Board Meeting ~ December 6, 2018
Attending: Rob Burton, Keith Johnson, Ann Moorehead, Lydia Jones, Lynne Williams and Bruce Lyman
The meeting was called to order at 7:10pm
We found it necessary to have a special HOA meeting in December to go over the budget prepared by Keith Johnson. It has to be delivered to the homeowners this month and we all needed to review it, along with some future projections that were prepared. We had a long discussion concerning the budget and our duty to be sure we will have reserves in the bank when the expensive repairs (new roofs, concrete, stucco, etc) come due. The projections showed us that we would certainly have a shortage of funds in the future if we didn’t act today. No one on the Board was in favor of having a special assessment later to pay for these items. Noting that cable and internet were a huge part of our budget, we discussed the idea of dropping them from our budget and letting the individual homeowner get cable, and especially internet, on their own. It was decided to continue to include this in our HOA fees. Currently, we get a much better deal as a community from Xfinity than we could individually. We will continue to review this expense in the future.
After much discussion, it was decided that it was necessary to increase our HOA fees by $10.00 per month to $185.00 monthly. This new HOA fee will start in January 2019. The fee increase will help insure that we will have the state mandated reserves that will be needed in the future. Any further increases in HOA fees will be due to market increases.
We also voted to raise our transfer fees from $300 to $500. This will keep us competitive with the industry average. This does NOT affect the current homeowners. It is a fee only for new homeowners coming into the community.
NOTE: It was later discovered that, because the transfer fees are part of the CC&R’s, the whole community must vote and pass this increase. We will evaluate this topic again next month.
The next board meeting is scheduled for Thursday, January 10th, 2019.
Meeting adjourned at 8:32pm
Wyngate Commons HOA Board Secretary