Minutes of the Pinnacle Mountain P.O.A. Board
Meeting.......................... May 15, 2004
Members Present: Tom Pfaffl, Riley
Ethington,
Ronnie Styles, Robert Graham, Cindy
Maddox,
and James Hardin
Secretary's Report
The minutes of the board meeting of
January
17, 2004 were approved as written
Treasurer's Report
From July 1, 2003 thru May 13, 2004
we paid
expenses amounting to $17,925 with
an income
of $20,700.
The association has approximately $2,625
balance in the checking account and
$9,734
in Certificate of Deposits that mature
on
07/01/2004.
Road Committee Report
Operating Budget $17,398
Expenses:
Pinnacle South, Road Insurance, Reserve
Fund
$4,222
Road Maintenance, Gravel, Grading,
Ditches
$7,034
Emergencies (Gravel, grading, mudslides)
$3,992
Misc. Expense (Snow plow, rip-rap,
etc.)
$1,677
Estimated remaining expenses thru 6/30/04
$1,780
Total Expense $18,691
The road committee is not to consider
true
road emergencies in its annual operating
budget. These types of expenses are
to be
paid from our reserve fund. The releasing
of reserve funds can only be done by
the
board of directors, and each request
for
funds must be coordinated as an emergency
occurs.
The Soiltac soil stabilizer has been
ordered
and roadway test trials will be underway
within the next several months.
The Road Committee is meeting with
the lower
association to establish a joint maintenance
agreement between PMPOA and PRSPOA.
This
agreement will include such items as
road
standards, road maintenance, and a
definition
of "fair sharing" of expenses.
Any agreement reached must be approved
by
the board of directors.
Riley mentioned that the Road Committee
has
done an excellent job of improving
the roads
and managing their budget. He also
requested
the committee to document their administrative
procedures for election of officers.
Architectural Committee Report
Tom Fleming has requested permission
to put
up a gazebo on his property. The committee
has approved this structure with restrictions.
Safety Coordinator Report
The 1st priority continues to be the
establishment
of a dry hydrant on Chalk Lake, but
no progress
has been made.
FY 05 Budget
Expenses have been managed to income
in FY04,
and based on expected normal operating
expenses
for FY05, an operating budget of $19,841
was approved by the board. This budget
will
be presented at the general assembly
for
adoption.
Late Dues Payment- The board approved
the
below late payment schedule starting
with
FY2005. Based on our current discounted
$250
dues (if you pay within 30 days the
dues
are $200), the adjusted dues are as
follows:
Days Late Percent Increase Amount Due
30 25% $250
60 50% $300
90 75% $350
120 100% $400
150 150% $500
Any property owner can request a unique
payment
schedule. This payment schedule requires
the approval of the President and Vice
President.
Also, after six (6) months of non-payment,
the board can vote to place a lien
on the
property for the amount owed. The filing
of a lien will automatically place
the property
owner(s) in a non-active status.
3 year Budget Review
Road Committee - A three year road
system
assessment was presented to the board
by
Ron Maddox. This assessment with its
associated
expenses, indicate that normal road
maintenance
costs should average approximately
17,230
per year for the next three years.
It also
identified the need for the following
additional
improvements;
Cost $ Year
Pinnacle Pkwy erosion by the locust
fence.
6,500 1st
Install Guard Rails. 1,600 1st
Improve Doubleview's drainage ditches
800
1st
Additional Street Signs for emergency
vehicles
200 1st
Total 8,900
Road repair above concrete strip 3,500
2nd
Concrete Barriers 2,000 2nd
Ditch Rip Rap 400 2nd
Total 5,900
Water erosion from Pinnacle Pkwy above
Greene's
house 6,500 3rd
Bank maintenance on Pinnacle Lane 500
3rd
Ditch Rip Rap 400 3rd Total 7,400
Security Gate- It was recommended that
the
best place for a security gate would
be at
Pinnacle Parkway and Nanneytown road.
The
estimated cost of this gate would be
around
$7,000 and it would require approval
by PRSPOA.
A meeting will be held with the lower
association
to discuss this option and possibly
sharing
the cost. However, due to budget constraints,
the board voted to delay any funding
for
this project until FY06.
Dry Hydrant- It was estimated that
it would
cost $2,000 dollars to install a dry
hydrant
in Chalk Lake and approximately $1,000
of
road preparation for emergency vehicle
access.
Because of the safety concerns regarding
fire protection, the board voted to
include
this project in our special assessment
request
for FY05.
REMC Secondary Road Access - Due to
legal
issues and costs, this project will
not be
included in our 3-year plan.
Recommendation: The board feels that
the
recommended 1st year Road improvements
and
the Dry Hydrant for Chalk Lake are
important
to our association. The total cost
for these
improvements is $11,900. The board
recommends
that we do not delete our Reserve Fund
for
these improvements, nor raise our property
dues, but instead make a one time special
assessment of $120 per lot. This request
for a one time assessment will be presented
at our general assembly meeting, and
it will
require approval by a majority vote
of a
valid quorum.
Next Meeting
The general property owner's association
meeting will be held on July 17th at
the
Gilkey Community House starting at
11:a.m.
Again, a lunch will follow the general
meeting.
The board will provide the meats, bread
and
soft drinks. Each lot owner planning
to attend
is asked to bring a covered dish and/or
dessert.
A board meeting will be held after
the general
meeting.
Meeting Adjourned
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