Camelot Residences Board of Directors
On October 16, 2017, in the onsite office
Call to Order:
Establishment of Quorum:
Motion: Bill Galloway made a motion that, in light of the large increases in salary and related payroll taxes, etc. proposed in 2018, the Salary portion of budget needs to be monitored closely so that the combined hours of maintenance workers do not exceed 50 hours total per week, whenever possible. Richard Stewart seconded the motion and it passed on a vote of 4 to 1, with Kim Lucks voting no.
Motion: Richard Stewart made a motion to increase funding for the Building Painting Reserve Fund to $28,500 for 2018 to help replace funds taken from this fund toward the cost of the 2018 railing replacements. Bill Galloway seconded the motion. Motion passed 4 to 1, with Kim Lucks voting no.
The Board voted 4 to 1, with Kim Lucks voting no, to approve a proposed budget of $427,863.25 for 2018. This is an increase of $48,423.25 from current budget. As a result, the monthly association fees would increase from the current rate of $155.00 per unit a month to $175.00 per unit a month, effective January 1, 2018.
Adjournment: At 10:30 P.M. the meeting was adjourned.