The meeting of The Regency Tower Board was called to order at 7:00 p.m. on Thursday, November 14, 2002 in the Meeting Room of The Regency Tower by the President, Dott Nicholson-Brown.
Roll Call: The roll call showed the following board members present: Iris Anastasi, Eric Berkowitz, Henry Kaplan, Dott Nicholson-Brown, Fern McBride, and Pablo Verol. Louise Collins was absent.
Reading of the Minutes: The minutes of a regular meeting of The Regency Tower Board of Directors held on October 17, 2002 were read. Eric Berkowitz made a motion to approve the minutes as read, seconded by Iris Anastasi, unanimously approved.
Financial Committee Budget Presentation: This meeting is primarily to present the budget which will be mailed to all unit owners on November 15, 2002. The budget will be voted on at the December 19, 2002 Board Meeting. Rafael Alleguez, Treasurer, prefaced the report by explaining, among other information, how the Finance Committee had as one of its primary objectives working to ensure that there would be no increase in the quarterly maintenance.
A. Recommendation - CY2003 Budget:
1. Administration - Salaries and Benefits - The committee recommended an increase in salaries and benefits. A portion reflects additional office personnel. (refer to newsletter for amounts.)
2. Utilities - The committee expects a decrease in utilities due to the continued vigilance of the Maintenance Department in checking for leaks throughout the property and replacing old toilets, resulting in a substantial decrease in our water bills. (refer to newsletter for amounts.)
3. Contracted Services - The committee estimated a decrease in service contracts. (refer to newsletter for amounts.)
4. Operational Expenses - The committee recommends an increase. (refer to newsletter for amounts.)
5. One Time Expenses - The committee recommends a 100% decrease in this area by eliminating one time expenses during CY2003.
6. Revenue - The committee recommends no increase in quarterly maintenance and that the required revenue to balance the budget would be obtained by (a) increasing storage bin fees ; (b) deferring to CY2003 the unused funds for utilities and the one-time expenditures. (refer to newsletter for amounts.)
B. Recommendation - Insurance - presented by Wiley Cotton
We will experience an unavoidable increase in our premiums of 15%, which is at the low end of increases along the Galt Mile. Administratively we now have seven separate policies combined under one independent agency for both payment purposes and claims. We receive competitive rates because the agency is and independent one and represents multiple underwriters. Our dollar amount coverage and deductible amounts were not raised. In summary, our owner's association is insured and protected at appropriate levels at a reasonable increase in premiums in face of a difficult and expensive market. Our premium payment and claims filing is as streamlined and efficient as possible.
C. Comment by President
Now that our Maintenance Staff is performing considerably more in-house repairs, our Residential Repair Revenue has increased substantially. Cable increase of $1.00 per month had been absorbed last year; correct amount will be billed this year. We are pleased that Rafael has done an outstanding job with the budget and we thank him for his presentation. The entire Finance Committee is to be commended.
Board Vote on CY2003 Recommendations: Eric Berkowitz made a motion that the fee for Storage Bins be increased. (refer to newsletter for amounts.) Iris Anastasi seconded the motion; unanimously approved.
Fern McBride made a motion that the unused funds for utilities and the one-time expenditures be deferred to the CY2003 Budget. (refer to newsletter for amounts.) Henry Kaplan seconded the motion; unanimously approved.
Adjournment: Iris Anastasi made a motion to adjourn the meeting at 7:50 p.m.; seconded by Pablo Verol, unanimously approved.
The next Board Meeting has been changed to December 19 to give time for the budget to be mailed and owner's to return their reserve proxies..
SPECIAL BUDGET EDITION
WE DID IT!
BALANCED THE BUDGET AGAIN WITHOUT INCREASING THE QUARTERLY MAINTENANCE!!!!
It's finished! It's Over! It's Done! After several months of meet, review, recalculate, redo, reduce, recalculate again; the Finance Committee has completed the Calendar Year 2003 Budget. We began meeting on the Budget in July and continued with intense concentrated meetings from September through November. And here it is!!
We thank MARTHA SELLASfor her efficient, determined work on the Service Contracts. We thank WILEY COTTON for his usual decisive "no nonsense" approach in obtaining great insurance coverage at less cost than anticipated. We thank HENRY KAPLAN for leading the committee until health concerns presented demanding challenges. We thank RAFAEL ALLEGUEZ for his work throughout the year in keeping on top of our utility charges; for taking over as Treasurer and for completing the Cy2003 Budget of which all owners can be proud.
Be sure to return your reserves proxy signed by the correct (designated) voter.
New Office Hours
Open Monday - Friday
8:00AM - 4:00PM
Board President and Bookkeeper available
No committee Reports this month.