Follow-up questions/comments after the BHVA zoom meeting on 12/19/22 from Dave Godshall

 Follow -up comments and questions after the BHVA zoom meeting on 12/19

General comments

• Thank you to our new treasurer, Alexis Healey, for coming to this meeting well prepared

with understandable, detailed information! We have not seen this in the past three years. It was mentioned that the presentation info will be made available shortly; I hope that is the case.

• Zoom logistics were clumsy and led to a loss of 15 minutes or so of meeting time. This needs to be corrected before next meeting.

• Last night was an encouraging start regarding the sharing of financial information; but based on the number of questions, we need a lot more ‘face time’ with the board on this matter. I am doubtful that one more meeting of 1 1⁄2 hours will accommodate all the pent-up questions people have.

Financial questions

• In past years, budgets were created such that some amount of money could be peeled

off and put into the maintenance reserves pot. Based on prior years’ reports, here are the amounts that were taken from the operating budgets and placed into reserves:

a. 2019: $236,821

b. 2020: $208,843

c. 2021: unclear ($195,555 is reported, but most/all is likely from the assessments) d. 2022 (YTD): $79,821

e. so, in addition to the $540K going into the maintenance reserves from the 2021-

22 special assessment, the above $525,485+ should be accounted for and reported on in the next meeting when discussions regarding maintenance reserves and project spending continue.

• Ongoing, what financial information will be shared with the community? The current balance sheet and income/expense reports are useful, but we also need to understand how our reserve monies are being used, and whether projects are over/under budget. No surprises!

• Regarding the 20% increase “proposed” for the monthly HOA fee for 2023:

a. What budget categories are driving this increase?

b. Monthly, how much are you planning to draw out of the operating budget to

place into maintenance reserves for future projects?

c. Is there any plan to draw monies out of the operating budget to bolster legal

reserves?

• Down the road, what is the expectation for monthly fee increases and special

assessments? The long-term cost spreadsheet showed roughly $5M in expenses. How do you envision funding that amount of work, and over what time horizon?