March Annual Meeting Summary

If you were not able to attend, here is a recap of the Annual Meeting held on March 23rd.
Your newly elected Board members are
Mary Dean, Roger Jolicoeur, and John Oliphant.

This year's officers are:

Board President- Roger Jolicoeur

Board Vice President- Linda Ernst

Board Treasurer- Robert Curtin

Board Secretary- Mary Dean

Member at Large- John Oliphant

While the Inspector of Elections counted the ballots, each Committee Chairperson provided an update on their Committee projects past, present, and future.  The Committee Chairperson also thanked the members of their committee and BOD liaisons for all their volunteer work this year. 

Board Treasurer, Bob Curtin gave a detailed report on the Financial position of the community. 

The following is a summary of the key points from his report:

• The Association’s financial position is EXCELLENT.
• After 11 months of actuals, the Association should finish the fiscal year with an operating surplus of over $30,000.
• This year’s surplus of $30,000 added to the sum of all prior year surpluses brings the total Operating Surplus account to $109,000.
• The total Operating Surplus of $109,000 is equivalent to 1.7 months of income.  Barring any unforeseen disaster, that amount provides a comfortable cushion against any operating surprises.
• After 11 months of actuals, the Association’s Reserve Account balance was $992,689.  With the final contribution to the account in March, it is anticipated that the year-end Reserve Balance will exceed $1,000,000.  This amount is higher than the Reserve Balance estimated back in November 2020 when the new Reserve Study was finalized.  This higher balance should improve the Gallery’s Reserve ‘Percent Funded’ to over 95%.  This is significantly higher than most HOAs in California.
• The Association 2021-2022 budget is based on NO dues increase and contains a generous general contingency amount of $27,000.  This, coupled with the $ 109,000 already in the Operating Surplus account, will provide an even greater cushion against surprises.
• The Seagarden community has voted to increase their dues by $17.40 per month in an effort to rebuild their reserve account in order to be prepared to fund any future major roof repairs.  This increase to $105.00 per month was approved by the Board.

In summary:

• Both the Gallery Operating and Reserve accounts are in excellent condition.
• Seagarden has recognized their possible future roof repair exposure and has taken early action