SCHOA BOARD MEETING MINUTES
JANUARY 13, 2025
Present: Gordon Baldwin, Chick
Barcellona, Mindy Ewing, David Hamilton, Laurie Kirschner, Tracy MacMillan
The meeting was called to
order at 7:05 p.m.
• Tracy gave an end of year budget report for 2024 as
well as a proposed budget for 2025. The final 2024 budget total is $11,228.87.
She discussed the projected budget shortfall for 2025 in
regards to the amount of projected income. The neighborhood needs to
start building the state mandated Reserve Study fund. It was determined that
each lot needs to contribute an extra $22 per month, necessitating an increase
in annual dues from $600 to $800. The community will be asked at the Annual
Meeting to vote on whether the HOA should maintain ownership of the border
fence around the neighborhood. If the HOA does retain ownership, there will
need to be funding in the Reserve Study to cover this future
repair/replacement. In this case, the annual dues for each lot would need to be
$900. This will be discussed in greater detail at the Annual Meeting on Jan. 16th.
The Board also discussed combining South Cove’s Emergency Fund with our Money
Market and renaming it the Reserve Study Fund.
• Chick gave a report on the Reserve Study assessment
that was done by CedCore. Each area of infrastructure
in the neighborhood was assessed by the CedCore
representative, and an estimated funding balance and approximate years before
replacement were determined. Infrastructure for the neighborhood includes, but
may not be limited to: the dock, irrigation, the
retention pond, mailbox structures, s[Unknown A1] treet lights and poles, the border fence, and the entry
signage. A full report will be given at the Annual Meeting, as well as the
impact on HOA finances.
NOTICE OF ANNUAL MEETING
THURSDAY, JANUARY 16, 2025
AT 7:00 P.M.
SUNBREAK BAPTIST CHURCH
7722 YELM HWY. SE
The meeting was adjourned at
8:24 p.m.
Minutes submitted by Mindy
Ewing, Secretary, on January 14, 2025