Notes from 4/6/10 Finance Committee (FC) Meeting

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

The purpose of this meeting was to review recommendations to the Association and Lakeshore boards re the work of this committee

Membership Fee:

The group affirmed a 1% membership fee recommendation. Austin will seek legal advice on the mechanics of how to institute this. Such funds would be explicitly designated for the reserve fund. A by-laws change would be instituted for this.

2008 $400 Dues Increase:

The committee will make the recommendation that this increase not be discontinued but the actual presentation of a proposal to not discontinue this increase will be made at the January 2012 Annual meeting (as described in the Q&A section on the MKL website).

Disposition of Property:

As a follow on to his discussions with local tax experts, John will seek legal advice from a lawyer familiar with abating taxes for properties put into a land trust. If this opinion affirms the current understanding, the committee will recommend that all Lakeshore lots will be permanently abated. A proposal was made that these tax savings (indexed to property tax increases) be explicitly designated for the reserve fund. The contribution of these funds to a reserve fund should also be instituted in a by-laws change

Oversight of Reserve Fund:

Austin will seek legal opinion on how to do this.

Next Steps:

- The committee has decided to give a presentation to the combined Lakeshore and Association boards on May 3.

- A community inform meeting is tentatively set for May 20^th (3^rd Thursday in May).

- A special meeting to vote on proposals is tentatively set for the 1^st half of June

- Next Committee Meeting: Thursday, April 15, 7pm and John’s house.