of keeping the fee the same with Tom Maglienti in the negative.