150 150 San Antonio Village

Board Meeting Jul. 15, 2009


The July 15, 2009 meeting of the San Antonio Village Owners’ Association was
called to order at 7:30pm by Board Vice-President, Peter Sturken.  Present
were Board Members Bettina Johnson, Patricia Snyder and Carey Rogers; SAV
Manager, Karel de Veer and Tim Hodgson; and two homeowners.

Minutes for the meeting of June 17, 2009, were approved as presented.

Our manager Karel de Veer, passed out a revised budget for the year 2009-10
and a current cash flow analysis.  The revised budget is necessary because
State Farm Insurance increased the replacement cost figures for our complex
and increased the premium by $18,500 annually.  This is not an option and the
increase was retroactive to June 7th.

By making adjustments in our reserve funding; decreasing the operations fund
by $1,000 and the capital fund by $12,000; and some reductions in utilities
costs, etc. we are able to cover this unexpected cost without an increase in the
homeowners’ fees at this time.  Also, we are currently under budget for capital

Pat Snyder made a motion to approve the revised budget as presented; motion
was seconded and approved by the board.

Karel reported that our investments with Dean Witter are no longer providing
an acceptable interest income. It has dropped to less than 1%.  He
recommended that we move $250,000 of the funds to a certificate of deposit at
First Republic Bank where the interest will be about 1.9%.  The balance of the
account will go to another bank with similar interest.  Bettina Johnson made a
motion to approve his recommendation and it was seconded and approved by
the board.

Treasurer Pat Snyder presented the final financial report for July 2008 to June
2009. Our income was at 99.5% of the budget and total expenses for the year
were 98.8% of budget.  The drop in income was due primarily to the lower
interest income from our investments.

We did not receive any architectural change requests for this period.
Meeting was adjourned at 8:15 p.m.

Respectfully submitted,

Carey Rogers, Board Secretary