MINUTES FOR THE LAKE FOREST
COMMUNITY ASSOCIATION
BOARD MEETING
Nov 14, 2002
Meeting opened at 8:35
p.m.
Present: Bev Franklin,
Steve Gilbert, Evelyn Hempstead, Tom Quigley, Jim Evans, Wes Cox, Harry Hopkins
and Dave Wilson.
Old Business
We approved the Oct ’02
minutes.
Harry addressed an
inquiry from a resident moving into the community regarding fences.
None presented as we
worked on the CY03 budget.
Wes suggests that the
proposed CY03 budget be put on the LFCA web site, along with the financial
statement, and the budget history.
We decided to amend the
budget categories to comply with our auditor’s recommendations. The same budget categories will be used for
the CY03 financial statement. For
example, we combined printing and office supplies, and combined the budgeted
expense. We also combined legal,
banking fees and corporate license expenses into one budget line item. We combined Community Day/Support with
Publicity (yard sale). We eliminated
Seller’s Disclosure Packets costs (minimal – to be combined with office
supplies). We combined two
miscellaneous categories into one $200 line item. We decided to budget $750 per year for tree removal as a budgeted
expense – not a reserve item. We
eliminated the Entrance & Sign Maintenance line item as a service expense,
while we retain the $500 per year reserve for Signs. We created a single line item for Entrances from Entrance
Water/Plumbing and Landscaping/Entrance Plants Maintenance. We entered an additional line item for a non
recurring plumbing expense of $8,000 to install sprinklers at all three
entrances. Ultimately, we only have two
line items for Service Expenses: Common Areas, and Entrances. We adjusted a few budgeted line items to
provide a balanced budget, except for the $8,000 fee for the sprinklers that we
propose paying out of unbudgeted reserves.
We will adjust the budgeted line item for Entrances to balance the
budget with the proposed income.
Harry will produce a new
mailing reminding all residents of our General Meeting, with particular
emphasis on the location and time (Pohick Library @7:30 pm). I will put out an email to announce the
proposed budget on the web site.
Meeting adjourned at
9:50 pm.
Next meeting will be the
General Meeting at 7:30 pm Thursday, 12 Dec at Pohick Library.