A meeting of the Board of Directors of the Williamsburg Settlement Maintenance Association, Inc. was held on Tuesday, November 18, 2014 at 5:30 p.m. at the Williamsburg Settlement clubhouse, 1602 Hoyt, Katy, Texas 77449.
ATTENDANCE
Board Members present in attendance were Floyd Ball, Gail Owen, Walter Smith, Dave Ellis and Michael Wood. Also in attendance was Dolores Sue representing Planned Community Management, Inc. (PCMI) and Officer Felchak.
With a quorum being established, the meeting was called to order at 5:30 p.m.
MINUTES
The minutes of the October 21, 2014 Board meeting were reviewed. A motion to accept the minutes as written was made by Walt Smith, seconded by Gail Owen and unanimously approved.
HOMEOWNER CONCERNS
There were three residents present.
One of the residents attended the meeting to respond to a deed restriction violation he had received regarding a sports medicine sign in his yard. He told the meeting that it is a Katy High School sign celebrating a school activity in which his daughter is involved. With this information the Board agreed that the sign can remain.
PATROL SERVICE REPORT
The Board reviewed the patrol service report. Officer Felchak reminded all residents to keep their vehicle door locked.
FINANCIAL REVIEW
Dave Ellis presented the financials. As of October 31, 2014 the money in the bank totaled $632,563.93. This includes checking, savings accounts and CD’s and is the money to cover both operating expenses and the necessary reserve to fund maintenance and replacement of the Association’s capital assets. Delinquency for the month ending October 31, 2014 was $10,986.00. As of November 14, 2014 this had been further reduced to $10,187.67
Proposed Investments
As Capital One has reduced the interest rate on our account down to 0.05%, Dave Ellis has been reviewing alternatives investments to increase the interest income on all the Association funds until they are needed to meet operational needs.
Before changing the investments, and as the meeting was the last of the year, he made a motion, to proceed with the budgeted year-end transfer to the Reserve account of the $22,000 for the general reserve and the $36,000.00 for the fence reserve. Dave's motion was seconded by Michael Wood and unanimously approved.
Dave Ellis then made motions to make the following investment changes to the Operating account:
1. Move the $53,000.00 at the Icon bank from its money market account (earning 0.3%) to an eighteen (18) month CD that will earn 0.71%
2. Close the Capital One account and transfer the $177,000.00 to a new money market account at Alliance Bank where it will earn 0.5% at the current rates.
3. Make additional transfers to Alliance from New First as the 2015 funds come in, setting up a series of CDARS to ensure that all invested funds remain fully FDIC insured.
These motions were seconded by Walt Smith and unanimously approved.
Dave Ellis made the following additional motions for investment changes to the Reserve account:
1. Move the $138,000.00 currently at the Icon bank from the money market account (earning 0.3%) to another eighteen (18) month CD that will earn 0.71%.
2. Move $150,000.00 from New First bank to a new money market account at Alliance where it will earn 0.5% at the current rates.
These changes will still leave sufficient funds at NewFirst bank to cover anticipated 2015 reserve expenditures.
These motions were seconded by Walt Smith and unanimously approved.
2015 Invoices
The Board reported the 2015 invoices have been mailed.
OLD BUSINESS
Clubhouse Repairs
Sidewalk Concrete - Dave Ellis presented some drawings mapping the clubhouse sidewalks indicating all of the areas where the concrete is in need of repair. The drawings gave two possible repair scenarios: one which just addressed the areas that are currently presenting a hazard and the other a more extensive repair which in addition to removing the hazardous sections would also replace some additional sections which have started to crack and are uneven due to the proximity of tree roots. Bids had been sought from four companies and of these the least expensive which met the insurance requirements was submitted by Tradition Outdoor Living. Floyd Ball made a motion that Tradition Outdoor Living be given the contract for the more extensive repair scenario. This would replace 1,212 square feet of 4” deep reinforced concrete for a cost of $9,090.00. The motion was seconded by Gail Owen and unanimously approved.
Iron Fence Around Recreational Center - Further time is needed for a detailed requirements analysis and collection of bids for this project. It was agreed that this work would be deferred until next year.
NEW BUSINESS
Perimeter Fence - While replacing some pickets on the perimeter fence, Floyd Ball and Dave Ellis observed two sections along Colonial Parkway where due to rotting posts the fence is leaning badly. This sixty-nine (69’) feet section will need to be replaced. Also along Mason Road there is an eight feet (8’) section where the fence has broken away from posts. This needs to be replaced also. Two (2) proposals have been received for this work. A motion was made by Dave Ellis to accept the most competitive proposal. This was for a total price of $1,771.00 and was submitted by JJ Garcia. The motion was seconded by Gail Owen and unanimously approved.
Flag Light At Carters Grove - Dave Ellis reported that the Carters Grove flag light is no longer functioning and due to age and the effects of corrosion it needs to be replaced. Wendt Electric will replace this for $367.00, the same price that was charged to replace the light on the front side of the monument earlier this year. A motion to accept this proposal was made by Walt Smith, seconded by Michael Wood and unanimously approved.
Minor Electrical Work Needed - Dave Ellis reported there is some conduit broken in a few places around the clubhouse, and the car park lights which are controlled via a photocell on the clubhouse wall are staying on too long. This is due to the location of the photocell which is now being heavily shaded by decorative vegetation which the Association would prefer to keep. So the solution would be to relocate the photocell. A motion to have the broken conduit repaired and the photocell repositioned at a combined cost not to exceed $500 was made by Walt Smith, seconded by Gail Smith and unanimously approved.
ADJOURNMENT TO EXECUTIVE SESSION
At 6:15 p.m. the meeting was adjourned to executive session
Decision Made During Executive Session:
Deed Restriction Violations - The Board reviewed all deed restriction violations.
Delinquencies - Action is being taken regarding accounts with delinquencies in the subdivision as required.
ADJOURNMENT
With no further business the meeting was adjourned at 6:35 p.m. The next meeting will be January 20, 2015 starting at 5:30 p.m. at the clubhouse, 1602 Hoyt.
