ATTENDANCE:

STAFF:

CALL TO ORDER:

REVIEW AGENDA:

APPROVAL OF PREVIOUS MINUTES DATED:  February 17, 2010

TREASURER’S REPORT:

MANAGER’S REPORT:

General Office, Personnel, and Budget Updates:

1. Completed our first draft of the Spring/Summer 2010 project list.  This will be discussed during New Business for each Association.
2. The Road & Recreation and Water & Sewer Budget Committee meetings are complete.  Linda Petrie and Cal Bruxvoort will also present their reports in today’s meeting.  Another big “Thanks” goes out to the chairmen and the committee members for their help again this year.
3. Received a proposal from Rickards Long & Rulon CPA’s for a modified Association business audit.  This will be discussed during New Business for each Association.
4. Jerry Rogers has decided he would like to remain on a 20-hour per week part-time basis on an indefinite basis.  He has been fully cleared to return to work by his doctor.  I plan to use the unused portion of the Road and Recreation wages for more part-time grading work and maintenance help.
5. We’ve added a new seasonal employee by way of the Larimer County Hire Colorado Program.  Frank Stanek started with us on 4/13/10 and has been a huge contributor so far.  I have also added him as a part-time employee for GVM so he can work extra hours on our part-time payroll.
6. We are working on the May newsletter and will have it mailed on time to meet the notification requirement for the Annual Meeting.  We need candidates for open positions!
7. Part-time employee benefit updates have been made to the GVM Employee Handbook per the board consensus last month.
8. We have included new educational articles in your package this month on how bankruptcy affects HOA’s and an article on tips for better understanding our HOA governing documents.

   On the subject of item F: Ginny Blanz agreed to chair the nominating committee

Water & Sewer Association

1. Worked with the budget committee to develop a cost analysis for a deep bury project on north Green Mtn. Dr.  Met with Temple Construction to develop a strategy.  This will be further discussed during the budget committee report.
2. Repaired a leaking “blow-off” hydrant in the 12^th Filing.  This was damaged by freezing and, when it thawed, it was reported by a resident.
3. The wastewater treatment plant has not yet met all test requirements for nitrogen removal.  We’re working with Ramey Environmental to “tweak” the settings to achieve compliance for April.
4. We need to service the back-up generator at the 4^th Filing pumphouse and purchase a new battery.  The generator failed to start and run during our last test.

COMMITTEE REPORTS:

1. Budget Committee:  Cal Bruxvoort, Water & Sewer Budget Committee Chair, presented the 2010-2011 Budget Committee Recommendations. The Budget Committee members are Cal Bruxvoort, Chair, Jerry Tucker, Ted Rodenbeck and    Jim Petrie – GVM W&S Treasurer.

   Water & Sewer Budget Account 001 - Management

   1. No dues increase recommended for 2010-2011 fiscal year.  Dues should remain at $144/yr for improved lots and $72/yr for unimproved lots. 

   2. With a current balance of $136,244 in capital, no additional contribution to the 2010-2011 capital reserve funds is recommended.

   3. Recommend retaining the $100 rebate benefit to Water and Sewer members for septic tank pumping by private contractors. 

   4. Recommend increasing the portion of the Manager and Bookkeeper salaries from 55% to 70% of the Water and Sewer Association wages (W&S Assoc. wages are 50% of total wages)

   5. Recommend adding the additional expense of $3,500 to cover half of the cost   of a financial audit to agree upon procedures. (Expense shared with Road and Recreation Assoc.)

    Water & Sewer Budget Account 002 – 3^rd, 4^th, 7^th, 8^th, 9^th Filing Community Systems

   1. Recommend a 5% increase in Availability and User Fees for this system. See summary below.

   2. Recommend additional expense of $1,000 for a professional underwater inspection of the 20,000 gallon water storage tank in the 7^th Filing.

   3.  Recommend decreasing the portion of payroll expense for the Manager and Bookkeeper salaries from 35% to 20% of the Water and Sewer Association paid wages.

   4.  Recommend a contribution of $20,000 to the capital reserve funds.

   5.  The committee is evaluating strategies and costs related to expediting the completion of the remaining shallow-buried system.

2. Budget Committee presents findings on Green Mtn. Dr. north deep bury quotation: The budget committee recommends that the board pursue an aggressive plan to complete the deep bury projects.  With the largest constraint being availability of funds, the budget committee believes the board should consider setting up a line of credit with the Water & Sewer Management account (001). With over $136,000 in reserves in the 001 account, a portion of this amount could be used as a loan to the Community System (002) account to help fund the needed projects.  This money could be used in conjunction with the current balance of $46,000 in capital reserves in the 002 budget account.

   Tom Willard moved to approve the concept of a Line of Credit amount to be determined at a later date based on the actual, approved deep bury project.  A formal loan agreement must be drawn up with specific monthly payments at an interest rate of 1% or equal to the prevailing CD rate. Tom Bizzell 2^nd. Unanimous-motion passed.

OLD BUSINESS:

1. None

NEW BUSINESS:

1. Review Annual Agenda: Jerry Wood will present the Treasurer’s report.
2. Nominating Committee staffing:  Ginny Blanz agreed to chair the Nominating  Committee.  There are 2 board members whose 2 year term will be up.  Due to personal commitments Tom Willard will not run for another term. Frank Winter has agreed to run for another term.
3. 2010 Summer/Fall project list review and discussion:  Board reviewed and accepted the 2010 project list. 
4. Association Audit Proposal: The Board reviewed the audit proposal from Rickards Long & Rulon.  This audit is a financial business audit they will determine if the HOA is current with required Secretary of State corporation filings. They will review the written policies for financial operations, receipts, disbursements, personnel, etc. Obtain an understanding of the internal control policies and procedures over cash accounts, payroll, receipts and disbursements. Select two bank account reconciliations for a period July 1, 2009 through June 30, 2010 and determine that the reconciliation was done properly. Select 25 homeowner properties and trace annual dues for the period of July 1, 2009 through June 30, 2010 to the accounting records. Verify the amount agrees with the assessment for the period selected. Tom Willard moved to accept the audit proposal from Ricards Long Rulon, LLP.  There is $3,500.00 in the budget for this audit. The total for both associations should not exceed $7,000.00. The audit will be performed in August, 2010.  Jerry Wood 2^nd. Unanimous-motion passed.
5. Consolidating Horse Properties:  The board discussed the court water decree concerning the augmentation plan and the stipulation that allows watering of 2 horses per designated lot/water well.  If two lots that are designated as horse lots are consolidated as one, should these properties be allowed to keep 4 horses? The board tabled further discussion until the manager checks with the Department of Water Resources to find out if having 4 horses on a consolidated lot is an option. 

PUBLIC INPUT: (None)

Frank Winter moved to adjourn at 4:25 pm. Unanimous-motion passed

Executive session to be held after Road & Recreation meeting.