August 16, 2012 Meeting Minutes


Overview of Meeting:
The purpose of this meeting was to update the 2012 Budgets and to finalize the 2013 Budgets. All Board members and NBRM participated via Telecon. The meeting was recorded, which has now become a standard operating procedure for the VOH HOA Board. This recording, however, was erased before it could be transcribed.

The Board and NBRM reviewed each line item in the budgets; these are the results of those reviews.

2012 Operating Budget
The 2012 Operating Budget year end forecast was reduced from $27,795 to $24,795. The savings were found by reducing the fitness center one hour in the afternoon.  Legal fee projections were reduced by $2k.

2012 Capital Repair and Replacement Fund Budget
Total expenditures were reduced from $107,034 to $97,034.  The majority of the Board agreed to defer repair of existing street cracking. They felt that the streets were in good shape and that expansion and contraction of the streets in NC was not a real problem since the winters are not harsh. Added to the budget was replacement of the High Dune Loop path and replacement of the walkway between the tennis and sports court.  The installation of Bocce ball courts which was previously authorized was resubmitted to the budget.  There are problems with the sports courts which are under warranty.  The extent of that warranty is unknown at this time.  The installation of the bocce balls courts will only occur if the problem is solved.  As a result the estimated balance increased from the proposed budget from $295,809 to $305,809.

2013 Operating Budget
The proposed 2013 Operating Budget reflected a $22,965 loss.  The Board and NBRM worked to balance this budget. The Board voted to increase dues by $50 per lot per year for an increase of approximately $12.5K in revenue.  In addtion, a $5k expenditure for Professional Fees was eliminated.   This expenditure was for a Road Strategy review which the Board felt could be done by qualified VOH volunteers.  A few other minor adjustments were made to VOH mailing expenditures and miscellaneous expenses.  The board expressed a desire to minimize VOH mailings and utilize and promote our new website in an effort to communicate.

2013 Capital Repair and Replacement Fund Budget
Total expenditures were reduced from the proposed $73,500 to $21,500.  The major contributing factor was the elimination of $50k for street and parking lot repair.  As mentioned previously, a committee is to be formed to study this issue and until recommendations are received (which the board felt would more likely be reflected in 2014 or beyond) the money will reside in the fund.  NBRM disagreed with this decision.  As a result the estimated balance of the Capital Repair and Replacement increased from the proposed $320,709 to $380,209.

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