150 150 San Antonio Village

Board Meeting September 18, 2013

SEPTEMBER 18, 2013

The Annual Meeting of the San Antonio Village Homeowners Association held on September 18, 2018 was called to order at 7:30pm by President Dawn Lucian. It was determined that a quorum of homeowners was present with those attendance and proxies.

Nominations for 2013-14 Board: All of the existing directors were candidates for re-election and each one gave a short presentation of their experience and time on the Board. There were no other nominations.

The President, Dawn Lucian, delivered the Board of Directors’ Report:

SAV is operated on a thirty-year projected budget plan. Funds are reserved over the long term for such major expenses as new roofs, painting stucco and/or trim, asphalting roads, and pool maintenance with each of these items having it’s own time schedule. For everyone’s financial planning purposes the Board administers the 30-year plan in three-year cycles, evaluating the monthly fee in relation to our yearly Capital Reserve requirements. FY 2012-13 was the third year of the current three-year cycle. The Association frontloads savings targets by reserving 40% in the first year, 33% in the second and 27% in the third year.

After a three year period from 2007 through 2010 of major capital expenditures, the three fiscal years beginning in July of 2010 were scheduled as a period a time to build reserves for future capital projects. From July of 2010 through June of 2013, over $300,000 was added to the reserve fund. During the fiscal year 2012-13, the Association did complete two small capital projects: At a cost of $9,000, repairs and replacements were made to SAV sidewalks. At a cost of $3,500, the roofs of all SAV units were inspected by a roofing contractor. Contractor also applied mastic caulking to all roof vents.

Late in the past fiscal year, the Goleta Water District announced a 7% rate increase that is projected to add $7,500 to Association operating costs.

Election Results: Dawn Lucian, Bettina Johnson, Joel Naftali, Lynn Nichols, and Jeff Litherland were elected for a one-year term.

The meeting was adjourned at 8:15 p.m.

Respectfully submitted,

Lynn Nichols, Secretary