Camelot

Camelot Residences Board of Directors
On October 16, 2017, in the onsite office
BUDGET MEETING

Call to Order:
Meeting called to order by President Richard Stewart at 5:08 P.M

Establishment of Quorum:
Those present were President Stewart, Board Members Jerry Britton, Kim Lucks, Don Drake and Bill Galloway.

Budget:
Motion: Richard Stewart made a motion to use funds from the sale of the 3 Camelot units and from the Building Painting  Fund toward the cost of replacing the association railings in 2018. The motion was seconded by Jerry Britton. The motion passed 4 to 1, with Kim Lucks voting no.  

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.

Respectfully submitted,
Minutes recorded by Bill Galloway
Minutes distributed by Rich Stewart