Champion Lakes HOA Board Meeting
August 11, 2021 (online only) Ring Central https://meetings.ringcentral.com/j/1481110115
- Attendance:
- Board: John Hering, President, Tania Ware, Secretary, Judy Liles, Treasurer
- Guests: Jackie-Excel; 8606 Scooner – Denise & Julian; 8601 Scooner- Randy; 8417 Victory-Sherry; 8405 Sailors-Darla
- Call Meeting to Order 7:00 PM
- Approve the Agenda – Motion passed
- Approve Prior Meeting Minutes
- December 3, 2020 – Motion passed
- April 6, 2021 – Motion Passed
- Financial Report – Motion passed to approve the report
- Old Business:
- Entrance Gate Consideration Report – HOA Board recommends no
- Review of HOA Bylaws and Covenants Report – HOA Board recommends no changes at this time.
- New Business:
- Review of HOA Reserve Study (Projected repairs v. budget)
- The reserve study concluded:
- The property is in good general condition and well-maintained.
- With current projected costs of $25,000 per year of operational costs
- Current assessment of $300 annually per homeowner totals $27,600
- The current Reserve balance is $16,087
- At current levels ($100 per month into the Reserve Account) the Associations’ current funding should prove inadequate to meet future needs.
- The Reserve Study Suggests an annual increase of $115 (Total assessment of $415 per year) per household to meet anticipated costs:
- Immediate maintenance: Metal Fencing clean/prime/paint
- Future major costs: Brick Wall Replacement – (we are 20 years into an average 30 year life)
- Future major costs: Metal Fence Replacement – (we are 20 years into an average 42 year life, but no doubt when the wall is rebuilt, so will the metal fence)
- The reserve study concluded:
- The Champion Lakes HOA Board supports the assessment increase for 2022, and recommends a $50 per homeowner increase per year.
- Probable increase of 2022 dues at October, 2021 Board meeting of $50 per year.
- Review of HOA Reserve Study (Projected repairs v. budget)
- Discuss Scheduling of next HOA Board Activities / meetings
- Board meeting Wednesday, October 20, 2021 (2022 budget approval and HOA report)
- Annual Meeting – Thursday, March 24, 2022
- Adjournment: 7:45 PM