Verrado Community Association, Inc. 1 st Quarter Board of Directors - - PowerPoint PPT Presentation
Verrado Community Association, Inc. 1 st Quarter Board of Directors Meeting The Center on Main Presentation Title | Presentation Title 2 Date March 27, 2018 Immediately following 1 st Quarter VA Meeting Agenda I. Welcome and
The Center on Main™ March 27, 2018 Immediately following 1st Quarter VA Meeting
I. Welcome and Introductions II. Call to order III. Establish a Quorum IV. Secretary’s Report V. Treasurer’s Report VI. Community Management Report VIII. Business IX. Adjournment
Upon approval, Minutes are published on verrado.com From the homepage, go to: My Community/Community Governance
Financial Statements are published quarterly on verrado.com From the homepage, go to: My Community/Community Governance
Balance Sheet – Assets – 12/31/2017
Please note: Unaudited for the period ending December 31, 2017 Cu Curre rrent Qu t Quarte ter Pri rior Qu Quarte ter Change ASSE SSETS Operating accounts 223,318 $ 724,271 $ (500,953) $ Reserve accounts 555,913 555,615 298 Tot Total C l Cash 779, 9,231 1,2 1,279,88 886 (5 (500, 00,655) Net accounts receivable 1,022,001 748,809 273,192 Fixed assets 167,250 180,599 (13,349) Other assets
(578) Tota tal As Assets ts 1,968,482 82 $ 2, 2,20 209, 9,872 $ ( $ (241,3 ,390) $ $
Balance Sheet – Liabilities & Equity – 12/31/2017
Please note: Unaudited for the period ending December 31, 2017
Current nt Q Quarter Prior Q Quarter Cha hang nge LIAB ABIL ILIT ITIE IES AND AND M MEMBERS' E EQUITY Accrued expenses 248,104 $ 433,609 $ (185,505) $ Prepaid assessments 396,502 447,307 (50,805) Construction deposits 151,313 101,313 50,000 Capital Leases 88,964 94,615 (5,651) Due to Assembly/Victory 251,192 424,511 (173,319) To Total L l Liabilit ilitie ies 1,136,075 75 1, 1,501, 1,355 (365,2 ,280) Prior year surplus (deficit) 623,919 423,919 200,000 Current year surplus (deficit) 321,866 284,598 37,268
Current year reserve contribution/(dist)
(113,378)
Tota tal E Equity ty 83 832,407 708,517 12 123,89 890 To Total L l Liabilit ilitie ies & & E Equity 1,968,482 $ $ 2,209,872 $ $ (241,3 ,390) $ $
Budget Comparison – Revenue – 2017
Please note: Unaudited for the period ending December 31, 2017 Actu tual al Budget Vari Varian ance RE REVENUE Community association assessment 6,207,343 $ 5,999,970 $ 207,373 $ Special service area assessment 77,520 77,520
97,202 81,360 15,842 Transfer fees 107,065 98,600 8,465 Interest 5,496 1,596 3,900 Other revenue 233,719 174,450 59,269 Allowance for doubtful accounts (94,954) (97,613) 2,659 Ne Net R Revenue nue 6,633, 33,39 391 $ 6 6,335, 335,883 $ $ 297,508 $ $
Budget Comparison – Expenses – 2017
Please note: Unaudited for the period ending December 31, 2017
Ac Actual Budg dget Variance OPERAT ERATING EXPENS G EXPENSE General & Administrative 1,176,908 $ 1,066,881 $ (110,027) $ Communications 23,812 47,397 23,585 Community engagement 29,376 29,800 424 Facilities 511,275 486,616 (24,659) Landscaping 2,445,667 2,676,930 231,263 Repairs & maintenance 266,648 266,461 (187) Special service area 65,122 65,699 577 Utilities 1,792,667 1,587,173 (205,494) Other expenses 50 650 600 Total Op l Operating ing Ex Expense nse 6,311,52 525 6,227 227,6 ,607 07 (8 (83,918) Current nt Y Year S Surplus (D lus (Defic icit it) 321,866 $ $ 108,276 $ $ 213,590 $ $
No Note: Net : Net Res Reserve C e Contribution/(Distribution)
(113 113,3 ,378 78)
The complete Community Management Report is available on verrado.com From the homepage, go to: My Community/Community Governance
VCA Owner Dir A Owner Direct ctor Election
sults
Voting Results: 23.68% (831 Voters) of Owners Cast Ballots Online Online + In-person Vote Tally by Candidate: Wesley Holm | 46 Votes Cecilia Sheridan | 176 Votes + 3 David Katz | 326 Votes + 1 Mark Carvis | 191 Votes + 1 Timothy Crump (Write-In Candidate) | 1 Vote Carl Goin | 42 Votes + 1 Jeffrey Lighthipe (Write-In Candidate | 1 Vote Justin Powless (Write-In Candidate) | 1 Vote Mr
. David K vid Katz tz was elect s elected d to serv serve e a a tw two (2) y
ar term on rm on the the VCA Boar A Board of Dir d of Direct ctors,
effectiv effective No e November 15, mber 15, 2017 2017. .
Unanimous Unanimous Writt itten C n Consent in nsent in Lieu of a Meeting of the Boar Lieu of a Meeting of the Board of Dir d of Direct ctors
Founder Appointment of VCA Board of Directors: Resignations: Todd Hornback, President Suzanne Walden-Wells, Vice President Darrell Mead, Secretary & Treasurer Founder Appointments: Georgia Moraga, President Daniel Kelly, Vice President Janice Keller, Secretary & Treasurer
Maint Maintenanc nance A e Agreement eement | Verrado Community Association, Inc. (“VCA”) and Verrado Assembly (“VA”) The VCA shall maintain and assess Members for the costs related to maintaining VA property. Unanimous Unanimous Writt itten C n Consent in nsent in Lieu of a Meeting of the Boar Lieu of a Meeting of the Board of Dir d of Direct ctors
Establishment of the VCA Officers’ authority to execute and deliver agreements, documents, contracts and other instruments of every kind and nature on behalf of the Verrado Community Association. 2018 2018 Annual Annual Go Governanc rnance P Pack ackage Announc age Announcement ement | November 22 | Open Rate = 45.3%
Community C mmunity Conc ncern F ern Forms rms
Total Submitt tal Submitted | d | 222 222 Resolv solved | 209 ed | 209 Irrigation | 84 Landscape Maintenance | 46 Other | 31 Compliance | 25 Parking | 16 General Maintenance | 13 Construction | 6 Pests | 1
Tree Care | 988 VCA Pruned + 534 CFD Pruned Fall Plant Replacements | 5,856 shrubs/groundcovers + 1,466 trees Designated turf areas overseeded with Winter Rye Water Management in Partnership with DLC Resources, Inc.
2017 Capital 2017 Capital Pr Projects
Funded Funded by the the Verr rrado R ado Reserv serve Fund e Fund The Center on Main™: Pools Sand Filter Replacement | $10,557.52 Fitness Room Mirrors Replacement | $1,471.83 TV Replacements (4) | Fitness Room | $3,056 Security Camera DVR Replacement | $2,920 Pool Deck Painting | $11,942 Exterior Wood Painting | $1,758 AC Unit Replaced | $7,935.93 Pump Room Shade Cover Installation + Storage Room Door Replacement | $41,500 ADA Pool Gate Arm Replacement | $5,158.19 Emergency Stairwell Door Replacement | $2,080 Basketball Court backboard replacement (vandalism) | $521.75
2017 Capital 2017 Capital Pr Projects, c
ntinued.
Funded Funded by the the Verr rrado R ado Reserv serve Fund e Fund Woodchip Replenishment at Grandview, Hillcrest, Kings Green, Point Ridge, Turtles Landing, Woods Run, Cottonwood & Jackson Green Parks | $14,032 Painting: Jackson Green (Ramada Columns & Arbor); Sidney Park (Ramada); Vickery Park (Ramada & Drinking Fountain); Tempo Park (Wood Sculpture); Woods Run Park (Wood Beams) | $4,510 Village Commons (All Iron) | $3,635 Drywell & Storm Drain Inspections | $2,253.46
Total 2017 tal 2017 Capital Capital Pr Projects funded
the Verr rrado R ado Reserv serve Fund = $113,3 e Fund = $113,377 77.6 .63 3 The C e Cent nter on Main Fitnes er on Main Fitness E s Equipment L uipment Lease = $19 ase = $19,29 292.9 2.97
residential monthly bill increase $4.40)
(average residential monthly bill decrease $4.70)
the 1st year, decrease slightly each year over 5-years to $44.95
could be lower or higher depending your on monthly usage
Water Audit Request: 1
Meter Downsizing Request Request: 1
Energy Workshop - APS PS: Feb 10, 2018 – 150+ residents
Signing Fair – EPCOR PCOR: Mar 17th & Apr 21st - Letters to ACC from residents asking to vote in favor of consolidation in the EPCOR rate case
Hall @ The Victory Club.
Annually, Staff reviews the Reserve Study, conducts site inspections and prepares a schedule of proposed capital projects for the upcoming year. Staff proposes the following capital projects to be completed in 2018 with the funds transferred from the Reserve Fund account to the Operating account for payment upon successful completion
Granite Replenishment Granite Replenishment | Parks Planter Pot Replacement Planter Pot Replacement | Acacia & Thomas The Center The Center on Main
plumbing, AC Units Heritage Swim Heritage Swim Park Park | Splash pad surface, shade sail, BBQ grills (2), Pool Motor Asphalt Repairs Asphalt Repairs | Alleyways & Tree Root Mitigation
Staff recommendation is to: 1) Authorize Staff to proceed with obtaining competitive bids for the proposed 2018 capital projects; in accordance with the Reserve Study; 2) Authorize Staff to transfer funds accordingly from the Reserve Fund to the Operating account for payment upon successful completion of each contract; in an amount not to exceed $220,000 for all capital projects in 2018.