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.

 

 

Treasurer’s Report

 

None presented as we worked on the CY03 budget.

 

New Business

 

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.