Montefino Village

2009 PRESIDENT'S REPORT

2009 PRESIDENT’S  REPORT

FINANCIALS

Spending was $8,463 under budget in part due to lower monthly maintenance and utility expenses and lower extra expenses related to having only one water feature. We showed a loss of $21,106 due primarily to the water feature revision costs of approximately $26,000 that were taken out of operating funds. We ended the year with cash in the bank of $149,598.

Of continued concern is $12,154 in delinquent assessments, violation fees and the costs of pursuing collection of these accounts receivable.

BOARD ACTIVITY

The Board of Directors met eleven times in 2009. Highlights are as follows:

Completed conversion of two water features to rock planters, and secured a lower priced service agreement with our water feature maintenance vendor.

Complied with new federal safety law by revising the pool/spa drain system. Repaired swimming pool leak, replaced pool and spa auto-levelers, and acid washed pool and spa.

Touched up paint and repaired various clubhouse problems including changing the doors of the clubhouse to resolve lock tampering issues.

Proceeded to a vote establishing that the community did not wish restrictions placed on the number of rental units.

Decided against revising roundabouts to replace the grassy areas.

Divided the tree maintenance and landscape maintenance functions between two vendors, and embarked on a seasonal tree trimming program. Removed five trees as a result of a 12/7 storm.

Established a budget that provided for a $3 per month increase in owner assessments. In part this increase is related to several years of almost no income from our bank funds, in part to a concern for continued assessment collection problems and in part to the likelihood of increased reserve fund needs.