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DECEMBER 2011

BUDGET MEETING

President Eileen Bendis
Pres Eileen Bendis
The meeting of the Regency Tower Board was called to order at 7:00 PM on Tuesday, December 13, 2011, in the Rendezvous Room of the Regency Tower by the President.

Roll Call - Iris Anastasi, Eileen Bendis, Eric Berkowitz, Bernard Larkin (speakerphone), Cathie Lenz, and Margaret Thompson. Fern McBride was excused.

Approval of Minutes - Cathie Lenz made a motion to approve the minutes of the November 8, 2011 meeting, which was seconded by Iris Anastasi and unanimously passed.

President’s Report - President Eileen Bendis read her President’s Report. Click Here to read the President’s Report.

Treasurer Cathie Lenz
Treas Cathie Lenz
Financial Report -
Treasurer Cathie Lenz gave the Financial Report and the Report on Reserves. (Reported financial details are available to Regency Tower owners in our newsletter, the “Regency Tower Times”. - editor)

We are going to open an account with another bank in order to be within FDIC limits.

Assessment receivables continue to be aggressively tracked and pursued. The largest single item is Apt 1508 totaling $24,797.76.

There is currently only one other delinquent unit that is being handled by our lawyers.

Report on Reserves Vote - Treasurer Cathie Lenz reported the Limited Proxy results as follows:

The fully funded balance for total reserves at year end is $205,676.94.

 
Limited Proxy forms returned: 143
Valid proxy forms: 143
Invalid proxy forms:     0
 
Number voting to Fully Fund Statutory Reserves:  11
Number voting to Partially Fund Statutory Reserves: 132
 

Therefore, in 2012, the unit owners’ funding for reserves will be $73,080.00

We currently have Reserve Accounts established for the following categories:

  • Roof

  • Driveway (to be renamed Paving)

  • Painting

  • Balconies (to be renamed Concrete and Balcony)

  • Elevator

According to Florida Statutes, reserves are required for any item for which the replacement cost or deferred maintenance exceeds $10,000, so in 2012 we are adding the following accounts:

  • Air Conditioning

  • Pool

  • Mechanical

  • Interiors

Secretary Fern McBride
Secretary Fern McBride
The results of the recently completed reserve study reflect a significant under-reserved balance for The Regency Tower. We will be working with our accountant to enable us to cover some of the deficiency by transferring a portion of our equity funds to Reserve Accounts. In an emergency, we have the $600,000.00 line of credit at 1st United Bank to draw down.

A motion was made by Iris Anastasi to approve the Treasurer’s Report (Financial Report and Report on Reserves), seconded by Eric Berkowitz and unanimously adopted.

Board Vote on CY2012 Budget - A motion was made by Eric Berkowitz to approve the CY 2012 budget as presented with partial reserves and seconded by Margaret Thompson. It was unanimously approved.

Manager’s Report - President Bendis then called for the Manager’s Report. Click Here to read the Manager’s Report.

New Business - President Bendis declared that there was no New Business.

Adjournment - A motion was made by Cathie Lenz and seconded by Eric Berkowitz to adjourn the meeting at 7:30 PM, unanimously approved.

Fern McBride
Board Secretary

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PRESIDENTS REPORT

DECEMBER 2011

Board President Eileen Bendis’
Message to Members

President Eileen Bendis
President
Eileen Bendis
Regency Tower Holiday Season
Light up Regency Tower!
I would like to begin by saying, on behalf of myself and the Board of Directors; we wish everyone a happy holiday and a healthy New Year. I do want to thank Mark and the rest of the maintenance department for the wonderful job of lighting the outside of our building. I know for sure we have the best decorations on the Galt this year.

We hope that our momentum going forward will continue throughout the new year. I feel very positive that only good things will be happening here in the future. Thank you for your patience and good will. Please know that when unexpected occurrences happen, we do everything possible to remedy them as fast and efficiently as possible. There is no need to burst into the office yelling and screaming at employees. It’s not their fault. Again, the buck stops with me, so yell at me. We are here to accommodate – not to alienate.

Impact Glass Door
Impact Glass Door
Regency Tower Holiday Season Lobby
Holiday
Season Lobby
I do have one point of contention that I must address – Proxies. Ladies and gentlemen, please understand that we send out these proxies for a reason. It is required in the Condominium documents that we vote on our reserve fund, as to whether it should be partially or fully funded. If (according to our documents) we DO NOT get a majority vote, we would have to fully fund our reserves, which would result in an increase in your quarterly assessment, and then I would definitely hear from most of you. Why do I have to beg and plead for you to send or hand in these forms? Please, get with the program. I’m not asking you to run for office, just let me know how you feel on these issues. As a reminder, beginning of January, I will be sending out proxies for the balcony door. A “FOR” or “AGAINST” check mark is all I am asking. Keep in mind this is only for replacing your door. You will not be forced to change the door until you are ready and then it will have to be with an impact glass replacement.

I would like to address another issue - all the hallway “stuff”. After the first of the year all objects, decorations, packages, will be removed. This is in our rules and regulations and a potential hazard – no ifs, ands, or buts – GONE. Decorations on doors that do not protrude beyond the main apartment recess are permitted.

Again, have a Happy Holiday from all of us.

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Eileen Bendis


Manager Dwight Lyons'

Manager Dwight Lyons
Manager
Dwight Lyons
I would like to start by thanking all residents for their Holiday contributions to the R T Holiday Fund, on behalf of our staff, I say thank you!

Also, I want to thank all those staff members that helped with the Holiday Lighting, I believe we are one of the best on the Galt.




Merry Christmas and Happy Holidays
to everyone here at Regency Towers!


Dwight D. Lyons
CMCA, AMS, PCAM

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