Home > News > 2012 Annual Meeting Minutes

2012 Annual Meeting Minutes

Below is a summary of the topics and discussions for the 2012 annual meeting for Franklin Trace HOA.

  • Introduction of the board of directors and Kirkpatrick Management
  • Approved minutes from the meeting last year
  • Board report and highlights from previous year
    • Addressed issues with homeowner complaints concerning the quality of work of landscape contractors
    • Fixed Southport road drain pipe issue (hoped/expected to be permanent fix)
    • Replaced broken, vandalized, and stolen signs
    • Significant progress on unified covenant’s
    • Formalized architectural approval process
    • Negotiated mailbox purchase deal
    • There will be a discount on replacement mailboxes from Ottos Streetscape for Franklin Trace during the week of June  18-22. Cost will be $87 to pick-up the mailbox; $112 to have it installed. They can be contacted at 317-886-4400.
  • Reviewed quality of service expectations with contractors
  • Board action on pond fountains
    • General homeowner responsibility and the responsibility of homeowners living on the ponds
  • Fixed issue with common area irrigation and water meter expense
  • Addressing cost increases in several areas
  • Need to find a copy of the Canfield agreement to understand the maintenance responsibilities of the HOA in regards to mowing around the ponds. The HOA will only be responsible for mowing what is specified in the recorded document. The recorded instrument # is 1996-0145862.
    • Maintenance of the pond banks is the responsibility of the home owner; HOA responsibility is the water within the pond
  • Brickman maintains the front dry creek bed; the weeding of this area was a specific issue that was raised with them.  It has been addressed and improved this summer.
  • Budget discussion:
    • Dues over the past 2 years were lowered as low as possible to react to national economic conditions. Despite the lower dues, expenses increased during this time, resulting in some funds from the reserve budget being used for normal/ongoing expenses. The reserve account needs to be funded back to an appropriate level to cover unexpected large expenses.  As the subdivision ages, these larger expenses are more likely to occur (2 fountain pumps are over 8 years old, front drainage dry creek bed may need to be reworked, etc.)
    • There is currently not enough reserve in the HOA budget.  We need to understand the reserve requirements, set a target, and make sure we stop funding the reserve when that target level is met. We need to combine checking balances and reserve account balances to understand total available reserve; understand projection over the next 3 years, and adjust budget to meet that reserve requirement at the end of the 3 years.
    • It was suggested that we include a bad debt line in the budget.
    • It was decided to remove the proposed contingency (reserve account funding) for this upcoming year, making the dues $600/lot.  We will still plan to prune the trees, but only if there are no unbudgeted overages during the summer.
    • It was suggested that we post budget on the website prior to the meeting next year.
    • An annual fee of $600/lot was approved.
  • 7 names were entered for the 2012-2013 board.  All names were approved. Board members for the upcoming year are:  Carlton Bale, Jason Bell, Rebecca Coats, Barry Griffin, Sharon Neal, Ryan Roberson, Terry Roberson.
  • Meeting was adjourned.

Documents from the Meeting:

Categories: News
  1. No comments yet.

Leave a Reply