Treasurers Report

Sep 2009 Board Meeting

The Associations Financial results through August show we are at budgeted levels despite legal expenses exceeding budget by $34K. The primary reason for high legal expenses was the lawsuit filed by Semlak against the Association concerning easement issues at the front gate. That lawsuit has been settled (see President Bob Toth report from June Meeting) and those expenses, while substantial, are now behind us. We currently expect to finish the year at the original budget levels. Your Board has been very diligent in watching expenditures so that we could live within the budgeted totals. Not unlike your personal budget, when unanticipated costs arise we find ways to live within our means. We have found ways to cut costs in areas other than Legal without sacrificing services or upkeep of Association assets.

We are now starting to define the 2010 Business Plan. We will have completed our two year plan (2008/2009) to return surplus Operating Funds to the residents and now enter a more normalized budget matching assessments to expenditures. You can anticipate a slightly raised level of assessment in 2010 but be assured that this Board will do everything possible to minimize that increase.

Nick Cole

Treasurer