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Blue Lake Annual Meeting of Homeowners
October 18, 2007
Check in began at 6:50. Proxies collected and attendance tallied. 136 homeowners represented either in person or by proxy.
Meeting called to order: 7:20pm
Board Members in attendance: Scott, Vince, Susie, Brian, Gina;
Absent: Kelly and Jack
Approval of Minutes of last annual meeting: Skip Harlow made a motion to approve; Bruce Pearson seconded. Motion passed unanimously.
Introduction of board members
Year in review: Scott talked about the handout “2007 Projects.” Scott mentioned that we also added automatic bill paying capabilities. There was some discussion of the sidewalk removal.
Treasurer’s Report: Susie announced that we don’t have a quorum to do a vote, so this meeting will be for informational purposes only. (136 represented/210 needed for a quorum)
Susie requested that since this board was not in place during the Tot-Lot expenditure to please focus on the current budget. Also, that the current board is looking to get legal advice regarding the soccer field contract, but until something definitive is decided the costs still needed to be included in the 2008 budget. Susie talked briefly about how Eagle County used to rent our community center (before the county building was constructed in El Jebel) at an income for BLOA of approximately $20000 annually. This loss of income has never been replaced. Also, in past years the dues were not increased regularly which put us behind the increase in inflation.
Susie talked briefly about the handout of “Blue Lake Amenities.” She presented the proposed 2008 budget. She explained that we’re not competitive in hiring new employees for Joe. She explained that our being under budget on the payroll line item was due to Joe working with a staff of 2 (instead of his usual 5 or 6) throughout most of the growing season. She explained that all income is currently going into the operating account, with nothing into the reserve account.
She presented pages 69 and 76 of the website Reserve Study “Significant Components for Blue Lake Owners Association” and “Projected Reserve Expenditures for Blue Lake Owners Association,” and explained that this is purely a tool so that we have the money in the bank for necessary expenditures as they occur. If we don’t have the money in the bank, there will be special assessments imposed on homeowners. She explained the need to tap into the reserves for the past years projects.
She and Brian explained that this proposal only partially funds the reserves, and that with the proposed increase the reserves won’t be fully funded until the year 2035. Jerome Simecek added that banks will often not offer financing to buyers looking to purchase in an HOA with low reserves, thus lowering property values.
There was a question about how much the storage increase slated for Jan. 2008 will bring in. Susie answered that the 50% increase will bring in an additional $10,000 annually.
There was a question about future increases. It was explained that the proposed increase will eventually get us where we should be, but that the regular 5% annual increase for the operating account will continue to be necessary.
Jerome made a motion to do a non-binding straw pole, John Watkins seconded; approved by attendees. 100 of 136 voted to pass the proposed increase. The results of this unofficial vote were announced.
Susie explained that we will not send another certified mailing, but that the next meeting to vote on this proposal will be in 30 days, at which time the quorum necessary will be 105 homeowners. An announcement will go out with the November statements/Bugle.
Jerome Simecek asked that a PDF file of the proxy be put on the website.
New Business:
John Watkins asked that we petition the county for a stop sign at JW and Badger.
Skip Harlow asked about grant writing to Eagle County for some of our general maintenance (soccer field, sidewalks, etc.)
Keith Johnson suggested that we post “draft minutes” (until they are approved) as to have more current information on the website and in the Bugle.
Gina is to put the minutes of this meeting in November bugle also.
Nominations for board vacancies:
• Bruce Pearson-accepted (Beaver Lane)
• Cheryl Bach-accepted (not present) (Raccoon Court)
• Missen Brucker-accepted (Black Bear Trail)
• Keith Johnson-accepted (Badger)
Nominees introduced themselves. A vote was taken:
Bruce Pearson: 26
Missen Brucker: 22
Keith Johnson: 15
Cheryl Bach: 11
Meeting adjourned at 8:55.
Board to meet this Tuesday at 6:00 to plan the next step in the process.
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