September 29, 2018 Budget meeting minutes

PINE RIVER RANCHES LANDOWNERS ASSOCIATION, INC.

2019 Proposed Budget Meeting and Bridge Status Update – 29 September 2018,

Clay Residence – 580 Pine River Ranch Circle, Bayfield, CO 81122

Minutes

The meeting was called to order at 10:05 a.m. by President Jim Clay.

There were two agenda items to be presented to the membership: An update on the bridge replace project and the 2019 proposed budget.

Before the discussion began, new lot owners introduced themselves to the membership: Dan and Karen Holloway (881 Pine River Ranch Circle), Richard and Claudia Benzi (383 Pine River Ranch Circle), and Mark and Jessica Gigliotti (345 Pine River Ranch Circle).

Board Secretary Florian Walchak tallied signatures on the sign-in sheet and counted submitted proxies. Twenty-eight Members, as defined in Bylaw 2.1., were present in person or by proxy. A quorum was established since there were more than 27 Members present (the minimum to establish a quorum for a duly held meeting to transact business per Bylaw 2.10 (a)).

Bridge Update

Richard Diedrich presented an overview of the bridge replacement project and an update to its status.  He gave the information regarding the grant process and the Upper Pine River Fire Department’s role.  The Fire Department, as a public agency, is the entity that applies for the grant. The PRRLOA role is to gather the necessary information and prepare the grant. Richard has worked closely with the Fire Department gathering information to be included in the grant itself. The Fire Department has no budget to pay for the grant writing process but can furnish in kind help such as a project manager to oversee the job. The Association will pay the cost of the grant writer. The FEMA grant is due in October and awarded in January 2019.  The grant pays for 75% of the cost of a new bridge. The Association, if necessary, may finance the balance of the cost through a special assessment for capital Improvement, an infrastructure loan, or financing yet to be determined. Construction is planned for the summer of 2020. Jim Clay expressed the Board’s appreciation for all the work that Richard Diedrich has done and the information that he has gathered.

2019 Proposed Budget

Jim Clay reviewed the notable activities that took place last year such as the chip and seal of Ludwig Drive, the shoulder in-fill of Ludwig Drive, weed control measures, and the review and re-writing of the CC&Rs and By-laws to have them conform to State law.

Jim Clay then presented the 2019 Proposed Budget and gave a detailed explanation of each line item entry. The major driver of the budget was to keep assessments constant for the upcoming year. Estimated expenses for 2019 are $41,925. Estimated income is $41,966 (including carryover from 2018).

Notable items include a carryover from the 2018 budget of approximately $9,000. Part of the carryover ($4,000) will be used to establish an escrow funding line for the chip and seal road project that is scheduled to be a recurring maintenance expense every six years or so. Establishing an escrow fund with an annual contribution of (approximately) $4,000 will mitigate a large one-time expense for the budget year that incorporates the asphalt road resurfacing. This makes for responsible planning and budgeting.

It was also suggested that the remaining carryover be assigned to the contingency fund as reserve for unexpected expenses and cost estimate overages. This line item amounts to $2,000.

A Common Spaces Maintenance line item has been established which combines weed control and mowing line items from the previous budget. This line item is funded at $2,550.

Snow Removal is funded at $2,500 and will be transferred to the Winter Account (the balance of which is $5,762.21 as of 31 August 2018).

A new line item of $3,000 has been established to pay for the grant writer who will research and prepare material for the bridge replacement grant we are applying for through the Upper Pine River Fire Protection District.

Jim Clay ask if there were any objections or intended veto by Members. None were noted, so the 2019 Budget was deemed approved the by membership as presented in the absence of a veto of by a majority of all Members per Bylaw 2.7

The meeting was adjourned at 11:00 a.m.

These minutes were approved by a vote of _______ on ___________________________.

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