The meeting was called to order at 10:00 a.m. Julia Lee introduced the attending directors, Calvin Barton, Alexander Csicseri, Jr., Phillip Barfield, Bob Lane, the Property Manager and herself. Julia Lee announced that Paul Shaver, Richard Hartman, and Angela Leary were not able to attend the meeting.
The first order of business was to determine if there was a quorum present. Representatives of 357 weeks were required to be present or to have submitted a proxy. Eighteen weeks were represented in person, Barrier Island Station represented fourteen units, and three hundred seventy-seven valid proxies were submitted to the secretary for a total of four hundred nine weeks represented, which constituted a quorum.
Julia Lee requested a review of the minutes from the last meeting. A motion was made to approve the minutes as written and seconded. All were in favor, none opposed.
The meeting continued with the nomination of directors. The directors serve a three-year term. Nominations were taken for five director's seats (Paul Shaver, Julia Lee, Alexander Csicseri, Jr., Angela Leary, and Calvin Barton). After consultation, Julia Lee announced that all of the directors were willing to serve again. Nominations from the floor were requested. A motion was made to accept the current five directors as nominees and to close the floor. A motion was made to re-elect Paul Shaver, Julia Lee, Alexander Csicseri, Jr., Angela Leary, and Calvin Barton. All were in favor, none opposed. The motion was passed unanimously.
The financial information was presented. Julia Lee pointed out a couple of items that do not have the final figures available. The first being insurance, which will be corrected when the renewal comes in. We do not expect a large increase, but will not know for sure until we have the final figures. Also we are appealing the method used to determine Dare County Timeshare taxes, which will also be adjusted when we have actual figures. Any increase or decrease will go through the reserve. We had a half a million dollar claim and that did not affect the rates. Auto Owners Insurance company has the best rates if we are able to keep them.
A $5.00 increase was proposed. An owner inquired about health care & utilities cost increasing. Julia Lee replied that health did go up. Bob Lane stated that we did move up utilities a little bit. An owner inquired about the category of gas. Bob Lane replied the only gas that is used is for the vehicles. Another owner inquired if there had been an increase in electricity. Julia Lee responded no, it has been the weather. It's been extremely cold or hot.
An owner inquired why pool maintenance went down about two thousand. Julia Lee explained that it is not all maintenance; just cleaning supplies seem to fluctuate each year. Other years we have been a little over so we dropped it down a little for this year. An owner inquired about the miscellaneous category. Julia Lee explained that it is used to rent equipment for repairs. ID bands are miscellaneous. Any money left over in miscellaneous or any other category goes to the reserve account.
The budget is just a guideline. Some things come in high, some low and it has to be adjusted at the end of the year. Every year the management company does a fifteen-year reserve study for the directors. A summary of that study is done by the auditor and included in the financial statements.
A motion was made to approve the budget, as written. All were in favor; none opposed.
