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2012 annual meeting President’s report and summary

Since Colorado State Law requires that minutes of the prior year’s annual meeting be approved at the next annual meeting, we thought that it might be helpful to provide all homeowners with a summary of this year’s meeting much earlier.  This summary is not a substitute for the official minutes.

The 2012 annual meeting was held on Monday, November 26, 2012 at Medved Chevrolet’s conference room.  The meeting had a quorum with seven members present and nine members represented by proxy. 

Boyd Gordon delivered the President’s report, the primary subject of which was the 4% or $5.00 increase in our annual assessment to $130.00 per month.  It was explained that this increase was necessary due to increased operating costs and charges against our capital reserves.

Our monthly assessments may seem high in comparison to other HOA’s.  This disparity is explained by Players Crossing having only 22 homes over which to spread our costs, while other HOA may have more than 100 homes over which to spread theirs.  By carefully managing costs and finding savings in various service contracts, such as landscaping and insurance coverage, the HOA has been able to forestall increases in our monthly assessments for many years. 

During 2012 we experienced higher snow removal costs than in prior years and high repair costs on our irrigation system.  You may recall a large hole dug in the common area by the fountain to repair the irrigation system.  Snow removal costs are variable and we have benefited in prior years when it snowed less.

During 2013 we expect to see some modest increases in Emerald Isle’s landscaping costs as they pass through increased fuel costs.  Emerald Isle has not increased their contract’s cost since we first engaged them.  There is already a fuel surcharge being assessed by our trash collection firm.   Also, the Town of Castle Rock plans to rehabilitate the detention pond at the bottom of Tract A during 2013.  Our share of the rehabilitation costs is estimated to be around $1,300. representing the cost of rip rap to reline the pond.  Dave Talley asked for some further clarification on a couple of 2013 budget items.   

These unplanned capital expenditures, such as the irrigation system repairs and the detention pond rehab, can be charged against our capital reserves.  We currently maintain long term capital reserves of approximately $30,000, which are formally allocated to the HOA’s capital assets such as, the water feature, our irrigation system and the landscaping on all of our common areas.  We also have around $10,000 in operating cash.  Players Crossing HOA has a strong financial position.

The Board believes that it is in the long term, best interests of all Players Crossing homeowners that we preserve this strong financial position.  Colorado state law also now requires that all HOA’s must establish a capital reserve policy and conduct periodic capital reserve studies.  To maintain a strong financial condition, we should make modest annual contributions to our capital reserve account to offset these unforeseen, periodic charges that arise.  By following this policy, we should always have adequate financial resources to deal with unforeseen events, unplanned capital expenditures and prevent exposure to special assessments.

Adequate capital reserves also support the primary obligation of the HOA, which is to protect the property values of all homeowners, by maintaining all of our common areas at the high community standards of Players Crossing, one of the premier residential areas of Plum Creek.

The 2013 budget was ratified during the meeting with only one homeowner opposed.

In our notification of the annual meeting, we mistakenly announced that Gary Romero’s term had expired.  Instead, Roger Marken’s term had expired.  Roger was elected one year ago to serve the remainder of Dave Talley’s term. Roger graciously agreed to run again and was elected by acclamation to a three year term.  Gary Romero’s term expires next year.

In the New Business portion of the meeting, Dave Talley suggested that we ask all homeowners to spray their properties for weeds.  The Board agreed and discussed asking Emerald Isle to offer a special service next spring to all homeowners to spray for weeds.  We also discussed asking Emerald Isle to consult with homeowners again next spring on landscaping, which they have done before and was well received. 

Mike Mulhausen brought a number of issues up for discussion.

First, minutes of the HOA Board Meetings should be accessible on the Website.  The Board has asked Dave Littler to confirm that the Players Crossing Website is operating properly and that all approved Board Minutes and Notices of Board Meetings were up-to-date. 

Second, certain issues as to the actions of a previous Board of Directors were objected to.  Since these issues of concern were previously resolved, there is no action to be taken by the current Board. 

Third, concern was raised regarding certain contractors hired by the Board performing work for Board members, and potential conflict of interest.  The Board agreed to closely scrutinize such activities to make certain there are no violations of the conflict of interest policy of the HOA. 

The meeting was adjourned.  If you have any questions or comments regarding this summary, please feel free to call Dave Littler, our property manager, and we’ll do our best to respond promptly.

 

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