LTPOA Meeting Minutes - January 13, 2004
Meeting opened at 7:38 pm All 7 board members were present and 35 lot owners.
Chairman Chris Townsend stated “ I would like to take a moment and wish everyone a Happy and Prosperous New Year! Unfortunately, as this new year approaches, there are many concerns that the LTPOA Board of Directors must face:
1) The $450,000 loan.
2) The southside bridge.
3) Silt removal.
I cannot emphasize enough the importance of these three topics. While not ignored as some people may think, your Board has had to give special consideration to all three while paying special attention to the Budget. All three are commingled and represent a major part of the budget. We cannot look backwards on the mishaps, but we must look forward!
The Board along with some recommendations from the Finance Committee has formulated a plan to control spending. While still spending we must face the fact that the southside repair is expected to be between $12,000 and $15,000. Note that this is just a temporary fix and a long term solution to this problem must be developed.
The dredge/silt removal project is to be placed on an indefinite hold until a comprehensive plan can be put into place based on revenue(s).
The maintenance budget, the largest part of the budget, has had its belt tightened and only emergency work will be done. As assessment-paying residents, All & Butch, have agreed to stay on under these extreme circumstances. These two men will do the jobs that no other able body is qualified for or willing to do. I hope you thank them when you see them. Likewise, I count on each and every one of you to take a part in a volunteer effort in these troubled times for the easier jobs. Lou Harting has agreed to head up our “Volunteer Corps”.
Unfortunately, just tightening the maintenance budget and halting the silt removal project is not going to solve our financial problem/obligation.
On Feb 22, 2004 there will be a communication meeting where Board and Finance Committee members will present proposals to solve our financial problems and answer owners’ questions.
I encourage each and every one of you to attend this meeting and pay close attention. I hope that by gaining a further understanding of what we are trying to accomplish, you will place trust back in the Board and help us make Lake Tishomingo a better place to call home.
Treasurer’s Report: Dale Farwig
The financial statement will be available at next meeting as we are still working on refining the report for clarity.
Security: Gary Ryan
Before Christmas Eve, gate had problems so the arms were raised for the Holidays. Signature Control was contacted, but could not initialize repair without additional information on what the problems were. If you have a problem with the gate, please call me at 274-1726 with details of the occurrence. I took the manual up to the gate and made some adjustments, so far, everything has been fine.
Building: Carol Kline
No active applications at this time. Mr. Townsend stated he has spoken with Bob Covington from Building Commission Office and Mr. Covington verified the current Building Regs for Lake Tishomingo are on file.
Maintenance: Eddie Mitchell No Report.
Silt Report: Becky Harper No Report.
Website: Janet Hirsch
The Website is up and running. Also I’m sending out E-Mail messages, some are coming back “undeliverable”, so if you’re not receiving E-Mails, give me your address again. Also, the LTIA newsletter had many problems at the Post Office, so if you did not receive one, please let me know and I will send you one out.
NO REPORT FROM FISHING OR BOAT PATROL.
Ron Sansone stated “There have been two meetings so far that went well. The plan is very feasible on a 20 year basis with 230 homes contributing. There are many ways to approach this project. There will be a meeting at my home tomorrow night 1/14 at 7:00 pm. Speakers will be 2 Engineers. If 60% of lot owners agreed to proceed, the Gov’t would help.
Mr. Townsend stated he did not feel that the current financial deficit should be blamed on any single individual, all parties involved made an oversight on the repayment of the loan. However, there is a solution to this crisis. Mr. Townsend read the Budget Committees proposals:
1) Repair the south side bridge as soon as possible. Coordinator for minimal and major repair of the bridge will be Matt Holloran. Board passed unanimously.
2) Accelerate the collection of delinquent assessments by sending a letter to the unpaid Lot owner and having Lawyer put a lien on the property. Board passed with some changes to the wording to stand as stated above.
3) Improve financial reporting: Monthly reports to include YTD spending, budget, variance, and explanation in an easy to understand format. Acquire new accounting software ($200 estimate) and computer system for Treasurer ($800 estimate). Coordinators for setting up the software and hardware will be Charlene Sansone and Rich Hirsch. Board passed without the purchase of a new computer.
4) To reduce operating expenses halt all maintenance except snow removal and emergency items until financial crisis is solved. Passed 5 to 1
Recruit volunteers to help with snow removal, grass cutting, and other grounds keeping tasks. This issue was tabled until Insurance matters about volunteers were looked into.
5) Implement procedures to control spending: a) Require employees to complete daily time sheets and list tasks. Have been doing so for many years. b) Reduce amount of grass cutting and grounds keeping by paid workers. Passed unanimously by board.
6) Stop all dredging until money is available and a comprehensive plan is in place with a time frame for the completion of the project. Passed 5 to 1.
7) Repay the loan as soon as possible by holding a special Election for an assessment increase. Passed unanimously.
Mr. Townsend would like to make sure that everyone understands our current financial situation and how much an assessment increase matters. This increase would strictly be put towards the repayment of the loan. Having meetings for each Block in the Lake would insure the clarity of the Boards intentions, as well as the brevity of our situation.
OLD BUISNESS FROM FLOOR:
G6 asked if the Dam needs to be cut each year? Eddie Mitchell replied yes it should be done 2 times a year at least. G12 asked how much interest rate we paying on the Loan and what are our current payments? Dale stated $1400.00 pre month. Mr Townsend stated we still have a borrowing power of $70,000.00 but does not want the loan to start at $400,00.00 at the October payback date if possible. $47,000.00 per year will be our payment. F29 asked how long would a $1.00 or $2.00 increase per year take us to pay off loan? Chris stated with a $100,00.00 Budget per year and a $1.00 increase it would take 5 years and $2.00 increase would take us 2 years.
Ron Sansone asked if we could combine both LTIA and LTPOA newsletters? They would go out every other month. LTPOA could save $200.00 per year. Passed unanimously.
NEW BUSINESS FROM BOARD:
Gary Ryan stated if you see problems with derelict vehicles or hazard waste, call Jefferson County Solid Waste at 797-5036 Fax# 797-5084 they will give them 30 days to respond to violation. Must have address of violators. Mr. Townsend read a letter from a Resident of the Lake per resident’s request.
NEW BUSINESS FROM FLOOR:
Garden Club would like to replace the sign on the Office Building with a maintenance free one. Passed unanimously by board. Thank you Mr Anderson for donating the new Flag, Pole and Lights! And Thanks to Ed Melchoir for making and erecting the Caution Speed Bump sign.
Meeting adjourned at 9:30 pm.