Board Meeting January 15, 2014

• January 15, 2014

SAN ANTONIO VILLAGE BOARD MEETING FOR JANUARY 15, 2014

The Homeowners Association Meeting held on January 15, 2014, was called to order at 7:00pm by President Dawn Lucian. Present were Board Members Jeff Litherland, Lynn Nichols, Joel Naftali, Bettina Johnson, and the manager Karel deVeer.

1) MINUTES of the November 20, 2013 meeting were accepted and approved.

2) FINANCIAL REPORT:

The treasurer, Bettina Johnson, delivered the financial report

The bottom line is at the bottom of the third page: total expenses are $232,370, the budget was $264,970 so we are $32,600 under budget or at 87.7%.

Income is on target at $325,022 vs. our budget expectation of $325,221 or 99.9%

This puts our net income at $32,401 with the caveat that the Goleta Water District is now two instead of three months behind in billing and because of the continuing drought, we have already spent about $5,000 more that usual.

Other details:

Administrative expenses – #601 Employee Benefits is at 37% because this is a periodic and in this case quarterly expense and will catch up later in the year.

Capital Funds – #705 Capital Maintenance funds were spent on carpeting the managers office and the hallway to the shower and sauna areas. Additional funds were spent for the concrete work done to level bumps in our sidewalks

Grounds/Landscaping – The total at 81% is quite under budget, but our experience says to plan for contingencies. #405 Employee Benefits is at 24% because it is paid quarterly, and #471 Pest control will go up as one tenting for about $1,500 is already scheduled.

The manager reported the Capital Project to paint the trim of all SAV units is scheduled to begin April or May. The cost of the project will be minimized by hiring experienced personnel to work with Tim.

3) ARCHITECTURAL changes approved.

a) 5042A Calle Real: approved to replace all windows and patio door with Milgard vinyl dual glaze.
b) 59A N. San Marcos Rd.: approved to replace picture window with vinyl dual glaze.
c) 27B N. San Marcos Rd.: approved new oak door with Malibu Patina Glass at top.

4) OLD Business: None

5) NEW Business:

Insurance/Master Policy renewal.

The manger reported that our Master Policy with State Farm is up for renewal. The premium will be higher for next year based on some changes which increase premium based on the number of units in the Association, which didn’t used to be a factor.

The manager told us that one way to save on the premium is to increase our deductible to $10,000.00 from $5,000.00, which will decrease the premium by approximately $5,000.00. The higher deductable is the norm with most Associations. After some discussion of the ramifications of this change, the Board voted authorization for the manager to increase the deductible to $10,000.00.

The manager has also been investigating coverage with other companies. One of the advantages of continuing with State Farm is their earthquake coverage which is the best in the business and can’t really be duplicated by other insurance companies. We will continue this discussion
as he gets bids from other insurance agents.

The meeting was adjourned at 8:00 P. M.

SUBMITTED BY Lynn Nichols
for Joel Ross, Secretary