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Twenty-four homeowners attended this month’s meeting. The October minutes and financials were presented and approved. Both are available on the website.
Thanks to Susan Platner for stepping up to serve as an alternate director. She was ratified and joins Gus in this role.
Ralph and Gus continue to improve our community. Ralph gave a capital projects update. The oven is fully installed. Thanks to the Meyers’, the oven was secured at quite a discount. The ramada curtains can now be secured into a pair of brackets per curtain. Thanks to Gus for designing the brackets and overseeing the effort. The sum of the two projects totaled $2981.00.
The HUD/HOPA Age Occupancy Survey is complete. John Baughn explained that 87.9% of our residents reported that their home has a resident age 55+. This exceeds the HUD test of 80%. The Survey will be conducted again in two years (Oct. 2026.) Thanks to John for a job well done.
The 2025 proposed Budget was presented by Wayne DeBus. Wayne pointed out the expenses that have exceeded inflation. Later in the meeting, this was accepted. Thank you, Wayne.
There was some discussion re: adding heaters to the Ramada. The estimate in-hand exceeds $14,000. As a reminder, the Board cannot approve any expense over $10,000. More research is needed re: adding heaters.
We had a lengthy, lively discussion re: a Dues increase. We are aware that some mortgage brokers are requiring HOAs to be reserve funded to 70-80%. We are funded at 58% now.
Karen Fleming presented two charts – “US Inflation & VM3 Dues for the last 5 years” and a comparison of Dues/Fees for Villa Monterey 1-5 – and two graphs – Reserve Funding under two sets of assumptions. If our dues and inflation rise 2.5% annually, we will drop to 30% funding by 2036. With a 10% increase now, we rise above 70% in 2028. With this in mind, the Board approved a 10% increase to our dues. Beginning in 2025, annual dues are $649.00/lot.
To ensure our Rules & Regs “Legal forms of Home Ownership” are enforceable and to consider adding background checks for incoming Ownership Transfers, we will engage Shaw & Lines Attorneys for a maximum of $1100.00.
Agenda item 8) e) – and sub-items -- were not covered due to time constraints.
Karen Fleming
President, VM III Board of Directors
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