Notes from 7/1/09 Finance Committee (FC) Meeting

 

 

Attendees: Rick Barrett, Austin Godfrey, Lori Denson, John Murray, Bob Yingling, Davor Gjivoje, Terry Dwyer.

 

 

 

Reports from Subcommittees:

 

Water Company

The American Water Co declined to bid on assuming the water operations of MKL. The operation would be too small and could not interconnect with any other of their operations.

 

 

Reserve Analysis

We reviewed Bob�s second draft. Comments included:

o       Separate line item for $500K road improvement in 2031 (major road cycle to be 25 years).

o       Dredging for lagoon, breeder and main lake are on cycles of 5, 20 and 40 years respectively. Change the main lake cost to $350K in 2007 dollars.

o       Remove water main item. Assume that mains have life of 150 years and are outside the scope of this study.

o       Remove water system fixtures item.

o       Include all significant (>= $10K) reserves, including current reserves for roof and chip/seal. Include under funding sources the dues which are devoted to these current reserves.

o       Average # of MKL properties sold per year is 4.4. The median of 4 peryear will be used in the reserve analysis.

 

 

Working Schedule:

-         Next meeting is Sunday, August 9th, 7pm at John�s. This meeting will review next iteration of spreadsheet and draft slides for outpost meetings. Bob to update spreadsheet,Terry and John to work on the slides.

-         Mid � August: Austin, Davor and Bob to meet with reserve study firm to review technical details of reserve proposal.

-         September: Conduct 8 Outpost meetings to review cost challenges and funding options with residents. Meetings will be geographically distributed to cover Lake community. JRM will recruit locations over summer.

-         Early November : meet with key community influencers to review upcoming Inform proposal.

-         Mid-November: Community Inform meeting to present findings/proposals to community (having incorporated September discussions/feedback). The proposal will include voting items for upcoming annual meeting.

-         December 1: Proposal posted on MKL Web site

-         January 2010: voting on proposals at annual meetings