Meeting Location 

5415 North Sheridan Rd. – Mall Atrium under Skylight

Call To Order at 9:18 am

Members Present

Michael Parrie;  Monique Fouant;  Jean Shamo; David Nicosia

Members Absent

Paul Heck

Management

Timothy Patricio, Poperty Manager; Yvonne Sanchez, Assistant Manager

Statement of Purpose of Meeting

Statement of Purpose of Meeting

Board President Michael Parrie opened the meeting and explained this is the third and final of three proposed budget review meetings.

At this meeting, the Board will discuss the Assessment level review any open items or concerns, and have a Q&A in Open Session, this will be followed by Payroll and Legal Matters (in Closed Session) in the Management Office.
He mentioned members from the inactive Budget & Finance Committee, Unit Owners Rebecca Rossof and Oliver Tugend, who joined the Board at the past two review meetings were unavailable, as well as Board Vice President Paul Heck who had a prior engagement.

Final Review of Proposed Budget

Michael Parrie chaired the discussion of with the Board reviewing items brought up previously in the review process and confirmed agreed upon changes to the proposed budget to be mailed for Unit Owner Review.
Management was directed to incorporate changes noted in discussion, to leave the proposed assessment increase at 3.5%, and to make any accumulated adjustments to the proposed reserve contribution.

The agreed changes to date were noted:

EXPENSES
Employee Training       +  1,000
Plumbing Sewer            +  1,000
Maintenance Equ.         –   1, 250
General Building           +13,000
Reserve Contribution    -13,000
Garage Mgmt Fee          +10,800
Window Washing           –  7,700
Difference                   + 4,050

INCOME
Laundry Income            +  6,000
Self Park                          + 11,800
Garage Coupons            +   1,500
Difference                   +13,300

Accumulated Adjustment -$15,250 (about .15%)

This is prior to Closed Session discussion of personnel and legal matters.

Discussion and Questions

Each member was given the opportunity to raise final points or questions for discussion of any budget line item.

No formal resolutions were needed, and no material changes to the proposed budget were agreed to at this time, as the proposed increase in assessments will remain 3.5%.

Adjournment

After a motion by Michael Parrie, seconded by Dave Nicosia, the Board of Directors voted unanimously in favor of adjourning the meeting to closed session at 10:24am.

Signed (as seen on pdf, clickable at upper right corner of these minutes)

Michael Parrie, President

David Nicosia, Treasurer