Park Tower Condo Association

Board of Directors Meeting

Monday November 22, 2021

Roundup Report

Important Note – The Meeting Roundup Report is provided as a courtesy for Owners to review business the Board considered and conducted at meetings. This is not intended to replace actual meeting minutes. Minutes for each Board Meeting are typically drafted after that meeting and approved at the next regularly scheduled meeting, after which they are posted and available upon request.

CALL TO ORDER – Board Meeting Open Session

Board President Michael Parrie called the Open Session to order at 7:32pm. 

Confirm Quorum

Michael Parrie confirmed a quorum of Board Members was present.

Present from the Board was Michael Parrie, Jean Shamo, Monique Fouant Sheldon Atovsky, and Catherine Kestler. Present from Management was Property Manager Timothy Patricio.

Statement of Purpose of Meeting

Board President Michael Parrie called the meeting to order and welcomed the Board, the Budget and Finance Commission and audience members, noting this was the 3rd of the three planned meetings to review the proposed budget, however to be preceded by a presentation from the Association’s auditor.

Auditor Presentation

Ralph Picker of Picker and Associates made a presentation regarding the Association’s audited financial statements for Park Tower Condo Association’s 2020/2021 fiscal year. He said he was giving an “unqualified/clean opinion”, and stated that compared to other large and prestigious skyline buildings, the state of the Association’s financial health is “above the grade”, and the Association and Board should be “commended for the work you’ve done.” Particularly so given the challenge of navigating through the pandemic.

He then took questions from the Board, Management and members of the audience.

Review of Proposed Budget

Board President Michael Parrie then indicated it was the Boards goal to try to come up with a decision on the proposed adjustment for assessments. He opened the floor for final discussion and questions by members of the Board and Budget & Finance Commission.

Then, there being no further questions or discussion necessary, after a motion by Jean Shamo, seconded by Catherine Kestler and discussion, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to direct management to edit the proposed budget accordingly for an adjustment to the assessments by 3.9%.

After a motion by Sheldon Atovsky, seconded by Jean Shamo the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to approve the minutes of the Board Meetings held on Saturday November 6, 2021 and Saturday November 13, 2021.

Click the links below to review or download the approved minutes:

Budget Meeting Minutes 11.13.21

Budget Meeting Minutes 11.20.21

Adjournment

There being no further matters for Board consideration, after a motion by Monique Fouant, seconded by Catherine Kestler, the Board of Directors of the Park Tower Condo Association voted unanimously in favor of a resolution to adjourn Budget Meeting #3 at 8:45pm.

The next meeting is scheduled for Monday December 13, 2021 at 7:30pm in the 2nd Floor Party Room.