150 150 San Antonio Village

Board Meeting February 20, 2013


The Homeowners Association Meeting held on February 20, 2013 meeting was called to order at 7:00pm by President Dawn Lucian. Present were Board Members Carey Rogers, Jeff Litherland, Bettina Johnson; Manager Karel deVeer, Tim Hodgson and two homeowners. Lynn Nichols was absent.

1. Minutes of the January 16, 2013 meeting were approved.

2. Two architectural change requests were received for this meeting.
The board approved the following:
5110 A Calle Real: black hand rail, option to paint it tan
33 N. San Marcos B: change windows to Milgard double pan

3. No old business

4. New business. Reserve study review, done each year. State law (Sterling Davis Act) requires a reserve study to be file every three years.

5. Reserve Study – Long-term Capital Replacement Plan and funding options for the three-year period beginning July 1, 2013.

The Board reviewed the financial study from Stone Mountain Corporation. The study details fifty-nine components covered by a Straight Line Depreciation Analysis. An Optimized Cash Flow Analysis determines optimal reserve balances needed above or below simple inflationary increases to continue to build reserves over 30 years to pay for capital expense projects evenly.

The study notes that the typical reserve rates in Southern California average over $1,000 per unit per year. The $692 SAV rate is below the norm based on on-site staff doing work that is otherwise contracted out, the high ratio of homes to amenities, and stucco homes with minimal wood trim.

Further stability is maintained with our higher 77.8% cash reserves as compared to average regional rates between 50-60%. This is good not only for current owners, as we avoid special assessments but also an excellent resale issue.

After completing the review of Long-Term Capital plan and analyzing the operational costs for the three fiscal years beginning July 1, 2013, the Board voted 4-0 to increase the monthly fee to $355. The fee will remain stable through June 30, 2016.

At $355, the SAV monthly fee will continue to be substantially below the regional norm presently at $408 per month and projected to raise 5-8% over the next three years.

Meeting adjourned at 7:24 p.m.

Respectfully submitted
Jeff Litherland