October 2018 Special Board Meeting Minutes

October Board Meeting Minutes (Special)

October 22, 2018 after HOA General Meeting

Berry Creek Clubhouse

Members Present: Nedra Segall, Brandon Halcomb, Chris Goff, Don Hansen, Pat Kennedy, Sara Arens, Nancy Cooper, Lyle Testerman

2019 Finances

In 2018 we set aside a $15,000 reserve fund to ensure operating expenses for the beginning of 2019 in case dues do not cover needs.
Board needs to decide if we will continue to set aside $15, 000 each year to grow a reserve account, or only keep $15,000 total.
- Issues/questions to consider:
  - If we continue to set aside money, can the amount be invested?
    - CPA would need to be consulted
  - What is the purpose of continuing to set aside money?
    - How much do we need for a big expense like pool pump, or pool repair from earthquake?
Pat Kennedy motions that we set aside another $15, 000 for a grand total of $30, 000 in a neighborhood reserve account. Don Hansen seconds. All in favor, none opposed. We feel that this would be an adequate amount to cover any large, unexpected expenses that may arise.

Discussion from HOA General Meeting

Per resident suggestion, do we need to add “upgrade fitness equipment” to 2019 capital improvements? Chris Goff motions to add, Pat Kennedy seconds. All in favor, none opposed.

November Board Meeting